Bank of New York Mellon Corp Has $198,000 Position in Ares Management L.P. (ARES)
Bank of New York Mellon Corp maintained its stake in Ares Management L.P. (NYSE:ARES) during the first quarter, Holdings Channel reports. The fund owned 10,471 shares of the asset manager’s stock at the end of the first quarter. Bank of New York Mellon Corp’s holdings in Ares Management L.P. were worth $198,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in ARES. Navellier & Associates Inc purchased a new position in shares of Ares Management L.P. during the first quarter valued at about $299,000. Wells Fargo & Company MN raised its position in shares of Ares Management L.P. by 733.8% in the first quarter. Wells Fargo & Company MN now owns 553,854 shares of the asset manager’s stock valued at $10,496,000 after buying an additional 487,425 shares during the period. Finally, American Century Companies Inc. raised its position in shares of Ares Management L.P. by 9.5% in the first quarter. American Century Companies Inc. now owns 1,181,639 shares of the asset manager’s stock valued at $22,392,000 after buying an additional 102,837 shares during the period. 14.67% of the stock is owned by institutional investors.
Shares of Ares Management L.P. (NYSE ARES) opened at 18.25 on Thursday. Ares Management L.P. has a 52-week low of $14.75 and a 52-week high of $23.25. The company has a market capitalization of $3.91 billion, a PE ratio of 24.43 and a beta of 1.25. The company has a 50-day moving average of $18.23 and a 200 day moving average of $18.96.
Ares Management L.P. (NYSE:ARES) last posted its quarterly earnings results on Friday, August 4th. The asset manager reported $0.69 EPS for the quarter, hitting analysts’ consensus estimates of $0.69. The business had revenue of $554 million during the quarter, compared to analysts’ expectations of $442.10 million. Ares Management L.P. had a net margin of 5.86% and a return on equity of 40.94%. The business’s quarterly revenue was up 49.9% on a year-over-year basis. During the same period last year, the company posted $0.40 earnings per share. Analysts predict that Ares Management L.P. will post $1.84 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 18th will be issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 6.79%. This is a boost from Ares Management L.P.’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Wednesday, August 16th. Ares Management L.P.’s dividend payout ratio (DPR) is presently 71.23%.
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Several equities analysts have recently issued reports on ARES shares. TheStreet lowered shares of Ares Management L.P. from a “b-” rating to a “c” rating in a report on Monday, June 5th. Royal Bank Of Canada started coverage on shares of Ares Management L.P. in a report on Thursday, June 29th. They issued an “outperform” rating and a $21.00 price target for the company. ValuEngine lowered shares of Ares Management L.P. from a “strong-buy” rating to a “buy” rating in a report on Thursday, July 27th. BidaskClub raised shares of Ares Management L.P. from a “sell” rating to a “hold” rating in a report on Monday, July 24th. Finally, Zacks Investment Research raised shares of Ares Management L.P. from a “hold” rating to a “buy” rating and set a $20.00 price target for the company in a report on Tuesday, July 11th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company’s stock. Ares Management L.P. currently has a consensus rating of “Buy” and an average target price of $20.75.
Ares Management L.P. Company Profile
Ares Management, L.P. is an alternative asset manager. The Company offers its investors a range of investment strategies. It operates through three segments: Credit Group, Private Equity Group and Real Estate Group. The Credit Group segment manages credit strategies across the non-investment grade credit universe in the United States and Europe.
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