Wells Fargo & Co Increases Ares Management (NYSE:ARES) Price Target to $37.00

Ares Management (NYSE:ARES) had its price objective raised by Wells Fargo & Co from $33.00 to $37.00 in a research report report published on Thursday morning, BenzingaRatingsTable reports. The brokerage currently has an outperform rating on the asset manager’s stock.

Other equities research analysts have also issued reports about the company. Barclays began coverage on Ares Management in a research report on Monday, August 5th. They issued an overweight rating and a $33.00 price target for the company. TheStreet upgraded Ares Management from a c+ rating to a b rating in a research report on Friday, August 16th. Morgan Stanley upped their price target on Ares Management from $26.00 to $28.00 and gave the company an equal weight rating in a research report on Friday, August 2nd. Finally, UBS Group upped their price target on Ares Management from $28.00 to $32.00 and gave the company a buy rating in a research report on Thursday, August 1st. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average price target of $29.38.

Shares of Ares Management stock opened at $30.10 on Thursday. The business has a 50 day simple moving average of $28.69 and a two-hundred day simple moving average of $26.16. Ares Management has a 12 month low of $16.18 and a 12 month high of $30.71. The stock has a market capitalization of $3.27 billion, a P/E ratio of 21.20, a PEG ratio of 1.67 and a beta of 1.45. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.04 and a quick ratio of 1.04.

Ares Management (NYSE:ARES) last posted its quarterly earnings results on Wednesday, July 31st. The asset manager reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.02). The company had revenue of $384.80 million during the quarter, compared to analysts’ expectations of $300.41 million. Ares Management had a net margin of 7.77% and a return on equity of 22.54%. Ares Management’s revenue for the quarter was up 88.4% on a year-over-year basis. During the same quarter last year, the company earned $0.34 earnings per share. As a group, research analysts anticipate that Ares Management will post 1.51 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be given a $0.32 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.28 annualized dividend and a yield of 4.25%. Ares Management’s payout ratio is 90.14%.

In related news, Director Ares Management Llc sold 3,500,000 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $0.11, for a total value of $385,000.00. Following the completion of the transaction, the director now directly owns 86,857 shares in the company, valued at $9,554.27. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael J. Arougheti sold 48,299 shares of the stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $27.31, for a total value of $1,319,045.69. The disclosure for this sale can be found here. Insiders sold 6,292,805 shares of company stock valued at $37,507,784 over the last quarter. 151.62% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in ARES. BlackRock Inc. boosted its position in shares of Ares Management by 548.5% during the second quarter. BlackRock Inc. now owns 4,430,549 shares of the asset manager’s stock worth $115,950,000 after buying an additional 3,747,319 shares during the period. Vaughan Nelson Investment Management L.P. purchased a new position in shares of Ares Management during the first quarter worth $29,366,000. Vanguard Group Inc. boosted its position in shares of Ares Management by 26.6% during the second quarter. Vanguard Group Inc. now owns 5,765,644 shares of the asset manager’s stock worth $150,887,000 after buying an additional 1,213,194 shares during the period. Invesco Ltd. boosted its position in shares of Ares Management by 138.1% during the second quarter. Invesco Ltd. now owns 1,561,807 shares of the asset manager’s stock worth $40,872,000 after buying an additional 905,733 shares during the period. Finally, FMR LLC raised its stake in shares of Ares Management by 16.5% in the first quarter. FMR LLC now owns 2,808,368 shares of the asset manager’s stock valued at $65,182,000 after acquiring an additional 396,792 shares in the last quarter. Institutional investors and hedge funds own 64.12% of the company’s stock.

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.

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Analyst Recommendations for Ares Management (NYSE:ARES)

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