Punch & Associates Investment Management Inc. Takes $7.89 Million Position in Ares Capital Corporation $ARCC

Punch & Associates Investment Management Inc. purchased a new position in shares of Ares Capital Corporation (NASDAQ:ARCC) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 425,878 shares of the investment management company’s stock, valued at approximately $7,892,000. Punch & Associates Investment Management Inc. owned 0.06% of Ares Capital as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Foresight Capital Management Advisors Inc. increased its stake in shares of Ares Capital by 17.2% in the second quarter. Foresight Capital Management Advisors Inc. now owns 345,778 shares of the investment management company’s stock worth $6,407,000 after purchasing an additional 50,624 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Ares Capital by 53.5% during the 1st quarter. Bank of New York Mellon Corp now owns 240,483 shares of the investment management company’s stock valued at $4,333,000 after buying an additional 83,841 shares in the last quarter. UBS Group AG lifted its stake in shares of Ares Capital by 41.8% during the 4th quarter. UBS Group AG now owns 11,201,905 shares of the investment management company’s stock valued at $226,615,000 after buying an additional 3,301,890 shares in the last quarter. Spinnaker Trust boosted its holdings in Ares Capital by 17.0% in the 4th quarter. Spinnaker Trust now owns 1,210,941 shares of the investment management company’s stock worth $24,497,000 after buying an additional 176,040 shares during the period. Finally, iA Global Asset Management Inc. boosted its holdings in Ares Capital by 9.7% in the 4th quarter. iA Global Asset Management Inc. now owns 901,098 shares of the investment management company’s stock worth $18,229,000 after buying an additional 79,736 shares during the period. 27.38% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ARCC has been the topic of a number of analyst reports. Wall Street Zen cut shares of Ares Capital from a “hold” rating to a “sell” rating in a report on Sunday, August 2nd. Truist Financial cut their price target on Ares Capital from $22.00 to $21.00 and set a “buy” rating for the company in a report on Thursday, July 30th. Royal Bank Of Canada reduced their price target on Ares Capital from $22.00 to $21.00 and set an “outperform” rating for the company in a research report on Wednesday, April 29th. Keefe, Bruyette & Woods decreased their price objective on Ares Capital from $21.00 to $20.00 and set an “outperform” rating on the stock in a research note on Thursday, July 30th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Ares Capital in a report on Tuesday, June 9th. Eight equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $20.40.

Ares Capital Trading Down 0.2%

Ares Capital stock opened at $19.90 on Thursday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.28 and a current ratio of 1.28. Ares Capital Corporation has a fifty-two week low of $17.40 and a fifty-two week high of $22.51. The stock has a market cap of $14.29 billion, a P/E ratio of 14.74 and a beta of 0.56. The firm’s fifty day moving average price is $19.02 and its 200-day moving average price is $18.83.

Ares Capital (NASDAQ:ARCC) last posted its quarterly earnings data on Wednesday, July 29th. The investment management company reported $0.47 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.47. Ares Capital had a return on equity of 9.80% and a net margin of 30.91%.The company had revenue of $768.00 million during the quarter, compared to analyst estimates of $770.19 million. During the same quarter last year, the company earned $0.50 earnings per share. Equities research analysts forecast that Ares Capital Corporation will post 1.91 earnings per share for the current fiscal year.

Ares Capital Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 9.6%. The ex-dividend date is Tuesday, September 15th. Ares Capital’s dividend payout ratio (DPR) is 142.22%.

Ares Capital Profile

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.