Kore Private Wealth LLC increased its stake in Ares Management Co. (NYSE:ARES) by 2.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,340 shares of the asset manager’s stock after buying an additional 149 shares during the quarter. Kore Private Wealth LLC’s holdings in Ares Management were worth $340,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. US Bancorp DE boosted its holdings in shares of Ares Management by 0.6% in the 2nd quarter. US Bancorp DE now owns 25,012 shares of the asset manager’s stock valued at $1,591,000 after buying an additional 147 shares during the last quarter. First Horizon Advisors Inc. boosted its holdings in shares of Ares Management by 17.4% in the 2nd quarter. First Horizon Advisors Inc. now owns 1,502 shares of the asset manager’s stock valued at $95,000 after buying an additional 223 shares during the last quarter. Strategic Blueprint LLC boosted its holdings in shares of Ares Management by 2.2% in the 2nd quarter. Strategic Blueprint LLC now owns 10,488 shares of the asset manager’s stock valued at $667,000 after buying an additional 227 shares during the last quarter. Hilltop Holdings Inc. boosted its holdings in shares of Ares Management by 4.3% in the 1st quarter. Hilltop Holdings Inc. now owns 6,540 shares of the asset manager’s stock valued at $367,000 after buying an additional 270 shares during the last quarter. Finally, Clearbridge Investments LLC boosted its holdings in shares of Ares Management by 2.4% in the 1st quarter. Clearbridge Investments LLC now owns 13,313 shares of the asset manager’s stock valued at $746,000 after buying an additional 308 shares during the last quarter. 43.78% of the stock is owned by institutional investors.
ARES stock opened at $77.34 on Thursday. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.16 and a quick ratio of 0.16. The stock has a market capitalization of $22.26 billion, a price-to-earnings ratio of 44.45 and a beta of 1.01. The business’s fifty day moving average price is $75.69 and its two-hundred day moving average price is $64.57. Ares Management Co. has a fifty-two week low of $40.56 and a fifty-two week high of $81.16.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 30th. Investors of record on Thursday, September 16th were given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date was Wednesday, September 15th. Ares Management’s payout ratio is currently 101.08%.
In related news, major shareholder Ares Management Llc purchased 424,119 shares of the firm’s stock in a transaction that occurred on Friday, September 24th. The shares were bought at an average price of $26.95 per share, for a total transaction of $11,430,007.05. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 49.34% of the stock is currently owned by company insiders.
Several equities research analysts have issued reports on ARES shares. Zacks Investment Research raised Ares Management from a “hold” rating to a “buy” rating and set a $79.00 price target for the company in a report on Tuesday, August 3rd. BMO Capital Markets raised their price target on Ares Management from $77.00 to $85.00 and gave the company an “outperform” rating in a report on Friday, August 13th. Royal Bank of Canada raised their price target on Ares Management from $71.00 to $80.00 and gave the company an “outperform” rating in a report on Tuesday, August 3rd. Jefferies Financial Group raised their price target on Ares Management from $82.00 to $86.00 and gave the company a “buy” rating in a report on Thursday, September 30th. Finally, Morgan Stanley started coverage on Ares Management in a report on Friday, September 10th. They set an “equal weight” rating and a $90.00 price target for the company. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Ares Management currently has a consensus rating of “Buy” and a consensus price target of $75.88.
Ares Management Company Profile
Ares Management Corp. is engaged in providing investment management and consultancy services. It operates through the following segments: Credit Group, Private Equity Group and Real Estate Group. The Credit Group segment offers credit strategies across the liquid and illiquid spectrum, including syndicated bank loans, high yield bonds, credit opportunities, special situations, asset-backed investments and U.S.
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