Bank of Montreal Can Cuts Stake in Ares Management Corporation $ARES

Bank of Montreal Can lessened its holdings in shares of Ares Management Corporation (NYSE:ARES) by 14.2% during the 2nd quarter, Holdings Channel reports. The firm owned 55,894 shares of the asset manager’s stock after selling 9,282 shares during the period. Bank of Montreal Can’s holdings in Ares Management were worth $9,681,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Ares Management by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 19,189,991 shares of the asset manager’s stock valued at $2,813,445,000 after buying an additional 382,273 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Ares Management by 0.4% during the first quarter. JPMorgan Chase & Co. now owns 8,308,330 shares of the asset manager’s stock worth $1,218,084,000 after acquiring an additional 30,451 shares during the last quarter. Raymond James Financial Inc. grew its stake in Ares Management by 0.3% during the first quarter. Raymond James Financial Inc. now owns 1,902,603 shares of the asset manager’s stock valued at $278,941,000 after acquiring an additional 5,424 shares in the last quarter. Canada Pension Plan Investment Board increased its holdings in Ares Management by 5.5% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,727,563 shares of the asset manager’s stock valued at $253,278,000 after acquiring an additional 90,101 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Ares Management by 24.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,208,292 shares of the asset manager’s stock worth $177,148,000 after purchasing an additional 240,564 shares in the last quarter. 50.03% of the stock is owned by hedge funds and other institutional investors.

Ares Management Price Performance

ARES stock opened at $153.68 on Monday. The stock has a market cap of $50.21 billion, a PE ratio of 88.83, a P/E/G 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. The company has a 50-day moving average price of $161.09 and a 200 day moving average price of $169.12. 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 quarterly earnings data on Monday, November 3rd. The asset manager reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.05. The business had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.03 billion. Ares Management had a net margin of 9.47% and a return on equity of 15.81%. During the same quarter last year, the firm earned $0.55 earnings per share. Equities research analysts anticipate that Ares Management Corporation will post 5.28 earnings per share for the current year.

Ares Management Cuts Dividend

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

Analysts Set New Price Targets

A number of equities research analysts recently commented on ARES shares. Citigroup reiterated a “market outperform” rating on shares of Ares Management in a research report on Tuesday, October 21st. Keefe, Bruyette & Woods lifted their price objective on shares of Ares Management from $188.00 to $189.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 4th. Cfra Research upgraded shares of Ares Management to a “moderate buy” rating in a research report on Monday, August 4th. Bank of America increased their price target on shares of Ares Management from $196.00 to $197.00 and gave the company a “buy” rating in a report on Friday, October 3rd. Finally, BMO Capital Markets assumed coverage on Ares Management in a research note on Friday, October 3rd. They set a “market perform” rating and a $156.00 price objective on the stock. Thirteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $184.79.

Insider Buying and Selling

In related news, Chairman Antony P. Ressler sold 196,197 shares of the business’s stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $178.79, for a total value of $35,078,061.63. Following the completion of the sale, the chairman owned 1,424,538 shares in the company, valued at approximately $254,693,149.02. The trade was 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 the SEC website. Also, CEO Michael J. Arougheti sold 136,516 shares of the firm’s stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $182.74, for a total value of $24,946,933.84. Following the transaction, the chief executive officer owned 311,728 shares in the company, valued at $56,965,174.72. The trade was a 30.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 2,590,000 shares of company stock worth $464,430,639. Corporate insiders own 36.86% of the company’s stock.

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.