M&T Bank Corp trimmed its position in Ares Capital Co. (NASDAQ:ARCC – Free Report) by 16.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 40,870 shares of the investment management company’s stock after selling 8,322 shares during the period. M&T Bank Corp’s holdings in Ares Capital were worth $747,000 at the end of the most recent quarter.
A number of other institutional investors also recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Ares Capital by 5.0% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 756,412 shares of the investment management company’s stock valued at $13,823,000 after purchasing an additional 36,260 shares in the last quarter. Western Pacific Wealth Management LP boosted its position in Ares Capital by 181.2% during the first quarter. Western Pacific Wealth Management LP now owns 9,622 shares of the investment management company’s stock valued at $176,000 after purchasing an additional 6,200 shares during the last quarter. Cerity Partners LLC boosted its position in Ares Capital by 23.7% during the first quarter. Cerity Partners LLC now owns 46,520 shares of the investment management company’s stock valued at $850,000 after purchasing an additional 8,908 shares during the last quarter. Financial Advocates Investment Management boosted its position in Ares Capital by 29.0% during the first quarter. Financial Advocates Investment Management now owns 24,015 shares of the investment management company’s stock valued at $439,000 after purchasing an additional 5,403 shares during the last quarter. Finally, ExodusPoint Capital Management LP boosted its position in Ares Capital by 73.4% during the first quarter. ExodusPoint Capital Management LP now owns 96,800 shares of the investment management company’s stock valued at $1,769,000 after purchasing an additional 40,983 shares during the last quarter. 29.32% of the stock is currently owned by institutional investors.
Ares Capital Price Performance
Shares of NASDAQ ARCC opened at $19.50 on Friday. The firm has a market cap of $10.87 billion, a P/E ratio of 11.82 and a beta of 1.00. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.10. Ares Capital Co. has a 1-year low of $16.53 and a 1-year high of $20.33. The business’s 50 day moving average is $19.29 and its 200-day moving average is $18.78.
Ares Capital Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be paid a dividend of $0.48 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.92 dividend on an annualized basis and a yield of 9.85%. Ares Capital’s dividend payout ratio (DPR) is presently 116.36%.
Analyst Upgrades and Downgrades
ARCC has been the subject of several recent research reports. B. Riley increased their price target on Ares Capital from $20.50 to $21.00 in a research report on Wednesday, July 26th. TheStreet raised Ares Capital from a “c+” rating to a “b” rating in a research report on Thursday, May 25th. StockNews.com assumed coverage on Ares Capital in a research report on Thursday, August 17th. They issued a “hold” rating for the company. JMP Securities reaffirmed a “market outperform” rating and issued a $20.00 price objective on shares of Ares Capital in a research report on Wednesday, July 26th. Finally, Citigroup raised their price objective on Ares Capital from $20.00 to $21.00 in a research report on Wednesday, July 26th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $20.00.
Ares Capital Profile
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.
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