Jennison Associates LLC Buys New Stake in Ares Management Corporation $ARES

Key Points

• Jennison Associates LLC disclosed a new position in Ares Management, buying 23,311 shares worth about $2.54 million in the first quarter.
• Institutional interest in Ares remains broad, with several hedge funds and asset managers increasing their stakes; about 50.03% of the stock is owned by institutions and hedge funds.
• Analyst sentiment is mixed but constructive: the stock carries a “Moderate Buy” consensus and an average price target of $158.93, even as some firms recently trimmed their targets.

Jennison Associates LLC bought a new stake in Ares Management Corporation (NYSE:ARES - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 23,311 shares of the asset manager's stock, valued at approximately $2,543,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. AQR Capital Management LLC increased its position in shares of Ares Management by 116.7% during the first quarter. AQR Capital Management LLC now owns 10,360 shares of the asset manager's stock worth $1,519,000 after purchasing an additional 5,579 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Ares Management by 5.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,344 shares of the asset manager's stock worth $197,000 after purchasing an additional 70 shares in the last quarter. Empowered Funds LLC grew its stake in Ares Management by 42.7% during the 1st quarter. Empowered Funds LLC now owns 6,197 shares of the asset manager's stock worth $909,000 after buying an additional 1,853 shares during the last quarter. Focus Partners Wealth grew its stake in Ares Management by 15.3% during the 1st quarter. Focus Partners Wealth now owns 1,902 shares of the asset manager's stock worth $279,000 after buying an additional 252 shares during the last quarter. Finally, Geneos Wealth Management Inc. increased its position in Ares Management by 708.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 493 shares of the asset manager's stock valued at $72,000 after buying an additional 432 shares in the last quarter. 50.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have commented on ARES. Citizens Jmp decreased their price target on Ares Management from $190.00 to $160.00 and set a "market outperform" rating for the company in a research note on Thursday, July 9th. Weiss Ratings restated a "hold (c)" rating on shares of Ares Management in a research note on Tuesday, May 26th. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Ares Management in a research report on Wednesday, April 29th. Barclays lowered their target price on shares of Ares Management from $140.00 to $139.00 and set an "overweight" rating for the company in a research note on Thursday, July 9th. Finally, BMO Capital Markets boosted their target price on shares of Ares Management from $125.00 to $128.00 and gave the stock a "market perform" rating in a research report on Monday, July 13th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $158.93.

Ares Management Stock Performance

Shares of ARES stock opened at $119.76 on Thursday. The firm has a market capitalization of $39.50 billion, a price-to-earnings ratio of 55.70, a price-to-earnings-growth ratio of 1.07 and a beta of 1.51. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.23 and a quick ratio of 0.23. The business has a fifty day moving average of $123.57 and a 200 day moving average of $125.94. Ares Management Corporation has a 1 year low of $95.80 and a 1 year high of $195.26.

Ares Management (NYSE:ARES - Get Free Report) last issued its quarterly earnings results on Friday, May 1st. The asset manager reported $1.24 EPS for the quarter, missing analysts' consensus estimates of $1.32 by ($0.08). The firm had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.28 billion. Ares Management had a return on equity of 22.14% and a net margin of 10.54%.During the same period in the prior year, the firm posted $1.09 EPS. As a group, research analysts expect that Ares Management Corporation will post 5.99 earnings per share for the current year.

Ares Management Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were issued a dividend of $1.35 per share. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $5.40 dividend on an annualized basis and a dividend yield of 4.5%. Ares Management's payout ratio is 251.16%.

Ares Management Profile

Ares Management Corporation NYSE: ARES is a global alternative asset manager that provides investment solutions across credit, private equity and real estate. The firm originates and manages capital across a range of strategies including direct lending, syndicated and special situations credit, private equity buyouts and growth investments, and real estate equity and debt. Ares serves institutional investors, insurance companies, pension funds, sovereign wealth funds, and high‑net‑worth clients through both commingled funds and bespoke managed account structures.

Within credit, Ares offers strategies spanning leveraged loans, structured credit, opportunistic and distressed debt, and specialty finance, with an emphasis on underwriting, portfolio construction and active asset management.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.