Ensign Peak Advisors Inc boosted its holdings in shares of Ares Management Co. (NYSE:ARES – Get Rating) by 31.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 38,020 shares of the asset manager’s stock after buying an additional 9,150 shares during the quarter. Ensign Peak Advisors Inc’s holdings in Ares Management were worth $2,355,000 as of its most recent SEC filing.
Other institutional investors also recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. grew its holdings in Ares Management by 68.0% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 6,485 shares of the asset manager’s stock worth $527,000 after purchasing an additional 2,624 shares during the last quarter. Bank of Montreal Can grew its holdings in Ares Management by 172.3% in the first quarter. Bank of Montreal Can now owns 32,899 shares of the asset manager’s stock worth $2,690,000 after purchasing an additional 20,816 shares during the last quarter. MetLife Investment Management LLC purchased a new position in Ares Management in the first quarter worth $684,000. BlackRock Inc. grew its holdings in Ares Management by 0.7% in the first quarter. BlackRock Inc. now owns 6,191,021 shares of the asset manager’s stock worth $502,895,000 after purchasing an additional 45,745 shares during the last quarter. Finally, Great West Life Assurance Co. Can grew its holdings in Ares Management by 12.4% in the first quarter. Great West Life Assurance Co. Can now owns 7,460 shares of the asset manager’s stock worth $645,000 after purchasing an additional 825 shares during the last quarter. 47.96% of the stock is owned by hedge funds and other institutional investors.
Insider Activity at Ares Management
In other Ares Management news, Chairman Antony P. Ressler sold 156,477 shares of the company’s stock in a transaction dated Thursday, February 9th. The shares were sold at an average price of $86.28, for a total value of $13,500,835.56. Following the completion of the transaction, the chairman now owns 16,879 shares in the company, valued at $1,456,320.12. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Ares Management news, Chairman Antony P. Ressler sold 156,477 shares of the company’s stock in a transaction dated Thursday, February 9th. The shares were sold at an average price of $86.28, for a total value of $13,500,835.56. Following the completion of the transaction, the chairman now owns 16,879 shares in the company, valued at $1,456,320.12. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Corporate Opportunities F. Ares sold 4,770,000 shares of the company’s stock in a transaction dated Wednesday, February 15th. The stock was sold at an average price of $26.06, for a total transaction of $124,306,200.00. Following the completion of the transaction, the director now owns 14,326,090 shares of the company’s stock, valued at approximately $373,337,905.40. The disclosure for this sale can be found here. Over the last three months, insiders acquired 3,660,902 shares of company stock worth $5,812,824 and sold 5,221,973 shares worth $161,492,492. 47.38% of the stock is currently owned by insiders.
Ares Management Trading Down 4.0 %
Ares Management (NYSE:ARES – Get Rating) last posted its earnings results on Thursday, February 9th. The asset manager reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.07 by $0.14. The company had revenue of $937.72 million during the quarter, compared to the consensus estimate of $813.69 million. Ares Management had a net margin of 5.48% and a return on equity of 16.82%. During the same period in the previous year, the firm posted $0.85 earnings per share. Research analysts forecast that Ares Management Co. will post 4.02 earnings per share for the current year.
Ares Management Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 31st. Investors of record on Friday, March 17th will be given a dividend of $0.77 per share. The ex-dividend date is Thursday, March 16th. This is an increase from Ares Management’s previous quarterly dividend of $0.61. This represents a $3.08 dividend on an annualized basis and a yield of 3.85%. Ares Management’s payout ratio is currently 287.06%.
Wall Street Analyst Weigh In
ARES has been the topic of several analyst reports. Piper Sandler lifted their price target on shares of Ares Management from $86.00 to $97.00 and gave the stock an “overweight” rating in a report on Monday, February 13th. BMO Capital Markets boosted their price objective on shares of Ares Management from $89.00 to $91.00 and gave the company a “market perform” rating in a report on Friday, February 10th. Royal Bank of Canada boosted their price objective on shares of Ares Management from $93.00 to $100.00 and gave the company an “outperform” rating in a report on Tuesday, February 14th. Barclays boosted their price objective on shares of Ares Management from $87.00 to $99.00 and gave the company an “overweight” rating in a report on Friday, February 10th. Finally, Wells Fargo & Company boosted their price objective on shares of Ares Management from $81.00 to $92.00 and gave the company an “overweight” rating in a report on Friday, February 10th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, Ares Management presently has a consensus rating of “Moderate Buy” and an average price target of $95.00.
About Ares Management
Ares Management Corp. is engaged in providing investment management and consultancy services. It operates through the following segments: Credit Group, Private Equity Group and Real Estate Group. The Credit Group segment offers credit strategies across the liquid and illiquid spectrum, including syndicated bank loans, high yield bonds, credit opportunities, special situations, asset-backed investments and U.S.
Read More
- Get a free copy of the StockNews.com research report on Ares Management (ARES)
- Fossil Group: Should You Bet On Consumer Discretionary In 2023?
- BJ’s Wholesale Club Stock Moves Higher After Strong Results
- Monthly Realty Income is About to Get Bigger
- 3 Large Cap Dividend Challengers for Millennial Investors
- Sea Ltd Is On The Verge Of A 100% Rally, Should You Buy?
Receive News & Ratings for Ares Management Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ares Management and related companies with MarketBeat.com's FREE daily email newsletter.
