Raymond James & Associates Has $18.78 Million Holdings in Ares Management Co. (NYSE:ARES)

Posted by Defense World Staff on May 15th, 2023

Raymond James & Associates boosted its position in shares of Ares Management Co. (NYSE:ARES – Get Rating) by 8.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 274,323 shares of the asset manager’s stock after buying an additional 21,244 shares during the period. Raymond James & Associates owned approximately 0.09% of Ares Management worth $18,775,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake 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. BlackRock Inc. grew its stake in Ares Management by 0.7% during the first quarter. BlackRock Inc. now owns 6,191,021 shares of the asset manager’s stock worth $502,895,000 after buying an additional 45,745 shares in the last quarter. HMI Capital Management L.P. grew its stake in Ares Management by 5.0% during the third quarter. HMI Capital Management L.P. now owns 3,987,588 shares of the asset manager’s stock worth $247,031,000 after buying an additional 188,618 shares in the last quarter. State Street Corp grew its stake in Ares Management by 1.1% during the third quarter. State Street Corp now owns 2,339,231 shares of the asset manager’s stock worth $144,915,000 after buying an additional 26,436 shares in the last quarter. Finally, Hamlin Capital Management LLC grew its stake in Ares Management by 1.1% during the fourth quarter. Hamlin Capital Management LLC now owns 1,497,748 shares of the asset manager’s stock worth $102,506,000 after buying an additional 16,773 shares in the last quarter. 47.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Ares Management

In other Ares Management news, Director Corporate Opportunities F. Ares sold 4,770,000 shares of Ares Management stock in a transaction on Wednesday, February 15th. The shares were sold at an average price of $26.06, for a total transaction of $124,306,200.00. Following the transaction, the director now directly owns 14,326,090 shares of the company’s stock, valued at approximately $373,337,905.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Corporate Opportunities F. Ares sold 4,770,000 shares of the business’s stock in a transaction dated Wednesday, February 15th. The stock was sold at an average price of $26.06, for a total value of $124,306,200.00. Following the sale, the director now directly owns 14,326,090 shares in the company, valued at approximately $373,337,905.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Ares Management Llc acquired 168,692 shares of the stock in a transaction that occurred on Monday, March 13th. The stock was purchased at an average price of $23.77 per share, for a total transaction of $4,009,808.84. Following the completion of the purchase, the insider now directly owns 35,373,824 shares in the company, valued at approximately $840,835,796.48. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 2,158,214 shares of company stock valued at $47,244,828. 47.38% of the stock is owned by company insiders.

Ares Management Stock Performance

Shares of ARES stock opened at $82.02 on Monday. The company has a market cap of $24.80 billion, a price-to-earnings ratio of 74.56, a price-to-earnings-growth ratio of 0.85 and a beta of 1.31. Ares Management Co. has a 52 week low of $53.15 and a 52 week high of $90.28. 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 of $81.24 and a 200-day moving average of $78.48.

Ares Management (NYSE:ARES – Get Rating) last announced its quarterly earnings data on Friday, April 28th. The asset manager reported $0.71 EPS for the quarter, missing the consensus estimate of $0.82 by ($0.11). The company had revenue of $813.36 million for the quarter, compared to analyst estimates of $694.04 million. Ares Management had a return on equity of 17.29% and a net margin of 6.84%. During the same period last year, the business earned $0.65 EPS. On average, equities analysts forecast that Ares Management Co. will post 3.65 earnings per share for the current year.

Ares Management Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Friday, June 16th will be given a $0.77 dividend. This represents a $3.08 annualized dividend and a yield of 3.76%. The ex-dividend date of this dividend is Thursday, June 15th. Ares Management’s payout ratio is currently 280.00%.

Analysts Set New Price Targets

A number of research analysts have recently commented on ARES shares. Wells Fargo & Company increased their target price on shares of Ares Management from $81.00 to $92.00 and gave the stock an “overweight” rating in a report on Friday, February 10th. StockNews.com started coverage on shares of Ares Management in a report on Thursday, March 16th. They issued a “sell” rating for the company. Royal Bank of Canada increased their target price on shares of Ares Management from $100.00 to $105.00 in a report on Tuesday, May 2nd. The Goldman Sachs Group raised their price objective on shares of Ares Management from $89.00 to $98.00 and gave the company a “buy” rating in a report on Friday, February 10th. Finally, Bank of America dropped their price objective on shares of Ares Management from $104.00 to $103.00 and set a “buy” rating for the company in a report on Wednesday, April 5th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Ares Management presently has an average rating of “Moderate Buy” and a consensus target price of $97.44.

Ares Management Company Profile

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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.