Ares Management (NYSE:ARES) Chairman Antony Ressler Sells 101,032 Shares

Key Points

• Antony Ressler, Chairman of Ares Management, sold 101,032 shares at an average price of $179.30, representing an 8.83% decrease in his ownership, now holding approximately 1,043,446 shares valued at $187 million.
• Ares Management reported $1.03 earnings per share for its latest quarter, missing estimates, though revenue was $1.35 billion, surpassing expectations.
• The company declared a quarterly dividend of $1.12, with an annualized payout of $4.48 and a yield of 2.5%, set to be paid on September 30th.

Ares Management Corporation (NYSE:ARES - Get Free Report) Chairman Antony Ressler sold 101,032 shares of the company's stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $179.30, for a total transaction of $18,115,037.60. Following the completion of the transaction, the chairman directly owned 1,043,446 shares of the company's stock, valued at approximately $187,089,867.80. The trade was a 8.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Ares Management Stock Up 0.2%

NYSE:ARES traded up $0.41 on Tuesday, reaching $179.61. The stock had a trading volume of 1,430,676 shares, compared to its average volume of 1,264,575. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.64. The company has a 50-day moving average of $181.48 and a 200 day moving average of $165.54. The stock has a market cap of $58.68 billion, a P/E ratio of 103.82, a price-to-earnings-growth ratio of 1.40 and a beta of 1.44. Ares Management Corporation has a 12-month low of $110.63 and a 12-month high of $200.49.

Ares Management (NYSE:ARES - Get Free Report) last posted its quarterly earnings data on Friday, August 1st. The asset manager reported $1.03 earnings per share for the quarter, missing analysts' consensus estimates of $1.15 by ($0.12). The firm had revenue of $1.35 billion during the quarter, compared to analysts' expectations of $1.02 billion. Ares Management had a net margin of 9.47% and a return on equity of 15.81%. During the same period in the previous year, the company earned $0.99 earnings per share. On average, research analysts predict that Ares Management Corporation will post 5.28 earnings per share for the current year.

Ares Management Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be given a $1.12 dividend. This represents a $4.48 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Tuesday, September 16th. Ares Management's dividend payout ratio is presently 258.96%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on ARES shares. Raymond James Financial started coverage on shares of Ares Management in a research note on Monday, July 28th. They issued a "market perform" rating on the stock. Oppenheimer lowered shares of Ares Management from an "outperform" rating to a "market perform" rating in a research note on Thursday, May 15th. Wells Fargo & Company upped their target price on shares of Ares Management from $189.00 to $202.00 and gave the company an "overweight" rating in a research note on Friday, July 11th. Keefe, Bruyette & Woods upped their target price on shares of Ares Management from $193.00 to $203.00 and gave the company an "outperform" rating in a research note on Monday, August 4th. Finally, Citigroup restated an "outperform" rating on shares of Ares Management in a research note on Monday, July 14th. Thirteen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $182.73.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Redmont Wealth Advisors LLC bought a new position in shares of Ares Management in the first quarter valued at approximately $28,000. Financial Network Wealth Advisors LLC bought a new position in shares of Ares Management in the first quarter valued at approximately $31,000. Elequin Capital LP bought a new position in shares of Ares Management in the fourth quarter valued at approximately $33,000. Elevation Point Wealth Partners LLC bought a new position in shares of Ares Management in the second quarter valued at approximately $35,000. Finally, Global Financial Private Client LLC boosted its holdings in shares of Ares Management by 125.6% in the first quarter. Global Financial Private Client LLC now owns 264 shares of the asset manager's stock valued at $39,000 after acquiring an additional 147 shares in the last quarter. Institutional investors own 50.03% of the company's stock.

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.

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