Proficio Capital Partners LLC Buys New Shares in Ares Management Co. (NYSE:ARES)

Posted by Defense World Staff on Jul 6th, 2023

Proficio Capital Partners LLC bought a new stake in Ares Management Co. (NYSE:ARES – Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 48,661 shares of the asset manager’s stock, valued at approximately $49,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Ares Management by 3.4% in the first quarter. Vanguard Group Inc. now owns 14,038,275 shares of the asset manager’s stock valued at $1,140,328,000 after acquiring an additional 458,646 shares during the last quarter. BlackRock Inc. boosted its position in Ares Management by 0.7% during the first quarter. BlackRock Inc. now owns 6,191,021 shares of the asset manager’s stock valued at $502,895,000 after buying an additional 45,745 shares during the period. Franklin Resources Inc. boosted its position in Ares Management by 21.4% during the fourth quarter. Franklin Resources Inc. now owns 3,270,329 shares of the asset manager’s stock valued at $223,821,000 after buying an additional 576,836 shares during the period. JPMorgan Chase & Co. boosted its position in Ares Management by 6.5% during the fourth quarter. JPMorgan Chase & Co. now owns 2,359,803 shares of the asset manager’s stock valued at $161,505,000 after buying an additional 144,807 shares during the period. Finally, State Street Corp boosted its position 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 valued at $144,915,000 after buying an additional 26,436 shares during the period. Institutional investors own 48.66% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on ARES shares. Barclays upped their price target on shares of Ares Management from $98.00 to $108.00 in a research report on Monday, May 1st. 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. TheStreet upgraded shares of Ares Management from a “c+” rating to a “b-” rating in a report on Thursday, April 13th. Bank of America dropped their target price 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. Finally, Wells Fargo & Company lowered shares of Ares Management from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $99.00 to $93.00 in a report on Monday, June 12th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $97.56.

Ares Management Stock Performance

Shares of ARES opened at $95.69 on Thursday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.00 and a quick ratio of 1.00. Ares Management Co. has a one year low of $57.15 and a one year high of $97.34. The company has a 50-day simple moving average of $88.30 and a two-hundred day simple moving average of $82.11. The firm has a market capitalization of $28.94 billion, a PE ratio of 86.99, a price-to-earnings-growth ratio of 1.01 and a beta of 1.32.

Ares Management (NYSE:ARES – Free Report) last issued 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). Ares Management had a return on equity of 16.79% and a net margin of 6.84%. The company had revenue of $813.36 million during the quarter, compared to analysts’ expectations of $694.04 million. During the same quarter last year, the business earned $0.65 earnings per share. On average, analysts anticipate that Ares Management Co. will post 3.6 EPS for the current fiscal year.

Ares Management Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 30th. Shareholders of record on Friday, June 16th were paid a dividend of $0.77 per share. This represents a $3.08 dividend on an annualized basis and a dividend yield of 3.22%. The ex-dividend date of this dividend was Thursday, June 15th. Ares Management’s dividend payout ratio is 280.00%.

Insider Buying and Selling at Ares Management

In other Ares Management news, major shareholder Ares Management Llc sold 6,885,415 shares of the firm’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $16.79, for a total transaction of $115,606,117.85. Following the completion of the transaction, the insider now owns 134,659,188 shares of the company’s stock, valued at $2,260,927,766.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, major shareholder Ares Management Llc sold 6,885,415 shares of the firm’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $16.79, for a total transaction of $115,606,117.85. Following the completion of the sale, the insider now owns 134,659,188 shares of the company’s stock, valued at $2,260,927,766.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Corporate Opportunities F. Ares sold 7,000,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 16th. The shares were sold at an average price of $24.36, for a total transaction of $170,520,000.00. Following the sale, the director now directly owns 7,326,090 shares of the company’s stock, valued at approximately $178,463,552.40. The disclosure for this sale can be found here. Over the last quarter, insiders acquired 851,234 shares of company stock valued at $18,320,805 and sold 19,421,576 shares valued at $469,241,265. Insiders own 47.34% of the company’s stock.

Ares Management Company Profile

(Free Report)

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.