Ares Management L.P. (ARES) Position Raised by Bank of America Corp DE
Bank of America Corp DE raised its position in shares of Ares Management L.P. (NYSE:ARES) by 2,725.1% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 115,377 shares of the asset manager’s stock after buying an additional 111,293 shares during the period. Bank of America Corp DE’s holdings in Ares Management L.P. were worth $2,186,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Navellier & Associates Inc purchased a new position in Ares Management L.P. during the first quarter worth approximately $299,000. Lee Capital Management LP purchased a new position in Ares Management L.P. during the first quarter worth approximately $948,000. Sei Investments Co. boosted its position in Ares Management L.P. by 9.7% in the first quarter. Sei Investments Co. now owns 60,906 shares of the asset manager’s stock worth $1,154,000 after buying an additional 5,366 shares during the period. Greenwich Investment Management Inc. purchased a new position in Ares Management L.P. during the first quarter worth approximately $1,245,000. Finally, PNC Financial Services Group Inc. boosted its position in Ares Management L.P. by 11.6% in the first quarter. PNC Financial Services Group Inc. now owns 139,388 shares of the asset manager’s stock worth $2,641,000 after buying an additional 14,453 shares during the period. Hedge funds and other institutional investors own 14.67% of the company’s stock.
Ares Management L.P. (NYSE ARES) traded down 0.56% during mid-day trading on Friday, hitting $17.90. The stock had a trading volume of 120,024 shares. The company has a 50 day moving average price of $18.25 and a 200-day moving average price of $18.94. Ares Management L.P. has a one year low of $14.75 and a one year high of $23.25. The company has a market cap of $3.83 billion, a price-to-earnings ratio of 23.96 and a beta of 1.25.
Ares Management L.P. (NYSE:ARES) last posted its earnings results on Friday, August 4th. The asset manager reported $0.69 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.69. The business had revenue of $554 million for the quarter, compared to analyst estimates 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 quarter in the previous year, the business posted $0.40 EPS. Equities analysts expect that Ares Management L.P. will post $1.84 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 18th will be issued a dividend of $0.31 per share. This is a positive change from Ares Management L.P.’s previous quarterly dividend of $0.13. The ex-dividend date is Wednesday, August 16th. This represents a $1.24 annualized dividend and a dividend yield of 6.93%. Ares Management L.P.’s payout ratio is presently 71.23%.
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A number of research analysts have commented on ARES shares. TheStreet upgraded Ares Management L.P. from a “c” rating to a “b-” rating in a research note on Wednesday, April 26th. Royal Bank Of Canada set a $21.00 price target on Ares Management L.P. and gave the stock a “buy” rating in a research note on Saturday, August 5th. Zacks Investment Research upgraded Ares Management L.P. from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a research note on Tuesday, July 11th. ValuEngine lowered Ares Management L.P. from a “strong-buy” rating to a “buy” rating in a research report on Thursday, July 27th. Finally, BidaskClub raised Ares Management L.P. from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the company’s stock. Ares Management L.P. has an average rating of “Buy” and an average target price of $21.57.
About Ares Management L.P.
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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