Punch & Associates Investment Management Inc. Acquires Shares of 332,986 Ares Capital Corporation (ARCC)
Punch & Associates Investment Management Inc. acquired a new stake in shares of Ares Capital Corporation (NASDAQ:ARCC) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 332,986 shares of the investment management company’s stock, valued at approximately $5,454,000.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. raised its stake in shares of Ares Capital Corporation by 70.3% in the second quarter. Oppenheimer Asset Management Inc. now owns 21,746 shares of the investment management company’s stock valued at $356,000 after purchasing an additional 8,974 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in Ares Capital Corporation by 16.4% during the first quarter. PNC Financial Services Group Inc. now owns 59,220 shares of the investment management company’s stock worth $1,029,000 after buying an additional 8,354 shares in the last quarter. California Public Employees Retirement System boosted its stake in Ares Capital Corporation by 16.2% during the first quarter. California Public Employees Retirement System now owns 821,400 shares of the investment management company’s stock worth $14,276,000 after buying an additional 114,700 shares in the last quarter. Sei Investments Co. boosted its stake in Ares Capital Corporation by 50.6% during the second quarter. Sei Investments Co. now owns 69,980 shares of the investment management company’s stock worth $1,146,000 after buying an additional 23,505 shares in the last quarter. Finally, P.A.W. Capital Corp boosted its stake in Ares Capital Corporation by 12.5% during the second quarter. P.A.W. Capital Corp now owns 108,000 shares of the investment management company’s stock worth $1,769,000 after buying an additional 12,000 shares in the last quarter. Institutional investors and hedge funds own 45.01% of the company’s stock.
Several brokerages have issued reports on ARCC. BidaskClub lowered shares of Ares Capital Corporation from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 8th. TheStreet raised shares of Ares Capital Corporation from a “c+” rating to a “b” rating in a report on Monday, August 7th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $18.50 price objective on shares of Ares Capital Corporation in a report on Friday, June 16th. CIBC assumed coverage on shares of Ares Capital Corporation in a research report on Thursday, September 21st. They set an “outperform” rating and a $18.00 target price on the stock. Finally, BMO Capital Markets reiterated a “hold” rating and set a $15.00 target price on shares of Ares Capital Corporation in a research report on Friday, August 25th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $17.95.
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Shares of Ares Capital Corporation (NASDAQ:ARCC) traded up 0.12% during trading on Tuesday, reaching $16.43. 295,886 shares of the company traded hands. Ares Capital Corporation has a 12 month low of $15.01 and a 12 month high of $17.87. The company has a 50-day moving average of $16.02 and a 200-day moving average of $16.58.
Ares Capital Corporation (NASDAQ:ARCC) last issued its quarterly earnings results on Wednesday, August 2nd. The investment management company reported $0.34 EPS for the quarter, missing the Zacks’ consensus estimate of $0.36 by ($0.02). The company had revenue of $284.00 million during the quarter, compared to the consensus estimate of $297.77 million. Ares Capital Corporation had a return on equity of 8.95% and a net margin of 44.61%. During the same quarter in the previous year, the business posted $0.50 EPS. Equities analysts expect that Ares Capital Corporation will post $1.40 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 15th were given a dividend of $0.38 per share. The ex-dividend date was Thursday, September 14th. This represents a $1.52 annualized dividend and a yield of 9.26%. Ares Capital Corporation’s dividend payout ratio is 117.83%.
About Ares Capital Corporation
Ares Capital Corporation is a specialty finance company. The Company operates as a closed-end, non-diversified management investment company. The Company’s investment objective is to generate both current income and capital appreciation through debt and equity investments. It invests primarily in the United States middle-market companies.
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