Truist Financial Corp Grows Stock Holdings in Ares Management Corporation (NYSE:ARES)

Truist Financial Corp increased its position in shares of Ares Management Corporation (NYSE:ARES - Free Report) by 3.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 582,107 shares of the asset manager's stock after purchasing an additional 21,350 shares during the period. Truist Financial Corp owned approximately 0.18% of Ares Management worth $85,343,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Transce3nd LLC purchased a new position in shares of Ares Management during the 4th quarter worth about $29,000. Johnson Financial Group Inc. boosted its stake in shares of Ares Management by 104.8% during the 4th quarter. Johnson Financial Group Inc. now owns 170 shares of the asset manager's stock worth $30,000 after purchasing an additional 87 shares during the period. Elequin Capital LP purchased a new position in shares of Ares Management during the 4th quarter worth about $33,000. Redmont Wealth Advisors LLC purchased a new position in shares of Ares Management during the 1st quarter worth about $28,000. Finally, Global Financial Private Client LLC boosted its stake in shares of 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 purchasing an additional 147 shares during the period. 50.03% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ARES has been the subject of a number of research analyst reports. Barclays lifted their price objective on shares of Ares Management from $142.00 to $182.00 and gave the company an "overweight" rating in a report on Tuesday, May 6th. Oppenheimer lowered shares of Ares Management from an "outperform" rating to a "market perform" rating in a report on Thursday, May 15th. The Goldman Sachs Group decreased their price objective on shares of Ares Management from $188.00 to $166.00 and set a "buy" rating for the company in a report on Thursday, April 3rd. Wolfe Research set a $193.00 price objective on shares of Ares Management and gave the company an "outperform" rating in a report on Tuesday, May 6th. Finally, Bank of America decreased their price objective on shares of Ares Management from $221.00 to $201.00 and set a "buy" rating for the company in a report on Friday, April 4th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $174.94.

Ares Management Stock Up 1.1%

Shares of Ares Management stock traded up $1.99 on Tuesday, reaching $176.85. The stock had a trading volume of 350,977 shares, compared to its average volume of 1,699,391. The company has a 50 day moving average price of $167.11 and a 200 day moving average price of $166.36. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.61. Ares Management Corporation has a 1 year low of $110.63 and a 1 year high of $200.49. The stock has a market capitalization of $57.76 billion, a P/E ratio of 104.03, a P/E/G ratio of 1.40 and a beta of 1.37.

Ares Management (NYSE:ARES - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The asset manager reported $1.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.94 by $0.15. Ares Management had a net margin of 9.73% and a return on equity of 16.29%. The business had revenue of $951.96 million for the quarter, compared to analyst estimates of $914.00 million. During the same quarter in the prior year, the business posted $0.80 EPS. As a group, equities research analysts forecast that Ares Management Corporation will post 5.28 EPS for the current year.

Ares Management Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were paid a dividend of $1.12 per share. The ex-dividend date was Monday, June 16th. This represents a $4.48 dividend on an annualized basis and a yield of 2.53%. Ares Management's payout ratio is 263.53%.

Insider Buying and Selling at Ares Management

In other Ares Management news, CEO Michael J. Arougheti sold 182,108 shares of the company's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $170.07, for a total transaction of $30,971,107.56. Following the transaction, the chief executive officer owned 350,684 shares in the company, valued at approximately $59,640,827.88. This represents a 34.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Bennett Rosenthal sold 85,000 shares of the company's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $168.79, for a total transaction of $14,347,150.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 873,145 shares of company stock worth $146,204,353. 0.52% of the stock is owned by corporate insiders.

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.