Ares Management Corporation $ARES Shares Sold by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company has decreased its stake in Ares Management Corporation by 23.6% during the first quarter, now owning 119,337 shares worth $17.5 million.
• Ares Management reported $1.03 earnings per share for the latest quarter, falling short of the expected $1.15, but achieved a revenue of $1.35 billion against forecasts of $1.02 billion.
• The company announced a quarterly dividend of $1.12 per share, with a yield of 2.5%, scheduled for payment on September 30th.

The Manufacturers Life Insurance Company reduced its position in Ares Management Corporation (NYSE:ARES - Free Report) by 23.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 119,337 shares of the asset manager's stock after selling 36,887 shares during the quarter. The Manufacturers Life Insurance Company's holdings in Ares Management were worth $17,496,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the company. Redmont Wealth Advisors LLC acquired a new stake in Ares Management during the 1st quarter worth approximately $28,000. Financial Network Wealth Advisors LLC acquired a new stake in Ares Management during the 1st quarter worth approximately $31,000. Elequin Capital LP acquired a new stake in Ares Management during the 4th quarter worth approximately $33,000. Global Financial Private Client LLC lifted its position in Ares Management by 125.6% during the 1st quarter. Global Financial Private Client LLC now owns 264 shares of the asset manager's stock worth $39,000 after acquiring an additional 147 shares during the period. Finally, Rakuten Securities Inc. lifted its position in Ares Management by 3,262.5% during the 1st quarter. Rakuten Securities Inc. now owns 269 shares of the asset manager's stock worth $39,000 after acquiring an additional 261 shares during the period. 50.03% of the stock is owned by institutional investors and hedge funds.

Ares Management Stock Performance

NYSE ARES opened at $179.61 on Wednesday. Ares Management Corporation has a 1-year low of $110.63 and a 1-year high of $200.49. The company has a market capitalization of $58.68 billion, a P/E ratio of 103.82, a PEG ratio of 1.40 and a beta of 1.44. The business has a 50 day moving average price of $181.48 and a 200 day moving average price of $165.54. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.08 and a quick ratio of 1.08.

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

Ares Management Dividend Announcement

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

Wall Street Analyst Weigh In

A number of analysts have weighed in on ARES shares. Royal Bank Of Canada increased their price objective on Ares Management from $195.00 to $215.00 and gave the stock an "outperform" rating in a research report on Monday, August 18th. Oppenheimer cut Ares Management from an "outperform" rating to a "market perform" rating in a research report on Thursday, May 15th. JMP Securities increased their price objective on Ares Management from $195.00 to $205.00 and gave the stock a "market outperform" rating in a research report on Wednesday, August 6th. Raymond James Financial assumed coverage on Ares Management in a report on Monday, July 28th. They issued a "market perform" rating for the company. Finally, Keefe, Bruyette & Woods raised their price target on Ares Management from $193.00 to $203.00 and gave the company an "outperform" rating in a report on Monday, August 4th. Thirteen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $182.73.

Insider Activity at Ares Management

In related news, Chairman Antony P. Ressler sold 196,197 shares of the firm's stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $178.79, for a total value of $35,078,061.63. Following the completion of the transaction, the chairman directly owned 1,424,538 shares of the company's stock, valued at $254,693,149.02. This trade represents a 12.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael J. Arougheti sold 136,516 shares of the firm's stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $182.74, for a total value of $24,946,933.84. Following the transaction, the chief executive officer directly owned 311,728 shares of the company's stock, valued at $56,965,174.72. The trade was a 30.46% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,809,483 shares of company stock valued at $325,460,792 over the last ninety days. 0.52% of the stock is currently owned by company insiders.

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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