Bank of America Forecasts Strong Price Appreciation for Ares Management (NYSE:ARES) Stock

Ares Management (NYSE:ARES) had its target price upped by Bank of America from $196.00 to $197.00 in a report released on Friday,Benzinga reports. The firm presently has a “buy” rating on the asset manager’s stock. Bank of America‘s price objective suggests a potential upside of 29.34% from the stock’s current price.

A number of other analysts have also weighed in on the company. Royal Bank Of Canada restated an “outperform” rating and issued a $215.00 target price on shares of Ares Management in a research note on Monday, September 29th. Raymond James Financial started coverage on Ares Management in a research report on Monday, July 28th. They issued a “market perform” rating for the company. Citigroup reiterated an “outperform” rating on shares of Ares Management in a research report on Monday, July 14th. JMP Securities lifted their price objective on Ares Management from $195.00 to $205.00 and gave the stock a “market outperform” rating in a research report on Wednesday, August 6th. Finally, Wells Fargo & Company raised their target price on Ares Management from $189.00 to $202.00 and gave the stock an “overweight” rating in a report on Friday, July 11th. Thirteen investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $180.81.

Ares Management Stock Performance

Shares of NYSE:ARES opened at $152.31 on Friday. Ares Management has a twelve month low of $110.63 and a twelve month high of $200.49. The firm has a market cap of $49.76 billion, a PE ratio of 88.04, a price-to-earnings-growth ratio of 1.20 and a beta of 1.43. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.08 and a current ratio of 1.08. The business has a fifty day moving average of $179.18 and a 200-day moving average of $167.36.

Ares Management (NYSE:ARES) last announced its earnings results on Friday, August 1st. The asset manager reported $1.03 earnings per share for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.12). Ares Management had a net margin of 9.47% and a return on equity of 15.81%. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.02 billion. During the same quarter last year, the business posted $0.99 earnings per share. On average, equities research analysts predict that Ares Management will post 5.28 EPS for the current fiscal year.

Insider Transactions at Ares Management

In related news, Chairman Antony P. Ressler sold 128,837 shares of Ares Management stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $178.30, for a total value of $22,971,637.10. The sale was disclosed in a document filed with the SEC, which is available at this link. Over the last quarter, insiders sold 2,590,000 shares of company stock valued at $464,430,639. 36.86% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Ares Management

Hedge funds and other institutional investors have recently bought and sold shares of the company. Redmont Wealth Advisors LLC acquired a new stake in Ares Management in the 1st quarter valued at approximately $28,000. Financial Network Wealth Advisors LLC acquired a new stake in Ares Management in the 1st quarter valued at approximately $31,000. Elevation Point Wealth Partners LLC acquired a new stake in Ares Management in the 2nd quarter valued at approximately $35,000. Rakuten Securities Inc. raised its position in Ares Management by 3,262.5% in the 1st quarter. Rakuten Securities Inc. now owns 269 shares of the asset manager’s stock valued at $39,000 after buying an additional 261 shares during the last quarter. Finally, Banque Transatlantique SA acquired a new stake in Ares Management in the 1st quarter valued at approximately $39,000. Institutional investors and hedge funds own 50.03% of the company’s stock.

About Ares Management

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.