Ares Management Corporation (NYSE:ARES) Shares Purchased by Townsquare Capital LLC

Key Points

• Townsquare Capital LLC increased its stake in Ares Management Corporation by 4.7%, now holding 67,837 shares valued at approximately $9.95 million.
• Wall Street analysts are optimistic about Ares Management, with a consensus rating of "Moderate Buy" and an average price target of $178.19, while Wolfe Research recently set a price target of $203.00.
• Ares Management has declared a quarterly dividend of $1.12 per share, with an annualized yield of 2.4%, scheduled for payment on September 30th.

Townsquare Capital LLC raised its position in shares of Ares Management Corporation (NYSE:ARES - Free Report) by 4.7% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 67,837 shares of the asset manager's stock after purchasing an additional 3,064 shares during the quarter. Townsquare Capital LLC's holdings in Ares Management were worth $9,946,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Russell Investments Group Ltd. boosted its holdings in shares of Ares Management by 20.2% in the fourth quarter. Russell Investments Group Ltd. now owns 28,870 shares of the asset manager's stock worth $5,125,000 after buying an additional 4,842 shares during the last quarter. Cerity Partners LLC lifted its holdings in Ares Management by 170.3% during the fourth quarter. Cerity Partners LLC now owns 27,346 shares of the asset manager's stock valued at $4,807,000 after purchasing an additional 17,229 shares in the last quarter. Renaissance Technologies LLC purchased a new position in Ares Management during the fourth quarter valued at approximately $8,427,000. Bessemer Group Inc. lifted its holdings in Ares Management by 16.1% during the fourth quarter. Bessemer Group Inc. now owns 4,282 shares of the asset manager's stock valued at $759,000 after purchasing an additional 594 shares in the last quarter. Finally, Treasurer of the State of North Carolina lifted its holdings in Ares Management by 1.7% during the fourth quarter. Treasurer of the State of North Carolina now owns 81,365 shares of the asset manager's stock valued at $14,404,000 after purchasing an additional 1,390 shares in the last quarter. Hedge funds and other institutional investors own 50.03% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on ARES shares. Cfra Research raised shares of Ares Management to a "moderate buy" rating in a report on Monday, August 4th. JMP Securities lifted their price target on shares of Ares Management from $195.00 to $205.00 and gave the company a "market outperform" rating in a report on Wednesday, August 6th. Wolfe Research set a $193.00 price target on shares of Ares Management and gave the company an "outperform" rating in a report on Tuesday, May 6th. Morgan Stanley lowered their target price on shares of Ares Management from $197.00 to $152.00 and set an "equal weight" rating on the stock in a report on Monday, April 14th. Finally, Oppenheimer downgraded shares of Ares Management from an "outperform" rating to a "market perform" rating in a report on Thursday, May 15th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Ares Management has a consensus rating of "Moderate Buy" and a consensus target price of $178.19.

Insider Activity

In related news, Chairman Bennett Rosenthal sold 85,000 shares of the company's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $168.79, for a total value of $14,347,150.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider David B. Kaplan sold 33,145 shares of the company's stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $165.12, for a total transaction of $5,472,902.40. 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. 0.52% of the stock is currently owned by company insiders.

Ares Management Trading Up 3.3%

ARES stock traded up $6.13 during mid-day trading on Tuesday, reaching $192.68. 1,278,881 shares of the stock traded hands, compared to its average volume of 1,644,983. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.07 and a current ratio of 1.07. Ares Management Corporation has a one year low of $110.63 and a one year high of $200.49. The stock has a market capitalization of $62.92 billion, a PE ratio of 111.37, a PEG ratio of 1.47 and a beta of 1.40. The business has a 50-day moving average price of $176.88 and a two-hundred day moving average price of $166.29.

Ares Management (NYSE:ARES - Get Free Report) last posted its quarterly earnings data on Friday, August 1st. The asset manager reported $1.03 earnings per share for the quarter, missing analysts' consensus estimates of $1.15 by ($0.12). The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.02 billion. Ares Management had a net margin of 9.47% and a return on equity of 16.49%. During the same quarter last year, the firm earned $0.99 EPS. Equities research analysts expect that Ares Management Corporation will post 5.28 EPS for the current year.

Ares Management Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be paid a dividend of $1.12 per share. This represents a $4.48 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend is Tuesday, September 16th. Ares Management's payout ratio is currently 258.96%.

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.