JPMorgan Chase & Co. Boosts Ares Capital (NASDAQ:ARCC) Price Target to $22.00

Ares Capital (NASDAQ:ARCC) had its price target raised by JPMorgan Chase & Co. from $21.50 to $22.00 in a report issued on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the investment management company’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 5.87% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on ARCC. JMP Securities restated a “market outperform” rating and set a $21.00 price objective on shares of Ares Capital in a report on Tuesday, March 26th. Wells Fargo & Company upped their price target on Ares Capital from $19.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Monday, January 29th. Truist Financial raised their price target on Ares Capital from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Thursday. B. Riley lowered 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 report on Monday, January 8th. Finally, Oppenheimer boosted their target price on shares of Ares Capital from $21.00 to $22.00 and gave the stock an “outperform” rating in a research report on Thursday. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Ares Capital currently has an average rating of “Moderate Buy” and an average price target of $21.43.

Ares Capital Price Performance

Shares of ARCC traded down $0.07 during trading hours on Thursday, reaching $20.78. 1,226,252 shares of the stock traded hands, compared to its average volume of 3,501,904. Ares Capital has a 52-week low of $17.53 and a 52-week high of $21.00. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 1.06. The company has a market cap of $12.61 billion, a P/E ratio of 7.79 and a beta of 0.99. The company’s 50-day moving average price is $20.40 and its two-hundred day moving average price is $20.05.

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

Institutional Trading of Ares Capital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Lewis Asset Management LLC raised its position in shares of Ares Capital by 2.1% during the 1st quarter. Lewis Asset Management LLC now owns 24,805 shares of the investment management company’s stock worth $516,000 after purchasing an additional 500 shares during the last quarter. Chapin Davis Inc. lifted its position in shares of Ares Capital by 2.2% in the first quarter. Chapin Davis Inc. now owns 22,966 shares of the investment management company’s stock valued at $478,000 after acquiring an additional 501 shares in the last quarter. Lincoln National Corp boosted its stake in shares of Ares Capital by 3.0% in the fourth quarter. Lincoln National Corp now owns 17,665 shares of the investment management company’s stock worth $354,000 after acquiring an additional 520 shares during the last quarter. Baron Financial Group LLC raised its position in shares of Ares Capital by 3.0% in the fourth quarter. Baron Financial Group LLC now owns 18,366 shares of the investment management company’s stock valued at $368,000 after buying an additional 543 shares during the last quarter. Finally, Syntal Capital Partners LLC lifted its stake in Ares Capital by 3.3% in the 3rd quarter. Syntal Capital Partners LLC now owns 17,346 shares of the investment management company’s stock worth $338,000 after purchasing an additional 551 shares in the last quarter. Institutional investors and hedge funds own 27.38% of the company’s stock.

Ares Capital Company 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.