Truist Financial Corp Boosts Holdings in Ares Management Corporation $ARES

Truist Financial Corp boosted its position in Ares Management Corporation (NYSE:ARES - Free Report) by 3.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 602,743 shares of the asset manager's stock after purchasing an additional 20,636 shares during the quarter. Truist Financial Corp owned about 0.18% of Ares Management worth $104,395,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of ARES. Vanguard Group Inc. increased its holdings in shares of Ares Management by 2.0% in the 1st quarter. Vanguard Group Inc. now owns 19,189,991 shares of the asset manager's stock worth $2,813,445,000 after buying an additional 382,273 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Ares Management by 0.4% in the 1st quarter. JPMorgan Chase & Co. now owns 8,308,330 shares of the asset manager's stock worth $1,218,084,000 after buying an additional 30,451 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of 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 last quarter. Raymond James Financial Inc. increased its holdings in shares of Ares Management by 0.3% in the 1st quarter. Raymond James Financial Inc. now owns 1,902,603 shares of the asset manager's stock worth $278,941,000 after buying an additional 5,424 shares during the last quarter. Finally, Canada Pension Plan Investment Board increased its holdings in shares of 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 worth $253,278,000 after buying an additional 90,101 shares during the last quarter. 50.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on ARES. Citigroup reissued an "outperform" rating on shares of Ares Management in a report on Monday, July 14th. Raymond James Financial began coverage on shares of Ares Management in a report on Monday, July 28th. They issued a "market perform" rating on the stock. Cfra Research raised shares of Ares Management to a "moderate buy" rating in a report on Monday, August 4th. Barclays increased their target price on shares of Ares Management from $182.00 to $200.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and set a $215.00 target price on shares of Ares Management in a report on Monday. Thirteen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $182.73.

Ares Management Price Performance

ARES stock opened at $153.96 on Thursday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.08 and a current ratio of 1.08. Ares Management Corporation has a 52 week low of $110.63 and a 52 week high of $200.49. The firm's fifty day moving average is $180.49 and its 200 day moving average is $167.14. The firm has a market cap of $50.30 billion, a P/E ratio of 89.00, a P/E/G ratio of 1.26 and a beta of 1.43.

Ares Management (NYSE:ARES - Get Free Report) last announced its quarterly earnings results on Friday, August 1st. The asset manager reported $1.03 earnings per share for the quarter, missing the consensus estimate of $1.15 by ($0.12). The firm had revenue of $1.35 billion for the quarter, compared to analysts' expectations of $1.02 billion. Ares Management had a net margin of 9.47% and a return on equity of 15.81%. During the same period in the previous year, the company earned $0.99 EPS. Research analysts predict that Ares Management Corporation will post 5.28 earnings per share for the current year.

Ares Management Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th were given a dividend of $1.12 per share. The ex-dividend date of this dividend was Tuesday, September 16th. This represents a $4.48 annualized dividend and a yield of 2.9%. Ares Management's dividend payout ratio is presently 258.96%.

Insiders Place Their Bets

In other Ares Management news, Chairman Antony P. Ressler sold 128,837 shares of the stock in a transaction on Wednesday, September 10th. The shares were sold at an average price of $178.30, for a total transaction of $22,971,637.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last three months, insiders have sold 2,590,000 shares of company stock worth $464,430,639. Corporate insiders own 36.86% of the company's stock.

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.

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