Essex Financial Services Inc. trimmed its position in Ares Capital Co. (NASDAQ:ARCC) by 8.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 30,073 shares of the investment management company’s stock after selling 2,887 shares during the quarter. Essex Financial Services Inc.’s holdings in Ares Capital were worth $560,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of ARCC. Confluence Investment Management LLC raised its holdings in Ares Capital by 1.1% in the 3rd quarter. Confluence Investment Management LLC now owns 5,041,733 shares of the investment management company’s stock valued at $93,953,000 after acquiring an additional 55,668 shares during the period. OMERS ADMINISTRATION Corp raised its holdings in Ares Capital by 8.7% in the 2nd quarter. OMERS ADMINISTRATION Corp now owns 3,445,079 shares of the investment management company’s stock valued at $62,644,000 after acquiring an additional 276,401 shares during the period. Vaughan Nelson Investment Management L.P. raised its holdings in Ares Capital by 13.1% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 2,690,619 shares of the investment management company’s stock valued at $48,270,000 after acquiring an additional 311,400 shares during the period. UBS Group AG raised its holdings in Ares Capital by 11.1% in the 2nd quarter. UBS Group AG now owns 2,659,468 shares of the investment management company’s stock valued at $47,711,000 after acquiring an additional 264,632 shares during the period. Finally, Van ECK Associates Corp raised its holdings in Ares Capital by 2.8% in the 2nd quarter. Van ECK Associates Corp now owns 2,356,362 shares of the investment management company’s stock valued at $42,273,000 after acquiring an additional 64,715 shares during the period. 36.31% of the stock is currently owned by institutional investors.

Shares of NASDAQ:ARCC opened at $18.53 on Friday. The company’s 50 day moving average price is $18.52 and its two-hundred day moving average price is $18.26. Ares Capital Co. has a 12-month low of $14.50 and a 12-month high of $19.28. The firm has a market cap of $7.94 billion, a PE ratio of 11.03 and a beta of 0.59. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.89.

Ares Capital (NASDAQ:ARCC) last announced its earnings results on Wednesday, October 30th. The investment management company reported $0.48 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.02. Ares Capital had a net margin of 49.90% and a return on equity of 10.97%. The firm had revenue of $387.00 million for the quarter, compared to analyst estimates of $370.17 million. During the same quarter in the prior year, the business posted $0.45 EPS. The business’s revenue was up 13.2% compared to the same quarter last year. On average, research analysts expect that Ares Capital Co. will post 1.89 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Monday, December 16th will be given a dividend of $0.42 per share. This is a positive change from Ares Capital’s previous quarterly dividend of $0.40. The ex-dividend date is Friday, December 13th. This represents a $1.68 annualized dividend and a dividend yield of 9.07%. Ares Capital’s dividend payout ratio (DPR) is currently 95.24%.

ARCC has been the topic of several research analyst reports. BMO Capital Markets raised shares of Ares Capital from a “market perform” rating to an “outperform” rating and increased their price target for the company from $19.00 to $20.00 in a report on Monday, August 19th. Compass Point cut shares of Ares Capital from a “buy” rating to a “neutral” rating in a report on Friday, August 23rd. Raymond James lowered shares of Ares Capital from an “outperform” rating to a “market perform” rating in a research report on Tuesday, October 22nd. They noted that the move was a valuation call. BidaskClub lowered shares of Ares Capital from a “hold” rating to a “sell” rating in a research report on Wednesday, October 30th. Finally, ValuEngine upgraded shares of Ares Capital from a “sell” rating to a “hold” rating in a research report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $19.83.

In other news, Director Steven B. Mckeever purchased 5,425 shares of Ares Capital stock in a transaction that occurred on Wednesday, August 14th. The shares were acquired at an average price of $18.42 per share, for a total transaction of $99,928.50. Following the transaction, the director now owns 24,795 shares of the company’s stock, valued at approximately $456,723.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Steve Bartlett purchased 14,177 shares of Ares Capital stock in a transaction that occurred on Thursday, October 31st. The shares were purchased at an average price of $18.35 per share, for a total transaction of $260,147.95. The disclosure for this purchase can be found here. Company insiders own 0.53% 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.

Further Reading: Bid-Ask Spread

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Institutional Ownership by Quarter for Ares Capital (NASDAQ:ARCC)

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