Ares Management (NYSE:ARES) Posts Quarterly Earnings Results, Misses Estimates By $0.02 EPS

Ares Management (NYSE:ARESGet Rating) announced its earnings results on Thursday. The asset manager reported $0.65 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.67 by ($0.02), MarketWatch Earnings reports. The company had revenue of $715.00 million during the quarter, compared to analyst estimates of $605.10 million. Ares Management had a return on equity of 15.16% and a net margin of 9.71%. Ares Management’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.46 earnings per share.

NYSE ARES opened at $71.00 on Friday. The stock has a fifty day simple moving average of $77.12 and a 200-day simple moving average of $79.15. Ares Management has a twelve month low of $50.46 and a twelve month high of $90.08. The stock has a market cap of $20.58 billion, a PE ratio of 33.49, a P/E/G ratio of 0.91 and a beta of 0.97. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.43.

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 30th. Shareholders of record on Thursday, June 16th will be paid a $0.61 dividend. This represents a $2.44 dividend on an annualized basis and a dividend yield of 3.44%. The ex-dividend date of this dividend is Wednesday, June 15th. Ares Management’s dividend payout ratio (DPR) is presently 115.09%.

Several research firms recently issued reports on ARES. UBS Group increased their price target on shares of Ares Management from $85.00 to $91.00 and gave the stock a “buy” rating in a research report on Monday, February 14th. Piper Sandler initiated coverage on shares of Ares Management in a research note on Tuesday, January 25th. They issued an “overweight” rating and a $97.00 price target for the company. Morgan Stanley reduced their price objective on shares of Ares Management from $93.00 to $90.00 and set an “equal weight” rating for the company in a report on Wednesday, April 20th. Wells Fargo & Company lowered their price objective on shares of Ares Management from $94.00 to $92.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 19th. Finally, Royal Bank of Canada lowered their price target on shares of Ares Management from $98.00 to $90.00 in a research report on Friday, January 28th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $94.56.

In other Ares Management news, insider Ares Capital Management Ii Llc bought 3,000,000 shares of the business’s stock in a transaction on Friday, April 1st. The shares were purchased at an average price of $25.00 per share, with a total value of $75,000,000.00. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Michael J. Arougheti sold 54,102 shares of Ares Management stock in a transaction on Wednesday, February 2nd. The stock was sold at an average price of $79.41, for a total value of $4,296,239.82. The disclosure for this sale can be found here. Insiders sold a total of 266,520 shares of company stock valued at $21,408,641 in the last quarter. Company insiders own 49.34% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the stock. Legal & General Group Plc increased its holdings in Ares Management by 9.1% during the 4th quarter. Legal & General Group Plc now owns 130,387 shares of the asset manager’s stock worth $10,597,000 after purchasing an additional 10,880 shares in the last quarter. Comerica Bank grew its stake in shares of Ares Management by 1.4% during the fourth quarter. Comerica Bank now owns 97,848 shares of the asset manager’s stock worth $7,044,000 after buying an additional 1,324 shares during the last quarter. Parametric Portfolio Associates LLC grew its stake in shares of Ares Management by 6.3% in the fourth quarter. Parametric Portfolio Associates LLC now owns 79,098 shares of the asset manager’s stock worth $6,428,000 after purchasing an additional 4,686 shares during the last quarter. LPL Financial LLC raised its holdings in shares of Ares Management by 56.9% during the fourth quarter. LPL Financial LLC now owns 33,376 shares of the asset manager’s stock valued at $2,712,000 after purchasing an additional 12,103 shares during the period. Finally, Amalgamated Bank increased its position in shares of Ares Management by 18.1% during the fourth quarter. Amalgamated Bank now owns 29,412 shares of the asset manager’s stock worth $2,390,000 after acquiring an additional 4,503 shares in the last quarter. Hedge funds and other institutional investors own 44.85% of the company’s stock.

Ares Management Company Profile (Get Rating)

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.

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Earnings History for Ares Management (NYSE:ARES)

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