Westbourne Investment Advisors Inc. cut its holdings in shares of Ares Capital Co. (NASDAQ:ARCC) by 8.0% during the 1st quarter, Holdings Channel reports. The institutional investor owned 117,666 shares of the investment management company’s stock after selling 10,267 shares during the quarter. Ares Capital comprises approximately 1.5% of Westbourne Investment Advisors Inc.’s portfolio, making the stock its 20th largest holding. Westbourne Investment Advisors Inc.’s holdings in Ares Capital were worth $2,017,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also added to or reduced their stakes in ARCC. Mirae Asset Global Investments Co. Ltd. purchased a new position in Ares Capital in the third quarter worth about $283,000. Putnam Investments LLC boosted its position in Ares Capital by 43.5% in the third quarter. Putnam Investments LLC now owns 250,684 shares of the investment management company’s stock worth $4,309,000 after purchasing an additional 76,001 shares during the last quarter. HBK Sorce Advisory LLC purchased a new position in Ares Capital in the third quarter worth about $195,000. Mackenzie Financial Corp boosted its position in Ares Capital by 106.5% in the third quarter. Mackenzie Financial Corp now owns 273,792 shares of the investment management company’s stock worth $4,706,000 after purchasing an additional 141,200 shares during the last quarter. Finally, Great Lakes Advisors LLC purchased a new position in Ares Capital in the third quarter worth about $184,000. 39.26% of the stock is currently owned by institutional investors.
Shares of NASDAQ ARCC traded down $0.06 during trading on Monday, hitting $17.29. The company had a trading volume of 23,641 shares, compared to its average volume of 1,740,691. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.71. Ares Capital Co. has a 12 month low of $14.50 and a 12 month high of $17.63. The company has a market capitalization of $7.41 billion, a P/E ratio of 10.30, a price-to-earnings-growth ratio of 3.38 and a beta of 0.64.
The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were paid a $0.40 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.60 annualized dividend and a dividend yield of 9.25%. This is an increase from Ares Capital’s previous quarterly dividend of $0.39. Ares Capital’s dividend payout ratio (DPR) is 95.24%.
Several research analysts have issued reports on the company. Zacks Investment Research cut Ares Capital from a “buy” rating to a “hold” rating in a research report on Monday, February 18th. National Securities raised their target price on Ares Capital from $19.00 to $20.00 and gave the stock a “buy” rating in a research report on Wednesday, February 13th. JMP Securities raised their target price on Ares Capital from $19.00 to $19.50 and gave the stock a “market outperform” rating in a research report on Wednesday, February 13th. Finally, BidaskClub raised Ares Capital from a “hold” rating to a “buy” rating in a research report on Saturday, February 9th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Ares Capital currently has a consensus rating of “Buy” and a consensus price target of $19.10.
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Ares Capital 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.
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