Ares Capital (NASDAQ:ARCC) Given New $22.00 Price Target at JPMorgan Chase & Co.

Ares Capital (NASDAQ:ARCC) had its price objective upped by JPMorgan Chase & Co. from $21.50 to $22.00 in a report issued on Thursday morning, Benzinga reports. They currently have an overweight rating on the investment management company’s stock.

A number of other analysts also recently commented on the company. Truist Financial increased their price target on Ares Capital from $22.00 to $23.00 and gave the company a buy rating in a research report on Thursday. B. Riley cut Ares Capital from a buy rating to a neutral rating and set a $21.00 target price on the stock. in a research note on Monday, January 8th. Wells Fargo & Company increased their price target on shares of Ares Capital from $19.00 to $20.00 and gave the company an equal weight rating in a research report on Monday, January 29th. JMP Securities reiterated a market outperform rating and issued a $21.00 target price on shares of Ares Capital in a research note on Tuesday, March 26th. Finally, Oppenheimer raised their price target on shares of Ares Capital from $21.00 to $22.00 and gave the stock an outperform rating in a research note on Thursday. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $21.43.

Ares Capital Stock Up 0.3 %

Shares of ARCC stock traded up $0.07 during trading hours on Thursday, reaching $20.61. The company had a trading volume of 2,902,245 shares, compared to its average volume of 2,632,858. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.63 and a quick ratio of 1.24. The company has a market cap of $12.53 billion, a price-to-earnings ratio of 7.06 and a beta of 0.99. The business has a fifty day simple moving average of $20.42 and a 200-day simple moving average of $20.06. Ares Capital has a 12 month low of $17.53 and a 12 month high of $21.00.

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

Ares Capital Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be paid a $0.48 dividend. The ex-dividend date of this dividend is Thursday, June 13th. This represents a $1.92 dividend on an annualized basis and a yield of 9.32%. Ares Capital’s dividend payout ratio is presently 65.75%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in ARCC. Nemes Rush Group LLC purchased a new position in shares of Ares Capital in the 4th quarter worth about $25,000. Valley National Advisers Inc. boosted its stake in Ares Capital by 323.3% in the first quarter. Valley National Advisers Inc. now owns 1,435 shares of the investment management company’s stock worth $29,000 after buying an additional 1,096 shares in the last quarter. Pingora Partners LLC purchased a new position in shares of Ares Capital during the fourth quarter worth approximately $30,000. Cape Investment Advisory Inc. raised its stake in shares of 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 worth $38,000 after acquiring an additional 1,570 shares in the last quarter. Finally, First Horizon Advisors Inc. lifted its holdings in shares of Ares Capital by 93.9% in the 4th quarter. First Horizon Advisors Inc. now owns 1,922 shares of the investment management company’s stock worth $38,000 after acquiring an additional 931 shares during the last quarter. Institutional investors own 27.38% of the company’s stock.

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.