First Allied Advisory Services Inc. raised its stake in Ares Management Corp (NYSE:ARES) by 23.7% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 24,149 shares of the asset manager’s stock after buying an additional 4,620 shares during the quarter. First Allied Advisory Services Inc.’s holdings in Ares Management were worth $747,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently made changes to their positions in ARES. Marshall Wace LLP bought a new position in shares of Ares Management during the first quarter worth about $145,000. State Street Corp boosted its stake in Ares Management by 8.1% during the 3rd quarter. State Street Corp now owns 1,331,484 shares of the asset manager’s stock valued at $35,697,000 after purchasing an additional 99,553 shares during the period. Strs Ohio grew its position in Ares Management by 32.5% in the 4th quarter. Strs Ohio now owns 130,000 shares of the asset manager’s stock worth $4,639,000 after purchasing an additional 31,900 shares during the last quarter. California Public Employees Retirement System increased its stake in shares of Ares Management by 2.7% in the fourth quarter. California Public Employees Retirement System now owns 156,270 shares of the asset manager’s stock valued at $5,577,000 after purchasing an additional 4,056 shares during the period. Finally, SG Americas Securities LLC bought a new stake in shares of Ares Management during the fourth quarter valued at approximately $108,000. 59.03% of the stock is owned by institutional investors.
Shares of ARES opened at $35.06 on Friday. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.23 and a quick ratio of 0.23. The firm’s 50 day moving average is $33.03 and its 200-day moving average is $33.97. Ares Management Corp has a 12-month low of $20.20 and a 12-month high of $41.88. The stock has a market capitalization of $4.62 billion, a P/E ratio of 92.27, a P/E/G ratio of 4.02 and a beta of 1.27.
Ares Management (NYSE:ARES) last issued its earnings results on Wednesday, May 6th. The asset manager reported $0.45 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.03. The firm had revenue of $411.80 million during the quarter, compared to analysts’ expectations of $369.82 million. Ares Management had a net margin of 5.60% and a return on equity of 15.52%. During the same period last year, the firm posted $0.35 earnings per share. As a group, equities research analysts forecast that Ares Management Corp will post 1.66 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.56%. The ex-dividend date of this dividend is Monday, June 15th. Ares Management’s payout ratio is 95.81%.
In other news, insider R. Kipp Deveer sold 8,274 shares of the business’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $31.81, for a total transaction of $263,195.94. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Bennett Rosenthal sold 268,697 shares of the company’s stock in a transaction that occurred on Thursday, April 9th. The shares were sold at an average price of $34.81, for a total transaction of $9,353,342.57. The disclosure for this sale can be found here. Insiders have sold 1,232,425 shares of company stock worth $43,232,746 over the last ninety days. 151.62% of the stock is owned by insiders.
Several research firms recently commented on ARES. Wells Fargo & Co raised their target price on Ares Management from $41.00 to $45.00 and gave the company an “overweight” rating in a research report on Wednesday, May 13th. Goldman Sachs Group reissued a “buy” rating and set a $46.00 price target (up from $41.00) on shares of Ares Management in a report on Friday, February 14th. Bank of America upped their price objective on shares of Ares Management from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Credit Suisse Group increased their target price on shares of Ares Management from $38.00 to $40.00 and gave the company an “outperform” rating in a research report on Thursday, May 7th. Finally, UBS Group boosted their price target on shares of Ares Management from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Tuesday, January 28th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Ares Management currently has an average rating of “Buy” and a consensus price target of $39.45.
About Ares Management
Ares Management Corporation operates as an alternative asset manager in the United States, Europe, and Asia. The company's Tradable Credit Group segment manages various types of investment funds, such as commingled and separately managed accounts for institutional investors, and publicly traded vehicles and sub-advised funds for retail investors in the tradable and non-investment grade corporate credit markets.
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