Ares Capital Corp (ARCC) Receives a Buy from Barclays

In a report issued on May 22, Mark Devries from Barclays maintained a Buy rating on Ares Capital Corp (ARCC), with a price target of $19. The company’s shares closed yesterday at $17.93, close to its 52-week high of $18.07.

According to TipRanks.com, Devries is a 4-star analyst with an average return of 3.0% and a 58.6% success rate. Devries covers the Financial sector, focusing on stocks such as Oaktree Specialty Lending Corporation, First American Financial Corporation, and Discover Financial Services.

Currently, the analyst consensus on Ares Capital Corp is a Strong Buy with an average price target of $19, a 6.0% upside from current levels. In a report issued on May 14, Wedbush also maintained a Buy rating on the stock with a $20 price target.

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Based on Ares Capital Corp’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $429 million and net profit of $214 million. In comparison, last year the company earned revenue of $317 million and had a net profit of $242 million.

Based on the recent corporate insider activity of 12 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ARCC in relation to earlier this year.

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Ares Capital Corp. is a closed-end, non-diversified management investment company. Its investment objective is to generate both current income and capital appreciation through debt and equity investments. The company was founded on April 1, 2004 and is headquartered in New York, NY.