Discover How Ascent Group LLC is Building a Strong Portfolio with Ares Capital and Catch a Sneak Peek at Their Quarterly Dividend Announcement

2023-08-21 00:15:36

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Ascent Group LLC Increases Stake in Ares Capital and Ares Capital Announces Quarterly Dividend

Ares Capital Co. (NASDAQ:ARCC) has seen an increase in its stake from institutional investor Ascent Group LLC. According to the company's recent 13F filing with the Securities and Exchange Commission, Ascent Group LLC now owns 147,463 shares of Ares Capital, representing a 6.9% increase during the first quarter. The total value of the holdings is $2,695,000.

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In other news, Ares Capital has announced a quarterly dividend. Stockholders who own shares as of September 15th will receive a dividend of $0.48 per share on September 29th. This represents an annualized payout of $1.92 per share and a return of 9.96%. Ares Capital's dividend payout ratio currently stands at 116.36%, indicating an elevated level.

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Ares Capital's investment management company continues to inspire confidence in the financial market, as evidenced by the increased stake from Ascent Group LLC and the dividend announcement.

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Analyst Ratings and Price Target for Ares Capital

Several research analysts have shared their opinions on Ares Capital's future prospects. Citigroup raised the target price from $20.00 to $21.00, while B. Riley increased the price target from $20.50 to $21.00 on July 26th. StockNews.com initiated coverage with a "hold" rating, and TheStreet upgraded the rating from "c+" to "b" in May. The consensus rating for Ares Capital is currently labeled as a "Moderate Buy" with an average price target of $20.00, according to Bloomberg.com.

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Hedge Funds and Institutional Investors Increase Stake in Ares Capital

Hedge funds and institutional investors have been actively buying and selling shares of Ares Capital, revealing their faith in the investment management company's potential for growth and profitability. Baltimore Washington Financial Advisors Inc. raised its stake by 2.0% during the first quarter and now owns 233,153 shares valued at $4,261,000. Bessemer Group Inc. increased its stake by an impressive 33.1% during Q1, owning 69,868 shares worth $1,276,000. Collectively, these hedge funds and institutional investors hold approximately 30.33% of Ares Capital's stock.

Financial Performance and Market Outlook for Ares Capital

Shares of Ares Capital (NASDAQ:ARCC) are currently trading at $19.27, with a 50-day moving average price of $19.14 and a two-hundred-day moving average price of $18.81. The company's market capitalization stands at $10.74 billion, and it has a PE ratio of 11.60 and a beta score of 1.00. Ares Capital's financials show a debt-to-equity ratio of 1.10, quick and current ratios both equal to 1.43.

In terms of earnings performance, Ares Capital reported an EPS of $0.58 for Q2, slightly exceeding the consensus estimate of $0.57. The company recorded revenue of $634 million for the quarter, surpassing the forecasted revenue of $623.26 million. Ares Capital boasts a net margin rate of 36.52% and a return on equity of 12.47%. Analysts anticipate an EPS of 2.34 for the current fiscal year.

With the high level of stake increases from hedge funds and institutional investors, positive analyst ratings, and impressive financial performance, Ares Capital continues to attract attention and inspire confidence in the market.

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