BlackRock Inc. lowered its stake in shares of Ares Management Co. (NYSE:ARES – Get Rating) by 2.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,996,731 shares of the asset manager’s stock after selling 133,867 shares during the quarter. BlackRock Inc. owned 2.04% of Ares Management worth $371,499,000 at the end of the most recent quarter.
Several other institutional investors have also bought and sold shares of ARES. Millennium Management LLC grew its holdings in Ares Management by 13,281.6% during the second quarter. Millennium Management LLC now owns 1,100,098 shares of the asset manager’s stock worth $62,552,000 after buying an additional 1,091,877 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Ares Management by 808.6% during the second quarter. Price T Rowe Associates Inc. MD now owns 544,164 shares of the asset manager’s stock worth $30,941,000 after buying an additional 484,275 shares in the last quarter. Vanguard Group Inc. grew its holdings in Ares Management by 3.4% during the first quarter. Vanguard Group Inc. now owns 14,038,275 shares of the asset manager’s stock worth $1,140,328,000 after buying an additional 458,646 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Ares Management by 45.8% in the 2nd quarter. Goldman Sachs Group Inc. now owns 1,231,985 shares of the asset manager’s stock valued at $70,051,000 after purchasing an additional 387,039 shares during the period. Finally, ExodusPoint Capital Management LP grew its stake in Ares Management by 563.9% in the 3rd quarter. ExodusPoint Capital Management LP now owns 349,539 shares of the asset manager’s stock valued at $21,654,000 after purchasing an additional 296,886 shares during the period. Institutional investors own 47.96% of the company’s stock.
Ares Management Price Performance
ARES opened at $79.93 on Friday. The company has a market capitalization of $23.72 billion, a price-to-earnings ratio of 94.04, a PEG ratio of 0.69 and a beta of 1.34. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.64. The firm has a 50-day moving average price of $79.53 and a 200-day moving average price of $74.83. Ares Management Co. has a twelve month low of $53.15 and a twelve month high of $87.50.
Ares Management Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 31st. Stockholders of record on Friday, March 17th will be paid a $0.77 dividend. This is an increase from Ares Management’s previous quarterly dividend of $0.61. The ex-dividend date of this dividend is Thursday, March 16th. This represents a $3.08 annualized dividend and a dividend yield of 3.85%. Ares Management’s dividend payout ratio (DPR) is presently 287.06%.
Insider Transactions at Ares Management
In related news, Chairman Antony P. Ressler sold 156,477 shares of the business’s stock in a transaction that occurred on Thursday, February 9th. The shares were sold at an average price of $86.28, for a total transaction of $13,500,835.56. Following the completion of the transaction, the chairman now owns 16,879 shares of the company’s stock, valued at $1,456,320.12. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, Chairman Antony P. Ressler sold 25,269 shares of the business’s stock in a transaction that occurred on Wednesday, February 1st. The shares were sold at an average price of $85.19, for a total transaction of $2,152,666.11. Following the completion of the transaction, the chairman now owns 712,670 shares of the company’s stock, valued at $60,712,357.30. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Chairman Antony P. Ressler sold 156,477 shares of the business’s stock in a transaction that occurred on Thursday, February 9th. The shares were sold at an average price of $86.28, for a total transaction of $13,500,835.56. Following the transaction, the chairman now directly owns 16,879 shares of the company’s stock, valued at approximately $1,456,320.12. The disclosure for this sale can be found here. Over the last quarter, insiders acquired 3,660,902 shares of company stock worth $5,812,824 and sold 5,221,973 shares worth $161,492,492. Corporate insiders own 47.38% of the company’s stock.
Analyst Upgrades and Downgrades
ARES has been the subject of a number of recent analyst reports. UBS Group upped their price objective on Ares Management from $78.00 to $95.00 and gave the company a “buy” rating in a research note on Tuesday, November 15th. Wells Fargo & Company upped their price objective on Ares Management from $81.00 to $92.00 and gave the company an “overweight” rating in a research note on Friday, February 10th. BMO Capital Markets upped their price objective on Ares Management from $89.00 to $91.00 and gave the company a “market perform” rating in a research note on Friday, February 10th. Piper Sandler upped their price objective on Ares Management from $86.00 to $97.00 and gave the company an “overweight” rating in a research note on Monday, February 13th. Finally, Royal Bank of Canada upped their price objective on Ares Management from $93.00 to $100.00 and gave the company an “outperform” rating in a research note on Tuesday, February 14th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $95.00.
Ares Management Profile
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.
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