Ares Management (NYSE:ARES – Free Report) had its price target hoisted by Royal Bank of Canada from $135.00 to $145.00 in a research report released on Monday, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the asset manager’s stock.
Several other equities analysts have also recently weighed in on the stock. Wells Fargo & Company raised their target price on shares of Ares Management from $112.00 to $126.00 and gave the company an equal weight rating in a research note on Friday. Jefferies Financial Group cut shares of Ares Management from a buy rating to a hold rating and set a $122.00 target price for the company. in a research note on Tuesday, January 9th. JPMorgan Chase & Co. raised their target price on shares of Ares Management from $119.00 to $141.00 and gave the company an overweight rating in a research note on Friday. Morgan Stanley lifted their price objective on shares of Ares Management from $109.00 to $118.00 and gave the stock an equal weight rating in a research report on Wednesday, January 24th. Finally, Barclays reduced their price objective on shares of Ares Management from $130.00 to $118.00 and set an overweight rating for the company in a research report on Wednesday, November 1st. One analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Ares Management has a consensus rating of Hold and an average price target of $121.25.
Ares Management Price Performance
Ares Management (NYSE:ARES – Get Free Report) last released its earnings results on Thursday, February 8th. The asset manager reported $1.21 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.11. Ares Management had a net margin of 13.06% and a return on equity of 21.58%. The business had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $862.71 million. During the same period last year, the business earned $1.21 earnings per share. Equities research analysts anticipate that Ares Management will post 4.65 earnings per share for the current fiscal year.
Ares Management Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 15th will be given a $0.93 dividend. This represents a $3.72 dividend on an annualized basis and a dividend yield of 2.71%. The ex-dividend date is Thursday, March 14th. This is a boost from Ares Management’s previous quarterly dividend of $0.77. Ares Management’s payout ratio is presently 128.87%.
In other news, CEO Michael J. Arougheti sold 150,000 shares of the business’s stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $105.17, for a total value of $15,775,500.00. Following the completion of the sale, the chief executive officer now owns 825,000 shares of the company’s stock, valued at $86,765,250. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 47.34% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Ares Management by 1.8% in the third quarter. Vanguard Group Inc. now owns 15,761,015 shares of the asset manager’s stock valued at $1,621,336,000 after purchasing an additional 273,645 shares in the last quarter. BlackRock Inc. raised its stake in Ares Management by 7.3% during the second quarter. BlackRock Inc. now owns 11,389,511 shares of the asset manager’s stock worth $1,097,379,000 after acquiring an additional 771,052 shares in the last quarter. FMR LLC raised its stake in Ares Management by 27.4% during the third quarter. FMR LLC now owns 5,836,590 shares of the asset manager’s stock worth $600,410,000 after acquiring an additional 1,255,866 shares in the last quarter. Franklin Resources Inc. raised its stake in Ares Management by 1.9% during the fourth quarter. Franklin Resources Inc. now owns 3,872,559 shares of the asset manager’s stock worth $460,525,000 after acquiring an additional 71,819 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of Ares Management by 26.9% during the second quarter. Bank of New York Mellon Corp now owns 3,714,982 shares of the asset manager’s stock worth $357,938,000 after purchasing an additional 786,862 shares during the last quarter. Institutional investors and hedge funds own 50.03% of the company’s stock.
Ares Management Company 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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