1,749 Shares in Ares Management Corporation $ARES Purchased by Glenview Trust co

Key Points

• Glenview Trust co acquired a new stake in Ares Management Corporation, purchasing 1,749 shares valued at approximately $256,000.
• Ares Management reported $1.03 earnings per share for the latest quarter, falling short of the anticipated $1.15.
• The company recently announced a quarterly dividend of $1.12 per share, representing a dividend yield of 2.4%.

Glenview Trust co purchased a new position in shares of Ares Management Corporation (NYSE:ARES - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 1,749 shares of the asset manager's stock, valued at approximately $256,000.

A number of other large investors also recently bought and sold shares of ARES. Vanguard Group Inc. grew its position in Ares Management by 2.0% in the 1st quarter. Vanguard Group Inc. now owns 19,189,991 shares of the asset manager's stock valued at $2,813,445,000 after acquiring an additional 382,273 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Ares Management by 0.4% in the first quarter. JPMorgan Chase & Co. now owns 8,308,330 shares of the asset manager's stock worth $1,218,084,000 after purchasing an additional 30,451 shares during the last quarter. Principal Financial Group Inc. increased its stake in Ares Management by 4.8% in the 1st quarter. Principal Financial Group Inc. now owns 3,354,032 shares of the asset manager's stock worth $491,735,000 after buying an additional 152,169 shares during the period. Raymond James Financial Inc. lifted its holdings in Ares Management by 0.3% during the 1st quarter. Raymond James Financial Inc. now owns 1,902,603 shares of the asset manager's stock valued at $278,941,000 after buying an additional 5,424 shares in the last quarter. Finally, Canada Pension Plan Investment Board boosted its position in Ares Management by 5.5% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,727,563 shares of the asset manager's stock valued at $253,278,000 after buying an additional 90,101 shares during the period. Hedge funds and other institutional investors own 50.03% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on ARES shares. Royal Bank Of Canada raised their target price on shares of Ares Management from $195.00 to $215.00 and gave the stock an "outperform" rating in a research report on Monday, August 18th. Cfra Research upgraded Ares Management to a "moderate buy" rating in a report on Monday, August 4th. Wells Fargo & Company lifted their target price on Ares Management from $189.00 to $202.00 and gave the company an "overweight" rating in a research report on Friday, July 11th. Citigroup reiterated an "outperform" rating on shares of Ares Management in a report on Monday, July 14th. Finally, Barclays raised their price target on Ares Management from $182.00 to $200.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Thirteen equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, Ares Management presently has a consensus rating of "Moderate Buy" and a consensus target price of $182.73.

Ares Management Stock Down 1.0%

Shares of ARES stock traded down $1.76 during mid-day trading on Friday, hitting $182.95. 837,086 shares of the stock traded hands, compared to its average volume of 1,335,676. 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 $59.77 billion, a P/E ratio of 105.75, a P/E/G ratio of 1.43 and a beta of 1.44. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.08 and a quick ratio of 1.08. The stock's fifty day moving average is $182.19 and its two-hundred day moving average is $165.62.

Ares Management (NYSE:ARES - Get Free Report) last posted its earnings results on Friday, August 1st. The asset manager reported $1.03 EPS for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $1.02 billion. During the same period in the previous year, the company earned $0.99 EPS. Equities analysts predict that Ares Management Corporation will post 5.28 EPS for the current year.

Ares Management Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be issued a $1.12 dividend. This represents a $4.48 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend is Tuesday, September 16th. Ares Management's dividend payout ratio (DPR) is currently 258.96%.

Insider Buying and Selling at Ares Management

In related news, Chairman Antony P. Ressler sold 128,837 shares of the stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $178.30, for a total value of $22,971,637.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 2,590,000 shares of company stock worth $464,430,639 in the last 90 days. 0.52% of the stock is currently owned by insiders.

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.