Bank of New York Mellon Corp Decreases Stock Holdings in Ares Management Corporation $ARES

Bank of New York Mellon Corp decreased its holdings in shares of Ares Management Corporation (NYSE:ARES) by 9.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 906,017 shares of the asset manager’s stock after selling 91,531 shares during the quarter. Bank of New York Mellon Corp’s holdings in Ares Management were worth $156,922,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Financial Network Wealth Advisors LLC purchased a new stake in Ares Management during the first quarter valued at $31,000. Banque Transatlantique SA purchased a new stake in shares of Ares Management in the first quarter valued at $39,000. Ameritas Advisory Services LLC purchased a new stake in shares of Ares Management in the second quarter valued at $43,000. SouthState Corp purchased a new stake in shares of Ares Management in the first quarter valued at $48,000. Finally, GW&K Investment Management LLC raised its stake in shares of Ares Management by 69.5% in the first quarter. GW&K Investment Management LLC now owns 373 shares of the asset manager’s stock valued at $55,000 after acquiring an additional 153 shares during the period. Hedge funds and other institutional investors own 50.03% of the company’s stock.

Ares Management Trading Up 0.0%

NYSE ARES opened at $153.05 on Thursday. The company’s 50-day moving average price is $162.18 and its 200-day moving average price is $168.78. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.64. The stock has a market cap of $50.00 billion, a PE ratio of 88.47, a PEG ratio of 1.19 and a beta of 1.45. Ares Management Corporation has a 12 month low of $110.63 and a 12 month high of $200.49.

Ares Management (NYSE:ARES) last posted its quarterly earnings results on Monday, November 3rd. The asset manager reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.05. The firm had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.03 billion. Ares Management had a net margin of 9.47% and a return on equity of 15.81%. During the same period in the prior year, the business posted $0.55 earnings per share. Equities research analysts forecast that Ares Management Corporation will post 5.28 earnings per share for the current year.

Ares Management Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th will be issued a dividend of $0.8438 per share. This represents a $3.38 annualized dividend and a yield of 2.2%. The ex-dividend date is Wednesday, December 17th. Ares Management’s dividend payout ratio is presently 192.27%.

Insider Activity

In other Ares Management news, Chairman Antony P. Ressler sold 196,197 shares of the stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $178.79, for a total transaction of $35,078,061.63. Following the transaction, the chairman directly owned 1,424,538 shares in the company, valued at $254,693,149.02. This represents a 12.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael J. Arougheti sold 136,516 shares of the stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $182.74, for a total transaction of $24,946,933.84. Following the transaction, the chief executive officer owned 311,728 shares in the company, valued at approximately $56,965,174.72. The trade was a 30.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 2,590,000 shares of company stock worth $464,430,639. 36.86% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Ares Management in a research note on Tuesday, October 14th. Royal Bank Of Canada reissued an “outperform” rating and issued a $215.00 target price on shares of Ares Management in a research note on Monday, September 29th. Keefe, Bruyette & Woods increased their target price on shares of Ares Management from $188.00 to $189.00 and gave the company an “outperform” rating in a research note on Tuesday. Cowen reissued a “buy” rating on shares of Ares Management in a research note on Tuesday. Finally, Barclays reduced their target price on shares of Ares Management from $200.00 to $187.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 8th. Thirteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Ares Management presently has a consensus rating of “Moderate Buy” and a consensus price target of $184.79.

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.