Prana Capital Management LP purchased a new position in shares of Ares Management Co. (NYSE:ARES - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 141,768 shares of the asset manager's stock, valued at approximately $25,097,000. Ares Management comprises 1.2% of Prana Capital Management LP's investment portfolio, making the stock its 24th biggest position.
Other hedge funds also recently modified their holdings of the company. Transce3nd LLC acquired a new position in Ares Management in the 4th quarter valued at $29,000. Johnson Financial Group Inc. boosted its holdings in Ares Management by 104.8% in the 4th quarter. Johnson Financial Group Inc. now owns 170 shares of the asset manager's stock valued at $30,000 after purchasing an additional 87 shares during the period. Noble Wealth Management PBC bought a new stake in Ares Management in the 4th quarter valued at $36,000. Avalon Trust Co bought a new stake in Ares Management in the 4th quarter valued at $53,000. Finally, Private Trust Co. NA boosted its holdings in Ares Management by 43.0% in the 4th quarter. Private Trust Co. NA now owns 336 shares of the asset manager's stock valued at $59,000 after purchasing an additional 101 shares during the period. Institutional investors and hedge funds own 50.03% of the company's stock.
Ares Management Stock Performance
NYSE ARES traded up $1.63 on Friday, hitting $170.33. 1,700,541 shares of the stock were exchanged, compared to its average volume of 1,425,731. Ares Management Co. has a 52 week low of $110.63 and a 52 week high of $200.49. The company has a market capitalization of $55.63 billion, a PE ratio of 83.91, a P/E/G ratio of 1.28 and a beta of 1.40. The business's fifty day moving average is $148.51 and its 200 day moving average is $167.60. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.05 and a quick ratio of 1.05.
Ares Management (NYSE:ARES - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The asset manager reported $1.09 EPS for the quarter, beating the consensus estimate of $0.94 by $0.15. Ares Management had a net margin of 11.35% and a return on equity of 16.64%. The firm had revenue of $951.96 million for the quarter, compared to the consensus estimate of $914.00 million. During the same period in the previous year, the company earned $0.80 earnings per share. Research analysts anticipate that Ares Management Co. will post 5.28 EPS for the current fiscal year.
Ares Management Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be issued a $1.12 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $4.48 annualized dividend and a dividend yield of 2.63%. Ares Management's dividend payout ratio is currently 263.53%.
Insider Buying and Selling at Ares Management
In related news, Chairman Bennett Rosenthal sold 69,809 shares of the company's stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $161.01, for a total value of $11,239,947.09. Following the transaction, the chairman now directly owns 30,191 shares in the company, valued at approximately $4,861,052.91. This represents a 69.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider David B. Kaplan sold 69,526 shares of the company's stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $160.99, for a total transaction of $11,192,990.74. Following the completion of the transaction, the insider now owns 30,474 shares in the company, valued at $4,906,009.26. This trade represents a 69.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 250,180 shares of company stock worth $39,411,066 over the last ninety days. Insiders own 36.86% of the company's stock.
Analyst Upgrades and Downgrades
ARES has been the subject of a number of research reports. JMP Securities increased their price target on shares of Ares Management from $165.00 to $185.00 and gave the company a "market outperform" rating in a report on Thursday, May 8th. Bank of America cut their price target on shares of Ares Management from $221.00 to $201.00 and set a "buy" rating for the company in a report on Friday, April 4th. Barclays lifted their price target on shares of Ares Management from $142.00 to $182.00 and gave the company an "overweight" rating in a report on Tuesday, May 6th. The Goldman Sachs Group lowered their price objective on shares of Ares Management from $188.00 to $166.00 and set a "buy" rating for the company in a research report on Thursday, April 3rd. Finally, Wells Fargo & Company raised their price objective on shares of Ares Management from $156.00 to $182.00 and gave the company an "overweight" rating in a research report on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $174.50.
Read Our Latest Report on Ares Management
Ares Management 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.
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