DAVENPORT & Co LLC Buys 1,485 Shares of Ares Management Corporation (NYSE:ARES)

DAVENPORT & Co LLC lifted its stake in Ares Management Corporation (NYSE:ARES - Free Report) by 41.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,070 shares of the asset manager's stock after buying an additional 1,485 shares during the period. DAVENPORT & Co LLC's holdings in Ares Management were worth $743,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Summit Trail Advisors LLC increased its holdings in Ares Management by 101.9% during the 1st quarter. Summit Trail Advisors LLC now owns 2,570 shares of the asset manager's stock valued at $377,000 after purchasing an additional 1,297 shares in the last quarter. Vontobel Holding Ltd. increased its holdings in Ares Management by 92.8% during the 1st quarter. Vontobel Holding Ltd. now owns 4,727 shares of the asset manager's stock valued at $693,000 after purchasing an additional 2,275 shares in the last quarter. Sage Advisors LLC increased its holdings in Ares Management by 186.3% during the 1st quarter. Sage Advisors LLC now owns 4,211 shares of the asset manager's stock valued at $617,000 after purchasing an additional 2,740 shares in the last quarter. J.Safra Asset Management Corp increased its holdings in Ares Management by 23.7% during the 1st quarter. J.Safra Asset Management Corp now owns 2,036 shares of the asset manager's stock valued at $298,000 after purchasing an additional 390 shares in the last quarter. Finally, Amalgamated Bank increased its holdings in Ares Management by 7.7% during the 1st quarter. Amalgamated Bank now owns 13,162 shares of the asset manager's stock valued at $1,930,000 after purchasing an additional 944 shares in the last quarter. 50.03% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Ares Management

In related news, insider David B. Kaplan sold 62,500 shares of the stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $169.36, for a total transaction of $10,585,000.00. Following the completion of the transaction, the insider directly owned 62,500 shares of the company's stock, valued at approximately $10,585,000. This represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Michael J. Arougheti sold 182,108 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $170.07, for a total value of $30,971,107.56. Following the transaction, the chief executive officer directly owned 350,684 shares of the company's stock, valued at $59,640,827.88. This trade represents a 34.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 873,145 shares of company stock valued at $146,204,353. Insiders own 0.52% of the company's stock.

Ares Management Stock Up 0.2%

NYSE ARES traded up $0.40 during trading hours on Tuesday, hitting $175.26. 53,602 shares of the company traded hands, compared to its average volume of 1,424,439. The business's 50-day moving average is $167.11 and its 200-day moving average is $166.36. Ares Management Corporation has a twelve month low of $110.63 and a twelve month high of $200.49. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a market capitalization of $57.23 billion, a price-to-earnings ratio of 103.06, 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 EPS for the quarter, beating the consensus estimate of $0.94 by $0.15. Ares Management had a return on equity of 16.29% and a net margin of 9.73%. The firm had revenue of $951.96 million during the quarter, compared to analysts' expectations of $914.00 million. During the same period in the prior year, the firm posted $0.80 earnings per share. Sell-side analysts anticipate that Ares Management Corporation will post 5.28 earnings per share for the current year.

Ares Management Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were given a dividend of $1.12 per share. The ex-dividend date of this dividend was Monday, June 16th. This represents a $4.48 annualized dividend and a yield of 2.56%. Ares Management's dividend payout ratio (DPR) is presently 263.53%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on ARES. JMP Securities boosted their target price on Ares Management from $165.00 to $185.00 and gave the stock a "market outperform" rating in a research report on Thursday, May 8th. Citizens Jmp upgraded Ares Management from a "market perform" rating to an "outperform" rating and set a $165.00 target price for the company in a research report on Tuesday, April 8th. Morgan Stanley dropped their target price on Ares Management from $197.00 to $152.00 and set an "equal weight" rating for the company in a research report on Monday, April 14th. The Goldman Sachs Group dropped their price objective on Ares Management from $188.00 to $166.00 and set a "buy" rating for the company in a report on Thursday, April 3rd. Finally, Oppenheimer downgraded Ares Management from an "outperform" rating to a "market perform" rating in a report on Thursday, May 15th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $174.94.

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.