Ares Management Co. (NYSE:ARES) Shares Acquired by Amalgamated Bank

Defense World · Sep 25, 2022 04:21

Amalgamated Bank increased its stake in Ares Management Co. (NYSE:ARES – Get Rating) by 8.4% in the 1st quarter, HoldingsChannel.com reports. The firm owned 31,870 shares of the asset manager's stock after buying an additional 2,458 shares during the quarter. Amalgamated Bank's holdings in Ares Management were worth $2,589,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Wellington Management Group LLP lifted its holdings in Ares Management by 2.8% in the 1st quarter. Wellington Management Group LLP now owns 15,801,274 shares of the asset manager's stock valued at $1,283,537,000 after acquiring an additional 430,412 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Ares Management by 3.4% in the 1st quarter. Vanguard Group Inc. now owns 14,038,275 shares of the asset manager's stock valued at $1,140,328,000 after acquiring an additional 458,646 shares during the last quarter. BlackRock Inc. lifted its holdings in Ares Management by 0.7% in the 1st quarter. BlackRock Inc. now owns 6,191,021 shares of the asset manager's stock valued at $502,895,000 after acquiring an additional 45,745 shares during the last quarter. William Blair Investment Management LLC lifted its holdings in Ares Management by 4.1% in the 1st quarter. William Blair Investment Management LLC now owns 3,405,667 shares of the asset manager's stock valued at $276,642,000 after acquiring an additional 133,227 shares during the last quarter. Finally, Bank of America Corp DE lifted its holdings in Ares Management by 44.6% in the 1st quarter. Bank of America Corp DE now owns 2,747,871 shares of the asset manager's stock valued at $223,210,000 after acquiring an additional 846,923 shares during the last quarter. Institutional investors and hedge funds own 48.61% of the company's stock.

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Analysts Set New Price Targets

Several research firms have issued reports on ARES. JMP Securities began coverage on Ares Management in a report on Wednesday, June 8th. They set a "market perform" rating on the stock. Wells Fargo & Company cut their price objective on Ares Management from $89.00 to $75.00 and set an "overweight" rating on the stock in a report on Wednesday, July 13th. Barclays began coverage on Ares Management in a report on Wednesday, August 31st. They set an "overweight" rating and a $92.00 price objective on the stock. UBS Group boosted their price objective on Ares Management from $68.00 to $82.00 and gave the stock a "buy" rating in a report on Monday, August 1st. Finally, TheStreet downgraded Ares Management from a "b" rating to a "c+" rating in a report on Friday, June 3rd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $89.00.

Ares Management Trading Down 2.9 %

NYSE:ARES opened at $65.22 on Friday. The stock's 50 day moving average price is $72.62 and its 200 day moving average price is $70.62. Ares Management Co. has a 52 week low of $53.15 and a 52 week high of $90.08. The company has a market capitalization of $19.17 billion, a P/E ratio of 41.81, a P/E/G ratio of 0.89 and a beta of 1.19. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.13 and a current ratio of 0.13.

Ares Management (NYSE:ARES – Get Rating) last released its quarterly earnings data on Thursday, July 28th. The asset manager reported $0.74 EPS for the quarter, topping analysts' consensus estimates of $0.70 by $0.04. Ares Management had a return on equity of 14.31% and a net margin of 8.23%. The firm had revenue of $618.17 million for the quarter, compared to the consensus estimate of $618.30 million. On average, research analysts forecast that Ares Management Co. will post 3.22 EPS for the current fiscal year.

Ares Management Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Friday, September 16th will be given a dividend of $0.61 per share. The ex-dividend date of this dividend is Thursday, September 15th. This represents a $2.44 dividend on an annualized basis and a yield of 3.74%. Ares Management's payout ratio is currently 156.41%.

Insiders Place Their Bets

In other Ares Management news, General Counsel Aghili Naseem Sagati sold 7,446 shares of the company's stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $73.18, for a total transaction of $544,898.28. Following the completion of the sale, the general counsel now owns 218,082 shares of the company's stock, valued at $15,959,240.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 47.38% of the company's stock.

Ares Management Profile

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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.