Prossimo Advisors LLC Sells 8,040 Shares of Ares Capital Co. (NASDAQ:ARCC)

Prossimo Advisors LLC lowered its stake in shares of Ares Capital Co. (NASDAQ:ARCC) by 26.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,315 shares of the investment management company’s stock after selling 8,040 shares during the quarter. Prossimo Advisors LLC’s holdings in Ares Capital were worth $467,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in ARCC. Jamison Private Wealth Management Inc. lifted its holdings in shares of Ares Capital by 62.7% during the 2nd quarter. Jamison Private Wealth Management Inc. now owns 1,233 shares of the investment management company’s stock worth $26,000 after acquiring an additional 475 shares during the period. Asset Dedication LLC acquired a new stake in shares of Ares Capital in the 2nd quarter valued at $26,000. Hobbs Group Advisors LLC bought a new position in shares of Ares Capital in the 2nd quarter valued at $32,000. nVerses Capital LLC increased its stake in shares of Ares Capital by 88.9% in the 2nd quarter. nVerses Capital LLC now owns 1,700 shares of the investment management company’s stock valued at $35,000 after purchasing an additional 800 shares during the last quarter. Finally, Ridgewood Investments LLC bought a new stake in shares of Ares Capital during the 2nd quarter worth $42,000. Institutional investors own 27.38% of the company’s stock.

Ares Capital Stock Performance

Shares of ARCC opened at $21.00 on Friday. The stock has a market capitalization of $13.24 billion, a P/E ratio of 8.08 and a beta of 1.01. The firm’s fifty day simple moving average is $21.00 and its two-hundred day simple moving average is $20.94. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 1.05. Ares Capital Co. has a 12 month low of $19.24 and a 12 month high of $22.05.

Ares Capital (NASDAQ:ARCC) last released its quarterly earnings data on Wednesday, October 30th. The investment management company reported $0.58 earnings per share for the quarter, missing the consensus estimate of $0.59 by ($0.01). The company had revenue of $755.00 million during the quarter, compared to the consensus estimate of $770.45 million. Ares Capital had a net margin of 53.71% and a return on equity of 12.31%. The business’s revenue was up 15.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.59 EPS. As a group, analysts predict that Ares Capital Co. will post 2.39 EPS for the current year.

Ares Capital Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be paid a $0.48 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.92 annualized dividend and a dividend yield of 9.14%. Ares Capital’s dividend payout ratio is presently 73.85%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ARCC. UBS Group upgraded Ares Capital to a “hold” rating in a research report on Friday, August 23rd. JMP Securities upped their price objective on shares of Ares Capital from $21.00 to $22.00 and gave the stock a “market outperform” rating in a research report on Tuesday, July 30th. Royal Bank of Canada restated an “outperform” rating and issued a $22.00 target price on shares of Ares Capital in a research report on Monday, August 5th. Compass Point upgraded shares of Ares Capital to a “strong-buy” rating in a report on Tuesday, July 30th. Finally, B. Riley increased their target price on Ares Capital from $21.00 to $22.00 and gave the company a “neutral” rating in a research report on Thursday. Three research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Ares Capital has a consensus rating of “Moderate Buy” and an average price target of $21.86.

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.