Penn Mutual Life Insurance Co grew its position in shares of Ares Capital Co. (NASDAQ:ARCC) by 33.3% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 653,000 shares of the investment management company’s stock after buying an additional 163,000 shares during the quarter. Ares Capital accounts for 7.3% of Penn Mutual Life Insurance Co’s investment portfolio, making the stock its 5th largest holding. Penn Mutual Life Insurance Co owned 0.15% of Ares Capital worth $10,703,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in ARCC. Principal Financial Group Inc. grew its stake in shares of Ares Capital by 174.6% during the 2nd quarter. Principal Financial Group Inc. now owns 5,725,346 shares of the investment management company’s stock worth $93,782,000 after purchasing an additional 3,640,124 shares during the period. Elliott Management Corp acquired a new position in shares of Ares Capital during the 2nd quarter worth $18,343,000. Arrowstreet Capital Limited Partnership acquired a new position in shares of Ares Capital during the 2nd quarter worth $16,501,000. Koch Industries Inc. grew its stake in shares of Ares Capital by 7,292.7% during the 2nd quarter. Koch Industries Inc. now owns 861,474 shares of the investment management company’s stock worth $812,000 after purchasing an additional 849,821 shares during the period. Finally, Neuberger Berman Group LLC grew its stake in shares of Ares Capital by 41.5% during the 2nd quarter. Neuberger Berman Group LLC now owns 1,473,027 shares of the investment management company’s stock worth $24,128,000 after purchasing an additional 432,303 shares during the period. Institutional investors own 43.70% of the company’s stock.
A number of equities analysts have recently weighed in on ARCC shares. Jefferies Group reaffirmed a “buy” rating and set a $19.50 price target on shares of Ares Capital in a research note on Friday, November 3rd. Zacks Investment Research cut shares of Ares Capital from a “hold” rating to a “sell” rating in a research note on Tuesday, October 3rd. Citigroup started coverage on shares of Ares Capital in a research note on Wednesday, September 20th. They set an “outperform” rating and a $18.00 price target on the stock. Keefe, Bruyette & Woods set a $19.00 price target on shares of Ares Capital and gave the stock a “buy” rating in a research note on Friday, October 6th. Finally, Wedbush started coverage on shares of Ares Capital in a research note on Monday, November 27th. They set an “outperform” rating and a $18.00 price target on the stock. Two research analysts have rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $18.00.
Ares Capital (NASDAQ:ARCC) last issued its quarterly earnings data on Thursday, November 2nd. The investment management company reported $0.36 EPS for the quarter, beating the Zacks’ consensus estimate of $0.35 by $0.01. The firm had revenue of $294.00 million for the quarter, compared to analysts’ expectations of $295.02 million. Ares Capital had a net margin of 45.78% and a return on equity of 8.60%. During the same period in the prior year, the company earned $0.43 EPS. equities analysts anticipate that Ares Capital Co. will post 1.38 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be paid a $0.38 dividend. The ex-dividend date is Thursday, December 14th. This represents a $1.52 dividend on an annualized basis and a yield of 9.36%. Ares Capital’s payout ratio is 119.69%.
In other news, Director Michael J. Arougheti bought 8,365 shares of Ares Capital stock in a transaction on Friday, November 3rd. The shares were bought at an average cost of $15.85 per share, for a total transaction of $132,585.25. Following the acquisition, the director now owns 937,054 shares in the company, valued at $14,852,305.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last three months, insiders purchased 8,965 shares of company stock worth $142,323. 0.45% of the stock is owned by corporate insiders.
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Ares Capital Company Profile
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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