Ares Management Co. (NYSE:ARES) Shares Acquired by Zurcher Kantonalbank Zurich Cantonalbank

Posted by Defense World Staff on Aug 14th, 2023

Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Ares Management Co. (NYSE:ARES – Free Report) by 7.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 32,739 shares of the asset manager’s stock after purchasing an additional 2,152 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Ares Management were worth $2,732,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. ETF Managers Group LLC lifted its holdings in shares of Ares Management by 1.5% during the first quarter. ETF Managers Group LLC now owns 9,040 shares of the asset manager’s stock worth $754,000 after purchasing an additional 134 shares during the period. Capital Impact Advisors LLC lifted its holdings in shares of Ares Management by 4.1% during the fourth quarter. Capital Impact Advisors LLC now owns 3,500 shares of the asset manager’s stock worth $240,000 after purchasing an additional 139 shares during the period. RFG Advisory LLC lifted its holdings in shares of Ares Management by 1.2% during the fourth quarter. RFG Advisory LLC now owns 11,783 shares of the asset manager’s stock worth $1,002,000 after purchasing an additional 141 shares during the period. Xponance Inc. lifted its holdings in shares of Ares Management by 0.7% during the first quarter. Xponance Inc. now owns 21,052 shares of the asset manager’s stock worth $1,757,000 after purchasing an additional 156 shares during the period. Finally, Avantax Advisory Services Inc. lifted its holdings in shares of Ares Management by 5.3% during the first quarter. Avantax Advisory Services Inc. now owns 3,194 shares of the asset manager’s stock worth $267,000 after purchasing an additional 162 shares during the period. 48.66% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, major shareholder Ares Management Llc sold 6,885,415 shares of the business’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 value 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 transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, major shareholder Ares Management Llc sold 6,885,415 shares of the company’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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Corporate Opportunities F. Ares sold 7,000,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $24.36, for a total transaction of $170,520,000.00. Following the transaction, 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. Insiders sold a total of 19,621,576 shares of company stock valued at $489,267,265 over the last 90 days. Insiders own 47.34% of the company’s stock.

Ares Management Stock Down 2.0 %

Shares of NYSE ARES opened at $99.47 on Monday. Ares Management Co. has a 12-month low of $58.60 and a 12-month high of $103.41. The company has a market capitalization of $30.29 billion, a PE ratio of 61.02, a price-to-earnings-growth ratio of 1.00 and a beta of 1.32. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.97 and a quick ratio of 1.00. The firm’s 50-day moving average is $96.83 and its two-hundred day moving average is $87.44.

Ares Management (NYSE:ARES – Get Free Report) last announced its quarterly earnings results on Tuesday, August 1st. The asset manager reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.05. The company had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $725.82 million. Ares Management had a net margin of 8.79% and a return on equity of 17.56%. During the same quarter in the prior year, the firm earned $0.74 earnings per share. Equities analysts anticipate that Ares Management Co. will post 3.71 EPS for the current fiscal year.

Ares Management Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be given a $0.77 dividend. This represents a $3.08 dividend on an annualized basis and a dividend yield of 3.10%. The ex-dividend date is Thursday, September 14th. Ares Management’s dividend payout ratio is presently 188.96%.

Wall Street Analysts Forecast Growth

ARES has been the subject of several recent research reports. Wells Fargo & Company increased their price target on Ares Management from $97.00 to $107.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 2nd. Morgan Stanley raised their target price on Ares Management from $100.00 to $105.00 and gave the company an “equal weight” rating in a report on Wednesday, August 2nd. The Goldman Sachs Group raised their target price on Ares Management from $90.00 to $100.00 and gave the company an “equal weight” rating in a report on Tuesday, July 18th. Royal Bank of Canada raised their target price on Ares Management from $110.00 to $120.00 and gave the company an “outperform” rating in a report on Wednesday, August 2nd. Finally, BMO Capital Markets raised their target price on Ares Management from $95.00 to $96.00 and gave the company a “market perform” rating in a report on Wednesday, August 2nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Ares Management has an average rating of “Hold” and a consensus price target of $105.00.

Read Our Latest Report on ARES

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.