Cane Capital Partners LLC Sells 37,700 Shares of Ares Capital Corporation $ARCC

Cane Capital Partners LLC trimmed its stake in Ares Capital Corporation (NASDAQ:ARCC) by 77.1% in the first quarter, HoldingsChannel reports. The firm owned 11,220 shares of the investment management company’s stock after selling 37,700 shares during the period. Cane Capital Partners LLC’s holdings in Ares Capital were worth $202,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Canal Capital Management LLC raised its stake in Ares Capital by 1.6% during the 4th quarter. Canal Capital Management LLC now owns 32,955 shares of the investment management company’s stock worth $667,000 after buying an additional 520 shares during the period. First Citizens Bank & Trust Co. raised its holdings in shares of Ares Capital by 5.3% in the 4th quarter. First Citizens Bank & Trust Co. now owns 10,530 shares of the investment management company’s stock worth $213,000 after acquiring an additional 532 shares during the last quarter. Perigon Wealth Management LLC lifted its position in Ares Capital by 1.6% in the 4th quarter. Perigon Wealth Management LLC now owns 34,700 shares of the investment management company’s stock valued at $702,000 after acquiring an additional 547 shares in the last quarter. Diversify Advisory Services LLC lifted its position in Ares Capital by 2.0% in the 4th quarter. Diversify Advisory Services LLC now owns 28,186 shares of the investment management company’s stock valued at $589,000 after acquiring an additional 563 shares in the last quarter. Finally, Parallel Advisors LLC boosted its stake in Ares Capital by 1.0% during the 3rd quarter. Parallel Advisors LLC now owns 57,092 shares of the investment management company’s stock valued at $1,165,000 after purchasing an additional 567 shares during the last quarter. Institutional investors and hedge funds own 27.38% of the company’s stock.

Wall Street Analysts Forecast Growth

ARCC has been the subject of a number of recent research reports. UBS Group decreased their price objective on Ares Capital from $21.00 to $19.00 and set a “neutral” rating for the company in a report on Friday, March 13th. B. Riley Financial cut their price objective on shares of Ares Capital from $22.00 to $20.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Truist Financial reduced their price objective on shares of Ares Capital from $23.00 to $22.00 and set a “buy” rating for the company in a research report on Wednesday, April 29th. Wells Fargo & Company reiterated an “equal weight” rating and issued a $19.00 price objective (down from $20.00) on shares of Ares Capital in a research note on Friday, June 12th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Ares Capital in a research report on Tuesday, June 9th. Eight research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Ares Capital presently has an average rating of “Moderate Buy” and an average price target of $20.65.

Ares Capital Trading Up 0.7%

Shares of ARCC stock opened at $18.66 on Thursday. The firm has a market cap of $13.40 billion, a P/E ratio of 11.45 and a beta of 0.56. The company has a 50 day moving average of $18.70 and a 200-day moving average of $19.13. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 1.13. Ares Capital Corporation has a 12-month low of $17.40 and a 12-month high of $23.42.

Ares Capital (NASDAQ:ARCC) last issued its quarterly earnings results on Tuesday, April 28th. The investment management company reported $0.47 EPS for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.01). The firm had revenue of $763.00 million for the quarter, compared to analysts’ expectations of $778.00 million. Ares Capital had a net margin of 37.30% and a return on equity of 9.85%. The firm’s quarterly revenue was up 4.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.50 EPS. Sell-side analysts anticipate that Ares Capital Corporation will post 1.91 earnings per share for the current year.

Ares Capital Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were paid a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 10.3%. The ex-dividend date was Monday, June 15th. Ares Capital’s payout ratio is currently 117.79%.

About Ares Capital

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.