Hobbs Group Advisors LLC Buys Shares of 1,553 Ares Capital Co. (NASDAQ:ARCC)

Hobbs Group Advisors LLC purchased a new stake in Ares Capital Co. (NASDAQ:ARCC) during the second quarter, according to its most recent filing with the SEC. The firm purchased 1,553 shares of the investment management company’s stock, valued at approximately $32,000.

A number of other hedge funds have also modified their holdings of the company. Nemes Rush Group LLC bought a new position in shares of Ares Capital during the 4th quarter worth approximately $25,000. Jamison Private Wealth Management Inc. grew its stake in shares of Ares Capital by 62.7% during the 2nd quarter. Jamison Private Wealth Management Inc. now owns 1,233 shares of the investment management company’s stock worth $26,000 after acquiring an additional 475 shares in the last quarter. Valley National Advisers Inc. grew its stake in shares of Ares Capital by 323.3% during the 1st quarter. Valley National Advisers Inc. now owns 1,435 shares of the investment management company’s stock worth $29,000 after acquiring an additional 1,096 shares in the last quarter. Pingora Partners LLC bought a new position in shares of Ares Capital during the 4th quarter worth approximately $30,000. Finally, First Horizon Advisors Inc. grew its stake in shares of Ares Capital by 93.9% in the fourth 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. 27.38% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have issued reports on ARCC shares. Oppenheimer raised their price target on Ares Capital from $21.00 to $22.00 and gave the company an “outperform” rating in a report on Thursday, May 2nd. JPMorgan Chase & Co. lifted their target price on Ares Capital from $21.50 to $22.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. Truist Financial lifted their target price on Ares Capital from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. JMP Securities lifted their target price on Ares Capital from $21.00 to $22.00 and gave the stock a “market outperform” rating in a report on Tuesday, July 30th. Finally, Compass Point raised Ares Capital to a “strong-buy” rating in a research note on Tuesday, July 30th. Three analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $21.71.

Ares Capital Price Performance

ARCC stock traded up $0.12 during midday trading on Wednesday, reaching $20.90. The company had a trading volume of 1,160,259 shares, compared to its average volume of 3,421,267. Ares Capital Co. has a 1-year low of $18.55 and a 1-year high of $21.84. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.40 and a quick ratio of 1.63. The stock has a 50 day moving average price of $20.79 and a 200-day moving average price of $20.68. The company has a market capitalization of $12.84 billion, a price-to-earnings ratio of 7.12 and a beta of 1.01.

Ares Capital (NASDAQ:ARCC) last released its earnings results on Tuesday, July 30th. The investment management company reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.03. Ares Capital had a return on equity of 12.24% and a net margin of 59.76%. The firm had revenue of $755.00 million for the quarter, compared to analysts’ expectations of $714.27 million. During the same quarter in the previous year, the business posted $0.58 earnings per share. Equities research analysts expect that Ares Capital Co. will post 2.38 earnings per share for the current year.

Ares Capital Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be given a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 9.19%. The ex-dividend date is Friday, September 13th. Ares Capital’s dividend payout ratio is presently 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.