Institute for Wealth Management LLC. Reduces Stock Holdings in Ares Management Corporation $ARES

Key Points

• Institute for Wealth Management LLC reduced its holdings in Ares Management Corporation by 20%, owning 12,828 shares after selling 3,202 shares during the second quarter.
• Ares Management reported earnings per share (EPS) of $1.03 for the last quarter, missing analysts' expectations and highlighting a revenue of $1.35 billion.
• The company announced a quarterly dividend of $1.12 per share, representing an annualized yield of 2.8% and a high payout ratio of 258.96%.

Institute for Wealth Management LLC. trimmed its position in Ares Management Corporation (NYSE:ARES - Free Report) by 20.0% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 12,828 shares of the asset manager's stock after selling 3,202 shares during the period. Institute for Wealth Management LLC.'s holdings in Ares Management were worth $2,222,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Redmont Wealth Advisors LLC purchased a new position in Ares Management in the first quarter worth about $28,000. Financial Network Wealth Advisors LLC purchased a new position in Ares Management in the first quarter worth about $31,000. Rakuten Securities Inc. boosted its position in Ares Management by 3,262.5% in the first quarter. Rakuten Securities Inc. now owns 269 shares of the asset manager's stock worth $39,000 after purchasing an additional 261 shares during the last quarter. Banque Transatlantique SA purchased a new position in Ares Management in the first quarter worth about $39,000. Finally, SouthState Corp purchased a new position in Ares Management in the first quarter worth about $48,000. 50.03% of the stock is owned by hedge funds and other institutional investors.

Ares Management Stock Down 2.2%

NYSE ARES opened at $159.90 on Wednesday. The stock's 50 day moving average is $181.02 and its 200 day moving average is $167.23. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.64. Ares Management Corporation has a 12 month low of $110.63 and a 12 month high of $200.49. The stock has a market cap of $52.24 billion, a PE ratio of 92.43, a P/E/G ratio of 1.28 and a beta of 1.44.

Ares Management (NYSE:ARES - Get Free Report) last posted its quarterly 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 return on equity of 15.81% and a net margin of 9.47%.The business had revenue of $1.35 billion during the quarter, compared to analysts' expectations of $1.02 billion. During the same period in the prior year, the firm posted $0.99 earnings per share. Research analysts predict that Ares Management Corporation will post 5.28 EPS for the current fiscal year.

Ares Management Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th were paid a $1.12 dividend. The ex-dividend date of this dividend was Tuesday, September 16th. This represents a $4.48 dividend on an annualized basis and a yield of 2.8%. Ares Management's payout ratio is presently 258.96%.

Insider Transactions at Ares Management

In other Ares Management news, Chairman Antony P. Ressler sold 128,837 shares of Ares Management stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $178.30, for a total value of $22,971,637.10. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Over the last 90 days, insiders sold 2,590,000 shares of company stock valued at $464,430,639. Insiders own 0.52% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on ARES. Barclays lifted their price objective on Ares Management from $182.00 to $200.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $215.00 price objective on shares of Ares Management in a research report on Monday. Wells Fargo & Company lifted their price objective on Ares Management from $189.00 to $202.00 and gave the company an "overweight" rating in a research report on Friday, July 11th. Keefe, Bruyette & Woods lifted their price objective on Ares Management from $193.00 to $203.00 and gave the company an "outperform" rating in a research report on Monday, August 4th. Finally, JMP Securities lifted their price objective on Ares Management from $195.00 to $205.00 and gave the company a "market outperform" rating in a research report on Wednesday, August 6th. Thirteen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $182.73.

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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