Sound Income Strategies LLC Acquires 428,682 Shares of Ares Capital Corporation $ARCC

by · The Markets Daily

Sound Income Strategies LLC raised its holdings in Ares Capital Corporation (NASDAQ:ARCC – Free Report) by 15.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,195,050 shares of the investment management company’s stock after buying an additional 428,682 shares during the quarter. Ares Capital accounts for approximately 1.4% of Sound Income Strategies LLC’s holdings, making the stock its 4th biggest holding. Sound Income Strategies LLC owned approximately 0.44% of Ares Capital worth $59,875,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. CoreCap Advisors LLC lifted its holdings in shares of Ares Capital by 18.5% during the 3rd quarter. CoreCap Advisors LLC now owns 30,616 shares of the investment management company’s stock worth $585,000 after acquiring an additional 4,785 shares during the period. Avidian Wealth Enterprises LLC increased its stake in Ares Capital by 66.4% in the third quarter. Avidian Wealth Enterprises LLC now owns 100,778 shares of the investment management company’s stock valued at $1,925,000 after acquiring an additional 40,211 shares during the period. Valeo Financial Advisors LLC raised its position in Ares Capital by 73.9% in the third quarter. Valeo Financial Advisors LLC now owns 19,493 shares of the investment management company’s stock worth $372,000 after purchasing an additional 8,286 shares in the last quarter. Venture Visionary Partners LLC raised its position in Ares Capital by 42.2% in the third quarter. Venture Visionary Partners LLC now owns 40,376 shares of the investment management company’s stock worth $771,000 after purchasing an additional 11,990 shares in the last quarter. Finally, Miller Global Investments LLC lifted its stake in Ares Capital by 243.5% during the third quarter. Miller Global Investments LLC now owns 37,673 shares of the investment management company’s stock worth $720,000 after purchasing an additional 26,705 shares during the period. Institutional investors and hedge funds own 27.38% of the company’s stock.

Analyst Upgrades and Downgrades

ARCC has been the topic of a number of recent research reports. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $19.00 price objective (down from $20.00) on shares of Ares Capital in a report on Friday, June 12th. Weiss Ratings restated a “hold (c)” rating on shares of Ares Capital in a research report on Friday, September 4th. Truist Financial decreased their price target on Ares Capital from $22.00 to $21.00 and set a “buy” rating on the stock in a research note on Thursday, July 30th. JPMorgan Chase & Co. lowered their price target on Ares Capital from $19.00 to $18.50 and set an “overweight” rating on the stock in a research report on Thursday, July 2nd. Finally, Wall Street Zen upgraded Ares Capital from a “sell” rating to a “hold” rating in a research note on Saturday, September 19th. Eight research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $20.60.

Check Out Our Latest Analysis on ARCC

Ares Capital Trading Down 1.0%

Shares of ARCC traded down $0.18 during trading hours on Friday, hitting $18.56. 3,992,272 shares of the stock traded hands, compared to its average volume of 5,856,649. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 1.14. Ares Capital Corporation has a 1-year low of $17.40 and a 1-year high of $21.14. The firm has a market capitalization of $13.33 billion, a PE ratio of 13.75 and a beta of 0.61. The business has a fifty day moving average of $19.56 and a 200-day moving average of $18.95.

Ares Capital (NASDAQ:ARCC – Get Free Report) last issued its earnings results on Wednesday, July 29th. The investment management company reported $0.47 EPS for the quarter, meeting the consensus estimate of $0.47. The company had revenue of $768.00 million during the quarter, compared to analysts’ expectations of $770.19 million. Ares Capital had a net margin of 30.91% and a return on equity of 9.80%. During the same quarter in the previous year, the company posted $0.50 EPS. Analysts expect that Ares Capital Corporation will post 1.91 EPS for the current year.

Ares Capital Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th were issued a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 10.3%. The ex-dividend date was Tuesday, September 15th. Ares Capital’s dividend payout ratio is 142.22%.

About Ares Capital

(Free Report)

Ares Capital Corporation (NASDAQ: ARCC) is a specialty finance company that operates as a business development company (BDC). It provides financing to middle-market companies, primarily through directly originated loans and other investments. Ares Capital seeks to support businesses that may require capital for acquisitions, growth initiatives, recapitalizations, refinancings and other corporate purposes.

The company invests across a range of industries and typically provides first-lien senior secured loans, second-lien loans, subordinated debt and, to a lesser extent, equity investments.

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