Ares Capital (NASDAQ:ARCC) PT Raised to $22.00

Ares Capital (NASDAQ:ARCC) had its target price lifted by equities researchers at JPMorgan Chase & Co. from $21.50 to $22.00 in a report released on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the investment management company’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 6.74% from the company’s previous close.

Several other research firms also recently commented on ARCC. Oppenheimer boosted their target price on shares of Ares Capital from $21.00 to $22.00 and gave the stock an “outperform” rating in a research report on Thursday. Wells Fargo & Company boosted their price objective on Ares Capital from $19.00 to $20.00 and gave the stock an “equal weight” rating in a report on Monday, January 29th. Truist Financial raised their target price on Ares Capital from $22.00 to $23.00 and gave the company a “buy” rating in a report on Thursday. B. Riley downgraded Ares Capital from a “buy” rating to a “neutral” rating and set a $21.00 price target for the company. in a report on Monday, January 8th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $21.00 price objective on shares of Ares Capital in a report on Tuesday, March 26th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.43.

Ares Capital Stock Up 0.3 %

ARCC stock traded up $0.07 during trading on Thursday, reaching $20.61. 2,902,245 shares of the stock were exchanged, compared to its average volume of 2,632,858. The company has a current ratio of 1.63, a quick ratio of 1.24 and a debt-to-equity ratio of 0.99. Ares Capital has a twelve month low of $17.53 and a twelve month high of $21.00. The firm’s 50 day moving average is $20.42 and its 200 day moving average is $20.06. The firm has a market cap of $12.53 billion, a P/E ratio of 7.06 and a beta of 0.99.

Ares Capital (NASDAQ:ARCC) last issued its earnings results on Wednesday, May 1st. The investment management company reported $0.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.01). The firm had revenue of $701.00 million during the quarter, compared to the consensus estimate of $703.85 million. Ares Capital had a return on equity of 12.37% and a net margin of 62.77%. Ares Capital’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.56 earnings per share. As a group, research analysts forecast that Ares Capital will post 2.35 EPS for the current year.

Hedge Funds Weigh In On Ares Capital

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Nemes Rush Group LLC bought a new stake in Ares Capital in the fourth quarter worth about $25,000. Valley National Advisers Inc. raised its holdings in shares of Ares Capital by 323.3% in the 1st quarter. Valley National Advisers Inc. now owns 1,435 shares of the investment management company’s stock worth $29,000 after purchasing an additional 1,096 shares during the period. Pingora Partners LLC purchased a new position in Ares Capital in the fourth quarter valued at approximately $30,000. First Horizon Advisors Inc. grew its holdings in Ares Capital by 93.9% during the fourth quarter. First Horizon Advisors Inc. now owns 1,922 shares of the investment management company’s stock valued at $38,000 after purchasing an additional 931 shares during the period. Finally, Cape Investment Advisory Inc. grew its holdings in Ares Capital by 411.0% during the third quarter. Cape Investment Advisory Inc. now owns 1,952 shares of the investment management company’s stock valued at $38,000 after purchasing an additional 1,570 shares during the period. 27.38% of the stock is owned by hedge funds and other institutional investors.

About Ares Capital

Ares Capital Corporation is a business development company specializing in acquisition, recapitalization, mezzanine debt, restructurings, rescue financing, and leveraged buyout transactions of middle market companies. It also makes growth capital and general refinancing. It prefers to make investments in companies engaged in the basic and growth manufacturing, business services, consumer products, health care products and services, and information technology service sectors.