Ares Management LP (NYSE:ARES) Receives Average Rating of “Hold” from Brokerages
Ares Management LP (NYSE:ARES) has received a consensus recommendation of “Hold” from the seven brokerages that are covering the firm. Five analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $17.00.
ARES has been the topic of several research analyst reports. Zacks Investment Research upgraded shares of Ares Management from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 14th. Bank of America Corp. cut shares of Ares Management from a “buy” rating to a “neutral” rating in a report on Wednesday, August 10th. They noted that the move was a valuation call. TheStreet upgraded shares of Ares Management from a “sell” rating to a “hold” rating in a report on Wednesday, August 10th. Morgan Stanley set a $15.00 price objective on shares of Ares Management and gave the stock a “hold” rating in a report on Thursday, August 11th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating on shares of Ares Management in a report on Tuesday.
Ares Management (NYSE:ARES) traded up 0.37% during trading on Tuesday, hitting $19.07. 10,841 shares of the company’s stock traded hands. The company’s 50 day moving average is $17.83 and its 200-day moving average is $15.27. Ares Management has a 12 month low of $10.72 and a 12 month high of $19.46. The stock has a market cap of $4.08 billion, a P/E ratio of 67.86 and a beta of 1.12.
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Ares Management (NYSE:ARES) last announced its quarterly earnings results on Tuesday, August 9th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.02. Ares Management had a net margin of 2.88% and a return on equity of 15.65%. The company had revenue of $369 million for the quarter, compared to analysts’ expectations of $164.13 million. During the same quarter in the previous year, the company earned $0.32 earnings per share. Ares Management’s quarterly revenue was up 53.0% on a year-over-year basis. On average, analysts predict that Ares Management will post $1.20 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, September 6th. Stockholders of record on Tuesday, August 23rd were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 5.89%. The ex-dividend date was Friday, August 19th. This is an increase from Ares Management’s previous quarterly dividend of $0.15. Ares Management’s dividend payout ratio is currently 400.00%.
Hedge funds and other institutional investors have recently modified their holdings of the company. Goldman Sachs Group Inc. increased its position in shares of Ares Management by 34.2% in the first quarter. Goldman Sachs Group Inc. now owns 81,011 shares of the company’s stock valued at $1,248,000 after buying an additional 20,651 shares in the last quarter. Royal Bank of Canada increased its position in shares of Ares Management by 4,694.0% in the first quarter. Royal Bank of Canada now owns 47,940 shares of the company’s stock valued at $738,000 after buying an additional 46,940 shares in the last quarter. PNC Financial Services Group Inc. increased its position in shares of Ares Management by 16.9% in the second quarter. PNC Financial Services Group Inc. now owns 103,673 shares of the company’s stock valued at $1,460,000 after buying an additional 14,999 shares in the last quarter. Raymond James & Associates purchased a new position in shares of Ares Management during the second quarter valued at about $184,000. Finally, Royce & Associates LP increased its position in shares of Ares Management by 1.0% in the second quarter. Royce & Associates LP now owns 3,774,217 shares of the company’s stock valued at $53,179,000 after buying an additional 36,061 shares in the last quarter. Hedge funds and other institutional investors own 10.20% of the company’s stock.
About Ares Management
Ares Management, L.P. is an alternative asset manager. The Company operates through four segments: Tradable Credit Group, Direct Lending Group, Private Equity Group and Real Estate Group. Its Tradable Credit Group is a participant in the tradable, non-investment grade corporate credit markets and manages various types of investment funds, ranging from commingled and separately managed accounts for institutional investors to publicly traded vehicles and sub-advised funds for retail investors.
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