Ares Management (NYSE:ARES) had its price target raised by Wells Fargo & Co from $33.00 to $37.00 in a report issued on Thursday morning, BenzingaRatingsTable reports. The firm currently has an outperform rating on the asset manager’s stock.
Other research analysts have also recently issued reports about the company. Barclays began coverage on Ares Management in a research report on Monday, August 5th. They set an overweight rating and a $33.00 price objective for the company. UBS Group upped their price objective on Ares Management from $28.00 to $32.00 and gave the stock a buy rating in a research report on Thursday, August 1st. TheStreet raised Ares Management from a c+ rating to a b rating in a research report on Friday, August 16th. Finally, Morgan Stanley upped their price objective on Ares Management from $26.00 to $28.00 and gave the stock an equal weight rating in a research report on Friday, August 2nd. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock has an average rating of Buy and a consensus target price of $29.38.
Shares of ARES stock traded down $0.19 on Thursday, hitting $30.21. 161,183 shares of the stock were exchanged, compared to its average volume of 419,224. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of $3.13 billion, a P/E ratio of 21.27, a price-to-earnings-growth ratio of 1.60 and a beta of 1.45. The business has a 50-day moving average of $28.66 and a 200 day moving average of $26.13. Ares Management has a fifty-two week low of $16.18 and a fifty-two week high of $30.71.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.28 annualized dividend and a yield of 4.24%. Ares Management’s dividend payout ratio (DPR) is presently 90.14%.
In related news, Director Ares Management Llc sold 350,000 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $0.10, for a total transaction of $35,000.00. Following the completion of the transaction, the director now directly owns 86,857 shares of the company’s stock, valued at $8,685.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider R. Kipp Deveer sold 214,780 shares of the stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $27.71, for a total value of $5,951,553.80. The disclosure for this sale can be found here. Insiders have sold 6,292,805 shares of company stock valued at $37,507,784 over the last three months. Insiders own 151.62% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Oppenheimer & Co. Inc. boosted its position in Ares Management by 4.9% during the second quarter. Oppenheimer & Co. Inc. now owns 18,696 shares of the asset manager’s stock valued at $489,000 after purchasing an additional 865 shares during the last quarter. BNP Paribas Arbitrage SA acquired a new position in Ares Management during the second quarter valued at approximately $51,000. Janney Montgomery Scott LLC lifted its position in shares of Ares Management by 25.5% in the first quarter. Janney Montgomery Scott LLC now owns 51,973 shares of the asset manager’s stock valued at $1,206,000 after buying an additional 10,573 shares during the last quarter. Hilton Capital Management LLC lifted its position in shares of Ares Management by 38.2% in the first quarter. Hilton Capital Management LLC now owns 923,611 shares of the asset manager’s stock valued at $21,437,000 after buying an additional 255,096 shares during the last quarter. Finally, Greenwich Investment Management Inc. lifted its position in shares of Ares Management by 47.1% in the second quarter. Greenwich Investment Management Inc. now owns 308,776 shares of the asset manager’s stock valued at $8,081,000 after buying an additional 98,823 shares during the last quarter. 64.86% of the stock is owned by hedge funds and other institutional investors.
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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