Bank of America Corp DE lifted its position in Ares Management Co. (NYSE:ARES – Get Rating) by 44.6% in the 1st quarter, HoldingsChannel.com reports. The fund owned 2,747,871 shares of the asset manager’s stock after acquiring an additional 846,923 shares during the quarter. Bank of America Corp DE’s holdings in Ares Management were worth $223,210,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. CWM LLC grew its stake in shares of Ares Management by 575.3% in the 1st quarter. CWM LLC now owns 601 shares of the asset manager’s stock worth $49,000 after acquiring an additional 512 shares in the last quarter. First Hawaiian Bank grew its position in Ares Management by 11.3% during the first quarter. First Hawaiian Bank now owns 3,545 shares of the asset manager’s stock valued at $288,000 after buying an additional 360 shares during the period. Xponance Inc. grew its position in Ares Management by 2.2% during the first quarter. Xponance Inc. now owns 14,408 shares of the asset manager’s stock valued at $1,170,000 after buying an additional 317 shares during the period. Valley National Advisers Inc. bought a new position in Ares Management during the first quarter valued at about $65,000. Finally, Private Capital Group LLC bought a new position in Ares Management during the first quarter valued at about $55,000. Institutional investors own 48.61% of the company’s stock.
Insider Activity at Ares Management
In related news, General Counsel Aghili Naseem Sagati sold 7,446 shares of the firm’s stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $73.18, for a total value of $544,898.28. Following the sale, the general counsel now directly owns 218,082 shares of the company’s stock, valued at $15,959,240.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 47.38% of the stock is currently owned by insiders.
Ares Management Trading Down 2.9 %
Ares Management (NYSE:ARES – Get Rating) last announced its earnings results on Thursday, July 28th. The asset manager reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.04. The business had revenue of $618.17 million for the quarter, compared to the consensus estimate of $618.30 million. Ares Management had a net margin of 8.23% and a return on equity of 14.31%. On average, equities analysts expect that Ares Management Co. will post 3.22 earnings per share for the current fiscal year.
Ares Management Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 16th will be paid a $0.61 dividend. This represents a $2.44 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date of this dividend is Thursday, September 15th. Ares Management’s dividend payout ratio is currently 156.41%.
Wall Street Analysts Forecast Growth
Several equities analysts recently weighed in on ARES shares. JMP Securities started coverage on shares of Ares Management in a research report on Wednesday, June 8th. They set a “market perform” rating for the company. UBS Group increased their price target on shares of Ares Management from $68.00 to $82.00 and gave the company a “buy” rating in a research report on Monday, August 1st. Morgan Stanley reduced their price target on shares of Ares Management from $90.00 to $76.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 19th. The Goldman Sachs Group cut their target price on shares of Ares Management from $87.00 to $78.00 and set a “buy” rating for the company in a research report on Wednesday, June 29th. Finally, TheStreet lowered shares of Ares Management from a “b” rating to a “c+” rating in a research report on Friday, June 3rd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $89.00.
Ares Management Profile
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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