Brokers Issue Forecasts for Ares Capital Co.’s FY2024 Earnings (NASDAQ:ARCC)
Ares Capital Co. (NASDAQ:ARCC – Free Report) – Investment analysts at Zacks Research lowered their FY2024 EPS estimates for shares of Ares Capital in a research note issued on Wednesday, February 28th. Zacks Research analyst R. Department now forecasts that the investment management company will earn $2.29 per share for the year, down from their prior forecast of $2.30. The consensus estimate for Ares Capital’s current full-year earnings is $2.32 per share. Zacks Research also issued estimates for Ares Capital’s Q4 2024 earnings at $0.58 EPS, Q1 2025 earnings at $0.54 EPS, Q2 2025 earnings at $0.55 EPS, Q3 2025 earnings at $0.55 EPS, Q4 2025 earnings at $0.55 EPS, FY2025 earnings at $2.20 EPS and FY2026 earnings at $2.20 EPS.
Several other equities research analysts have also recently weighed in on the stock. 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 report on Monday, January 8th. Wells Fargo & Company boosted their price target on shares of Ares Capital from $19.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Monday, January 29th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $20.60.
Check Out Our Latest Analysis on ARCC
Ares Capital Trading Up 0.3 %
Shares of ARCC stock opened at $20.23 on Thursday. Ares Capital has a 12-month low of $16.95 and a 12-month high of $20.65. The company has a market capitalization of $11.78 billion, a P/E ratio of 7.58 and a beta of 1.01. The firm has a 50-day moving average price of $20.20 and a 200 day moving average price of $19.70. 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 (NASDAQ:ARCC – Get Free Report) last released its quarterly earnings data on Wednesday, February 7th. The investment management company reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.03. The company had revenue of $707.00 million during the quarter, compared to the consensus estimate of $669.78 million. Ares Capital had a net margin of 58.22% and a return on equity of 12.50%. The firm’s revenue for the quarter was up 10.5% compared to the same quarter last year. During the same period last year, the firm earned $0.68 EPS.
Ares Capital Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 15th will be given a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 9.49%. The ex-dividend date is Thursday, March 14th. Ares Capital’s dividend payout ratio is 71.91%.
Institutional Investors Weigh In On Ares Capital
A number of large investors have recently bought and sold shares of the company. Tortoise Investment Management LLC acquired a new stake in Ares Capital during the 4th quarter worth approximately $204,000. Forthright Family Wealth Advisory LLC bought a new stake in Ares Capital during the 4th quarter valued at $220,000. Syon Capital LLC bought a new stake in Ares Capital during the 4th quarter valued at $568,000. Chicago Partners Investment Group LLC increased its stake in Ares Capital by 5.5% during the 4th quarter. Chicago Partners Investment Group LLC now owns 389,236 shares of the investment management company’s stock valued at $7,913,000 after purchasing an additional 20,202 shares in the last quarter. Finally, Hobbs Group Advisors LLC bought a new stake in Ares Capital during the 4th quarter valued at $31,000. 29.32% of the stock is currently owned by institutional investors and hedge funds.
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.
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