Truist Financial Boosts Ares Capital (NASDAQ:ARCC) Price Target to $23.00

Ares Capital (NASDAQ:ARCC) had its target price lifted by investment analysts at Truist Financial from $22.00 to $23.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the investment management company’s stock. Truist Financial’s price objective suggests a potential upside of 10.42% from the stock’s previous close.

A number of other equities research analysts also recently issued reports on ARCC. JMP Securities restated a “market outperform” rating and set a $21.00 price target on shares of Ares Capital in a research note on Tuesday, March 26th. Wells Fargo & Company boosted their price target on Ares Capital from $19.00 to $20.00 and gave the company an “equal weight” rating in a report on Monday, January 29th. Oppenheimer boosted their price objective on Ares Capital from $21.00 to $22.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, B. Riley cut shares of Ares Capital from a “buy” rating to a “neutral” rating and set a $21.00 price objective for the company. in a research note on Monday, January 8th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $21.29.

Ares Capital Stock Down 0.1 %

Shares of Ares Capital stock traded down $0.02 on Thursday, reaching $20.83. The company’s stock had a trading volume of 488,692 shares, compared to its average volume of 3,492,374. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 1.06. Ares Capital has a 52 week low of $17.53 and a 52 week high of $21.00. The company has a market capitalization of $12.64 billion, a price-to-earnings ratio of 7.80 and a beta of 0.99. The firm’s fifty day simple moving average is $20.40 and its two-hundred day simple moving average is $20.05.

Ares Capital (NASDAQ:ARCC) last announced its quarterly earnings results on Wednesday, May 1st. The investment management company reported $0.59 EPS for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.01). Ares Capital had a return on equity of 12.50% and a net margin of 58.22%. The company had revenue of $701.00 million during the quarter, compared to the consensus estimate of $703.85 million. During the same quarter in the prior year, the firm earned $0.56 earnings per share. The business’s revenue was up 13.4% compared to the same quarter last year. Equities analysts anticipate that Ares Capital will post 2.35 earnings per share for the current year.

Institutional Investors Weigh In On Ares Capital

Several large investors have recently made changes to their positions in the company. Confluence Investment Management LLC bought a new position in Ares Capital during the first quarter valued at approximately $86,227,000. International Assets Investment Management LLC increased its position in Ares Capital by 1,865.8% in the fourth quarter. International Assets Investment Management LLC now owns 4,214,991 shares of the investment management company’s stock worth $844,260,000 after purchasing an additional 4,000,570 shares during the last quarter. Van ECK Associates Corp raised its stake in Ares Capital by 17.4% during the first quarter. Van ECK Associates Corp now owns 9,719,943 shares of the investment management company’s stock valued at $202,369,000 after purchasing an additional 1,437,864 shares in the last quarter. Melia Wealth LLC bought a new position in Ares Capital during the fourth quarter valued at $13,992,000. Finally, Tudor Investment Corp Et Al purchased a new position in shares of Ares Capital in the 3rd quarter worth $11,952,000. 27.38% of the stock is owned by institutional investors.

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.