Allspring Global Investments Holdings LLC Sells 91 Shares of Ares Management Co. (NYSE:ARES)

Allspring Global Investments Holdings LLC trimmed its stake in shares of Ares Management Co. (NYSE:ARES) by 1.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,263 shares of the asset manager’s stock after selling 91 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Ares Management were worth $701,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Curated Wealth Partners LLC raised its holdings in Ares Management by 199.7% during the 2nd quarter. Curated Wealth Partners LLC now owns 1,658,217 shares of the asset manager’s stock worth $221,007,000 after purchasing an additional 3,321,434 shares during the last quarter. LRI Investments LLC purchased a new stake in Ares Management in the 1st quarter valued at about $264,729,000. Norges Bank bought a new position in shares of Ares Management during the 4th quarter worth approximately $205,499,000. M&G Plc boosted its stake in shares of Ares Management by 711.1% in the 2nd quarter. M&G Plc now owns 1,015,009 shares of the asset manager’s stock worth $134,996,000 after buying an additional 889,872 shares during the last quarter. Finally, Corient Private Wealth LLC grew its holdings in shares of Ares Management by 216.3% in the fourth quarter. Corient Private Wealth LLC now owns 1,253,644 shares of the asset manager’s stock valued at $149,083,000 after acquiring an additional 857,245 shares in the last quarter. 50.03% of the stock is currently owned by institutional investors and hedge funds.

Ares Management Trading Up 0.2 %

Ares Management stock opened at $141.09 on Friday. Ares Management Co. has a 12 month low of $96.00 and a 12 month high of $155.53. The company has a market capitalization of $43.71 billion, a price-to-earnings ratio of 63.27, a price-to-earnings-growth ratio of 1.38 and a beta of 1.22. The business’s fifty day simple moving average is $142.92 and its two-hundred day simple moving average is $138.17. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.52.

Ares Management (NYSE:ARES) last posted its quarterly earnings results on Friday, August 2nd. The asset manager reported $0.99 EPS for the quarter, beating analysts’ consensus estimates of $0.98 by $0.01. Ares Management had a net margin of 12.53% and a return on equity of 20.46%. The firm had revenue of $788.68 million for the quarter, compared to analysts’ expectations of $860.09 million. During the same quarter in the prior year, the company posted $0.90 earnings per share. As a group, equities analysts predict that Ares Management Co. will post 4.15 earnings per share for the current fiscal year.

Ares Management Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be paid a $0.93 dividend. The ex-dividend date is Monday, September 16th. This represents a $3.72 dividend on an annualized basis and a dividend yield of 2.64%. Ares Management’s dividend payout ratio is presently 166.82%.

Insiders Place Their Bets

In other news, Chairman Bennett Rosenthal sold 26,579 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $142.66, for a total transaction of $3,791,760.14. Following the completion of the sale, the chairman now owns 75,000 shares of the company’s stock, valued at approximately $10,699,500. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider R. Kipp Deveer sold 41,676 shares of the firm’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $150.21, for a total transaction of $6,260,151.96. Following the sale, the insider now directly owns 1,075,000 shares in the company, valued at approximately $161,475,750. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Bennett Rosenthal sold 26,579 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $142.66, for a total value of $3,791,760.14. Following the sale, the chairman now directly owns 75,000 shares in the company, valued at $10,699,500. The disclosure for this sale can be found here. In the last quarter, insiders sold 711,815 shares of company stock valued at $99,973,606. Company insiders own 1.20% of the company’s stock.

Wall Street Analyst Weigh In

ARES has been the subject of a number of research analyst reports. Redburn Atlantic began coverage on shares of Ares Management in a report on Tuesday, August 27th. They set a “neutral” rating and a $140.00 price objective for the company. Barclays raised their target price on shares of Ares Management from $151.00 to $155.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. Jefferies Financial Group cut their price objective on Ares Management from $131.00 to $127.00 and set a “hold” rating for the company in a report on Thursday, May 9th. TD Cowen increased their price target on shares of Ares Management from $158.00 to $162.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Finally, UBS Group reduced their price objective on Ares Management from $160.00 to $158.00 and set a “buy” rating on the stock in a research note on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $138.92.

Ares Management 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.