Ares Management Corporation $ARES Shares Bought by Amalgamated Bank

Amalgamated Bank increased its stake in Ares Management Corporation (NYSE:ARES) by 9.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 14,370 shares of the asset manager’s stock after purchasing an additional 1,208 shares during the period. Amalgamated Bank’s holdings in Ares Management were worth $2,489,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Financial Network Wealth Advisors LLC bought a new stake in shares of Ares Management in the 1st quarter worth approximately $31,000. Banque Transatlantique SA acquired a new stake in shares of Ares Management in the 1st quarter worth about $39,000. Ameritas Advisory Services LLC acquired a new stake in shares of Ares Management in the 2nd quarter worth about $43,000. SouthState Corp acquired a new stake in shares of Ares Management in the 1st quarter worth about $48,000. Finally, GW&K Investment Management LLC increased its holdings in shares of Ares Management by 69.5% in the 1st quarter. GW&K Investment Management LLC now owns 373 shares of the asset manager’s stock worth $55,000 after acquiring an additional 153 shares during the period. Institutional investors own 50.03% of the company’s stock.

Wall Street Analysts Forecast Growth

ARES has been the topic of a number of analyst reports. Oppenheimer set a $190.00 price objective on shares of Ares Management and gave the stock an “outperform” rating in a report on Tuesday. JMP Securities increased their price objective on shares of Ares Management from $195.00 to $205.00 and gave the stock a “market outperform” rating in a report on Wednesday, August 6th. Cfra Research raised shares of Ares Management to a “moderate buy” rating in a report on Monday, August 4th. TD Cowen increased their price objective on shares of Ares Management from $175.00 to $197.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, Barclays dropped their price objective on shares of Ares Management from $200.00 to $187.00 and set an “overweight” rating on the stock in a report on Wednesday, October 8th. Thirteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $184.79.

Ares Management Stock Down 1.6%

Ares Management stock opened at $152.96 on Wednesday. Ares Management Corporation has a 52 week low of $110.63 and a 52 week high of $200.49. The stock has a market cap of $49.97 billion, a price-to-earnings ratio of 88.42, a PEG ratio of 1.19 and a beta of 1.43. The company’s 50-day moving average price is $162.72 and its two-hundred day moving average price is $168.89. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.64.

Ares Management (NYSE:ARES) last issued its quarterly earnings results on Monday, November 3rd. The asset manager reported $1.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.05. Ares Management had a return on equity of 15.81% and a net margin of 9.47%.The company had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.03 billion. During the same period last year, the firm earned $0.55 EPS. On average, analysts expect that Ares Management Corporation will post 5.28 EPS for the current fiscal year.

Ares Management Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 17th will be given a dividend of $0.8438 per share. The ex-dividend date is Wednesday, December 17th. This represents a $3.38 annualized dividend and a dividend yield of 2.2%. Ares Management’s dividend payout ratio (DPR) is 258.96%.

Insider Activity at Ares Management

In other news, Chairman Antony P. Ressler sold 196,197 shares of Ares Management stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $178.79, for a total value of $35,078,061.63. Following the transaction, the chairman owned 1,424,538 shares of the company’s stock, valued at $254,693,149.02. The trade was a 12.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Michael J. Arougheti sold 136,516 shares of Ares Management stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $182.74, for a total transaction of $24,946,933.84. Following the completion of the transaction, the chief executive officer directly owned 311,728 shares in the company, valued at $56,965,174.72. This represents a 30.46% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 2,590,000 shares of company stock worth $464,430,639 in the last ninety days. Corporate insiders own 36.86% of the company’s stock.

Ares Management 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.