Allspring Global Investments Holdings LLC Has $4.02 Million Stock Holdings in Ares Capital Co. (NASDAQ:ARCC)

Allspring Global Investments Holdings LLC reduced its position in Ares Capital Co. (NASDAQ:ARCC) by 20.8% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 193,221 shares of the investment management company’s stock after selling 50,740 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Ares Capital were worth $4,023,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of ARCC. Nemes Rush Group LLC acquired a new stake in Ares Capital during the fourth quarter worth approximately $25,000. Pingora Partners LLC bought a new stake in Ares Capital in the 4th quarter valued at $30,000. First Horizon Advisors Inc. grew its holdings in 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 valued at $38,000 after buying an additional 931 shares in the last quarter. Assetmark Inc. increased its position in Ares Capital by 218.7% during the 4th quarter. Assetmark Inc. now owns 1,960 shares of the investment management company’s stock worth $39,000 after buying an additional 1,345 shares during the period. Finally, Activest Wealth Management lifted its holdings in shares of Ares Capital by 137.2% during the fourth quarter. Activest Wealth Management now owns 2,142 shares of the investment management company’s stock worth $43,000 after buying an additional 1,239 shares in the last quarter. Institutional investors own 27.38% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on ARCC shares. JPMorgan Chase & Co. raised their target price on shares of Ares Capital from $21.50 to $22.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. JMP Securities reissued a “market outperform” rating and set a $21.00 price target on shares of Ares Capital in a report on Tuesday, March 26th. Truist Financial raised their price objective on Ares Capital from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Thursday, May 2nd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $22.00 price target on shares of Ares Capital in a report on Thursday, May 23rd. Finally, Oppenheimer upped their target price on Ares Capital from $21.00 to $22.00 and gave the stock an “outperform” rating in a report on Thursday, May 2nd. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.50.

Ares Capital Price Performance

Shares of NASDAQ ARCC traded up $0.01 during midday trading on Tuesday, hitting $20.72. 313,593 shares of the company’s stock were exchanged, compared to its average volume of 3,538,190. The company has a market cap of $12.73 billion, a price-to-earnings ratio of 7.09 and a beta of 1.01. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.99. Ares Capital Co. has a 12-month low of $18.55 and a 12-month high of $21.84. The business’s fifty day moving average price is $21.03 and its two-hundred day moving average price is $20.52.

Ares Capital (NASDAQ:ARCC) last announced its quarterly earnings data 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). Ares Capital had a net margin of 62.77% and a return on equity of 12.37%. The company had revenue of $701.00 million for the quarter, compared to the consensus estimate of $703.85 million. During the same period last year, the business posted $0.56 earnings per share. The firm’s quarterly revenue was up 13.4% compared to the same quarter last year. As a group, research analysts forecast that Ares Capital Co. will post 2.34 EPS for the current fiscal year.

Ares Capital Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were given a $0.48 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $1.92 annualized dividend and a dividend yield of 9.27%. Ares Capital’s dividend payout ratio is 65.75%.

Ares Capital Company 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.