TD Asset Management Inc Sells 42,357 Shares of Ares Management Corporation $ARES

TD Asset Management Inc decreased its stake in shares of Ares Management Corporation (NYSE:ARES) by 3.5% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 1,158,635 shares of the asset manager’s stock after selling 42,357 shares during the quarter. TD Asset Management Inc’s holdings in Ares Management were worth $200,676,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. RFG Advisory LLC increased its holdings in shares of Ares Management by 2.5% during the 2nd quarter. RFG Advisory LLC now owns 10,857 shares of the asset manager’s stock worth $1,880,000 after purchasing an additional 267 shares during the period. Sequoia Financial Advisors LLC increased its stake in Ares Management by 14.0% in the second quarter. Sequoia Financial Advisors LLC now owns 3,547 shares of the asset manager’s stock valued at $614,000 after acquiring an additional 435 shares during the period. Lion Street Advisors LLC bought a new stake in Ares Management in the second quarter valued at about $205,000. MGO One Seven LLC increased its stake in Ares Management by 1.3% in the second quarter. MGO One Seven LLC now owns 4,576 shares of the asset manager’s stock valued at $793,000 after acquiring an additional 60 shares during the period. Finally, Yarger Wealth Strategies LLC bought a new stake in Ares Management in the second quarter valued at about $230,000. Institutional investors own 50.03% of the company’s stock.

Insider Buying and Selling

In other news, Chairman Antony P. Ressler sold 196,197 shares of the company’s stock in a transaction that occurred on 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 approximately $254,693,149.02. This represents a 12.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael J. Arougheti sold 136,516 shares of the stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $182.74, for a total transaction of $24,946,933.84. Following the completion of the transaction, the chief executive officer owned 311,728 shares in the company, valued at $56,965,174.72. This represents a 30.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,590,000 shares of company stock worth $464,430,639 over the last quarter. 0.52% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Bank of America upped their target price on shares of Ares Management from $196.00 to $197.00 and gave the company a “buy” rating in a research note on Friday, October 3rd. Weiss Ratings reissued a “hold (c+)” rating on shares of Ares Management in a research note on Saturday, September 27th. BMO Capital Markets assumed coverage on shares of Ares Management in a research note on Friday, October 3rd. They issued a “market perform” rating and a $156.00 target price on the stock. Wells Fargo & Company upped their target price on shares of Ares Management from $189.00 to $202.00 and gave the company an “overweight” rating in a research note on Friday, July 11th. Finally, JMP Securities upped their price objective on shares of Ares Management from $195.00 to $205.00 and gave the stock a “market outperform” rating in a research note on Wednesday, August 6th. Fourteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Ares Management presently has a consensus rating of “Moderate Buy” and an average target price of $181.31.

Ares Management Price Performance

Shares of ARES stock opened at $143.69 on Tuesday. Ares Management Corporation has a 1 year low of $110.63 and a 1 year high of $200.49. The firm’s 50 day moving average is $174.36 and its 200-day moving average is $167.32. The firm has a market capitalization of $46.94 billion, a price-to-earnings ratio of 83.06, a PEG ratio of 1.10 and a beta of 1.43. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.64.

Ares Management (NYSE:ARES) last announced its earnings results on Friday, August 1st. The asset manager reported $1.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.12). Ares Management had a return on equity of 15.81% and a net margin of 9.47%.The company had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.02 billion. During the same quarter in the previous year, the company posted $0.99 earnings per share. Sell-side analysts forecast that Ares Management Corporation will post 5.28 EPS for the current fiscal year.

Ares Management Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th were given a dividend of $1.12 per share. This represents a $4.48 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date was Tuesday, September 16th. Ares Management’s dividend payout ratio is presently 258.96%.

About Ares Management

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.