TIAA Trust National Association Invests $223,000 in Ares Capital Co. (NASDAQ:ARCC)

TIAA Trust National Association acquired a new stake in shares of Ares Capital Co. (NASDAQ:ARCC) in the 1st quarter, HoldingsChannel reports. The institutional investor acquired 10,727 shares of the investment management company’s stock, valued at approximately $223,000.

Other hedge funds also recently bought and sold shares of the company. Nemes Rush Group LLC purchased a new position in Ares Capital during the fourth quarter valued at approximately $25,000. Valley National Advisers Inc. grew its stake in Ares Capital by 323.3% in the 1st quarter. Valley National Advisers Inc. now owns 1,435 shares of the investment management company’s stock worth $29,000 after buying an additional 1,096 shares in the last quarter. Pingora Partners LLC purchased a new position in Ares Capital in the 4th quarter worth approximately $30,000. First Horizon Advisors Inc. grew its stake in Ares Capital by 93.9% in the 4th quarter. First Horizon Advisors Inc. now owns 1,922 shares of the investment management company’s stock worth $38,000 after buying an additional 931 shares in the last quarter. Finally, Assetmark Inc. grew its stake in Ares Capital by 218.7% in the 4th quarter. Assetmark Inc. now owns 1,960 shares of the investment management company’s stock worth $39,000 after buying an additional 1,345 shares in the last quarter. Hedge funds and other institutional investors own 27.38% of the company’s stock.

Ares Capital Trading Up 0.8 %

NASDAQ:ARCC traded up $0.17 during midday trading on Monday, reaching $20.88. 1,497,350 shares of the stock traded hands, compared to its average volume of 3,448,472. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.63 and a current ratio of 1.63. The company has a fifty day moving average of $21.10 and a 200 day moving average of $20.63. The stock has a market capitalization of $12.83 billion, a P/E ratio of 7.09 and a beta of 1.01. Ares Capital Co. has a 12 month low of $18.55 and a 12 month high of $21.84.

Ares Capital (NASDAQ:ARCC) last issued its quarterly earnings data on Wednesday, May 1st. The investment management company reported $0.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.01). The company had revenue of $701.00 million for the quarter, compared to analysts’ expectations of $703.85 million. Ares Capital had a net margin of 62.77% and a return on equity of 12.37%. The firm’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.56 earnings per share. On average, research analysts predict that Ares Capital Co. will post 2.34 EPS for the current year.

Ares Capital Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were given a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 9.20%. The ex-dividend date of this dividend was Friday, June 14th. Ares Capital’s dividend payout ratio (DPR) is 65.75%.

Analysts Set New Price Targets

A number of equities analysts have commented on ARCC shares. Oppenheimer boosted their price target on shares of Ares Capital from $21.00 to $22.00 and gave the stock an “outperform” rating in a research note on Thursday, May 2nd. Royal Bank of Canada restated an “outperform” rating and issued a $22.00 price objective on shares of Ares Capital in a report on Thursday, May 23rd. Truist Financial boosted their price objective on shares of Ares Capital from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. JMP Securities restated a “market outperform” rating and issued a $21.00 price objective on shares of Ares Capital in a report on Tuesday, March 26th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Ares Capital from $21.50 to $22.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Ares Capital presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.50.

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.