Envestnet Asset Management Inc. Purchases 66,772 Shares of Ares Capital Corporation $ARCC

Envestnet Asset Management Inc. grew its position in Ares Capital Corporation (NASDAQ:ARCC) by 8.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 862,360 shares of the investment management company’s stock after acquiring an additional 66,772 shares during the quarter. Envestnet Asset Management Inc. owned 0.12% of Ares Capital worth $17,601,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of ARCC. Bank of America Corp DE lifted its position in shares of Ares Capital by 8.9% in the 2nd quarter. Bank of America Corp DE now owns 8,678,129 shares of the investment management company’s stock worth $190,572,000 after purchasing an additional 705,882 shares during the period. JPMorgan Chase & Co. raised its stake in Ares Capital by 18.6% in the second quarter. JPMorgan Chase & Co. now owns 6,404,876 shares of the investment management company’s stock worth $140,651,000 after buying an additional 1,006,460 shares in the last quarter. Legal & General Group Plc lifted its holdings in Ares Capital by 5.4% during the second quarter. Legal & General Group Plc now owns 4,955,567 shares of the investment management company’s stock worth $108,799,000 after buying an additional 252,947 shares during the period. Ameriprise Financial Inc. boosted its position in Ares Capital by 6.3% during the 2nd quarter. Ameriprise Financial Inc. now owns 3,794,378 shares of the investment management company’s stock valued at $83,353,000 after acquiring an additional 225,984 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in shares of Ares Capital by 825.4% in the 2nd quarter. Invesco Ltd. now owns 3,551,711 shares of the investment management company’s stock valued at $77,996,000 after acquiring an additional 3,167,906 shares during the period. 27.38% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Michael Kort Schnabel acquired 12,500 shares of the stock in a transaction on Thursday, February 5th. The stock was bought at an average price of $19.13 per share, with a total value of $239,125.00. Following the completion of the transaction, the chief executive officer directly owned 40,500 shares of the company’s stock, valued at $774,765. The trade was a 44.64% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Scott C. Lem bought 5,186 shares of the company’s stock in a transaction dated Friday, February 6th. The shares were acquired at an average cost of $19.29 per share, for a total transaction of $100,037.94. Following the completion of the transaction, the chief financial officer owned 39,463 shares of the company’s stock, valued at approximately $761,241.27. The trade was a 15.13% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 0.48% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

ARCC has been the topic of a number of recent analyst reports. Royal Bank Of Canada cut their price target on shares of Ares Capital from $23.00 to $22.00 and set an “outperform” rating on the stock in a research note on Monday, February 9th. B. Riley Financial reissued a “buy” rating on shares of Ares Capital in a research report on Monday, February 9th. Weiss Ratings restated a “hold (c+)” rating on shares of Ares Capital in a research note on Monday, December 29th. Wall Street Zen downgraded Ares Capital from a “hold” rating to a “sell” rating in a research note on Saturday, February 7th. Finally, Citigroup reissued a “market outperform” rating on shares of Ares Capital in a report on Thursday, October 30th. Seven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Ares Capital presently has a consensus rating of “Moderate Buy” and an average target price of $22.00.

Ares Capital Stock Performance

Shares of ARCC stock opened at $19.37 on Monday. The firm has a 50 day moving average of $20.27 and a two-hundred day moving average of $20.74. The stock has a market capitalization of $13.91 billion, a PE ratio of 10.41 and a beta of 0.59. The company has a quick ratio of 1.70, a current ratio of 1.70 and a debt-to-equity ratio of 1.12. Ares Capital Corporation has a 52 week low of $18.26 and a 52 week high of $23.63.

Ares Capital (NASDAQ:ARCC) last posted its quarterly earnings data on Wednesday, February 4th. The investment management company reported $0.50 EPS for the quarter, meeting the consensus estimate of $0.50. The firm had revenue of $793.00 million during the quarter, compared to the consensus estimate of $795.20 million. Ares Capital had a return on equity of 9.89% and a net margin of 42.56%.The firm’s revenue was up 4.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.55 EPS. On average, research analysts predict that Ares Capital Corporation will post 2.19 EPS for the current fiscal year.

Ares Capital Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be given a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 9.9%. The ex-dividend date is Friday, March 13th. Ares Capital’s dividend payout ratio is currently 103.23%.

Ares Capital Profile

Ares Capital Corporation (NASDAQ: ARCC) is a publicly traded business development company (BDC) that specializes in providing debt and equity financing solutions to U.S. middle-market companies. As a BDC, Ares Capital offers investors access to a diversified portfolio of tailored credit investments, including senior secured loans, unitranche financing, mezzanine debt and equity co-investments. The firm’s flexible capital structures are designed to support companies seeking growth capital, refinancing or strategic acquisitions.

Through its credit platform, Ares Capital focuses on originations, underwriting and portfolio management across a range of industries, with a particular emphasis on sectors such as healthcare, technology, industrials and business services.