First Allied Advisory Services Inc. grew its stake in Ares Management Corp (NYSE:ARES) by 23.7% during the 1st quarter, HoldingsChannel reports. The firm owned 24,149 shares of the asset manager’s stock after acquiring an additional 4,620 shares during the quarter. First Allied Advisory Services Inc.’s holdings in Ares Management were worth $747,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently modified their holdings of ARES. Marshall Wace LLP bought a new position in shares of Ares Management during the 1st quarter worth approximately $145,000. State Street Corp lifted its holdings in shares of Ares Management by 8.1% during the third quarter. State Street Corp now owns 1,331,484 shares of the asset manager’s stock valued at $35,697,000 after acquiring an additional 99,553 shares during the period. Strs Ohio boosted its stake in shares of Ares Management by 32.5% in the 4th quarter. Strs Ohio now owns 130,000 shares of the asset manager’s stock valued at $4,639,000 after purchasing an additional 31,900 shares in the last quarter. California Public Employees Retirement System grew its holdings in shares of Ares Management by 2.7% in the 4th quarter. California Public Employees Retirement System now owns 156,270 shares of the asset manager’s stock worth $5,577,000 after purchasing an additional 4,056 shares during the last quarter. Finally, SG Americas Securities LLC bought a new stake in shares of Ares Management in the 4th quarter worth about $108,000. 59.03% of the stock is owned by institutional investors and hedge funds.
ARES stock opened at $35.06 on Friday. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.75. Ares Management Corp has a twelve month low of $20.20 and a twelve month high of $41.88. The company has a market cap of $4.62 billion, a P/E ratio of 92.27, a PEG ratio of 4.02 and a beta of 1.27. The business has a fifty day moving average of $33.03 and a 200-day moving average of $33.97.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 4.56%. The ex-dividend date of this dividend is Monday, June 15th. Ares Management’s dividend payout ratio is 95.81%.
In related news, insider Bennett Rosenthal sold 268,697 shares of Ares Management stock in a transaction on Thursday, April 9th. The stock was sold at an average price of $34.81, for a total transaction of $9,353,342.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider R. Kipp Deveer sold 8,274 shares of the company’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $31.81, for a total value of $263,195.94. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,232,425 shares of company stock valued at $43,232,746. 151.62% of the stock is currently owned by insiders.
Several analysts have weighed in on the stock. Barclays upped their price objective on shares of Ares Management from $36.00 to $40.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. Oppenheimer restated a “hold” rating on shares of Ares Management in a research report on Wednesday, May 6th. UBS Group raised their price target on Ares Management from $38.00 to $40.00 and gave the company a “buy” rating in a report on Tuesday, January 28th. Bank of America boosted their price objective on Ares Management from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Finally, BMO Capital Markets raised their target price on Ares Management from $30.00 to $40.00 and gave the company a “market perform” rating in a research note on Thursday, May 7th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Ares Management has an average rating of “Buy” and an average price target of $39.45.
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.
Further Reading: Insider Trading
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