Ares Management L.P. (ARES) Earns Outperform Rating from Analysts at Oppenheimer Holdings, Inc.
Oppenheimer Holdings, Inc. started coverage on shares of Ares Management L.P. (NYSE:ARES) in a research note issued to investors on Thursday morning. The brokerage issued an outperform rating and a $18.00 target price on the asset manager’s stock.
A number of other equities research analysts also recently issued reports on ARES. TheStreet downgraded shares of Ares Management L.P. from a b- rating to a c rating in a report on Monday, June 5th. BidaskClub downgraded shares of Ares Management L.P. from a sell rating to a strong sell rating in a report on Saturday, June 17th. Royal Bank Of Canada initiated 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 on the stock. Keefe, Bruyette & Woods reissued an outperform rating on shares of Ares Management L.P. in a report on Tuesday, July 4th. Finally, Zacks Investment Research raised shares of Ares Management L.P. from a hold rating to a buy rating and set a $20.00 target price on the stock in a research note on Tuesday, July 11th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Ares Management L.P. presently has a consensus rating of Buy and a consensus target price of $20.88.
Ares Management L.P. (NYSE ARES) opened at 18.60 on Thursday. Ares Management L.P. has a 12-month low of $14.75 and a 12-month high of $23.25. The firm has a 50-day moving average of $18.07 and a 200 day moving average of $18.43. The company has a market capitalization of $3.98 billion, a price-to-earnings ratio of 24.90 and a beta of 1.25.
Ares Management L.P. (NYSE:ARES) last announced its quarterly earnings results on Friday, August 4th. The asset manager reported $0.69 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.69. Ares Management L.P. had a net margin of 5.86% and a return on equity of 40.94%. The firm had revenue of $554.00 million for the quarter, compared to the consensus estimate of $442.10 million. During the same period in the prior year, the firm posted $0.40 earnings per share. The company’s revenue for the quarter was up 49.9% on a year-over-year basis. Analysts expect that Ares Management L.P. will post $1.84 EPS for the current fiscal year.
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The business also recently announced a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Friday, August 18th were paid a $0.31 dividend. This is an increase from Ares Management L.P.’s previous quarterly dividend of $0.13. This represents a $1.24 dividend on an annualized basis and a yield of 6.67%. The ex-dividend date was Wednesday, August 16th. Ares Management L.P.’s dividend payout ratio (DPR) is currently 169.86%.
A number of institutional investors and hedge funds have recently made changes to their positions in ARES. EJF Capital LLC purchased a new stake in Ares Management L.P. in the first quarter valued at approximately $14,551,000. Capital World Investors purchased a new stake in Ares Management L.P. in the second quarter valued at approximately $9,649,000. Wells Fargo & Company MN raised its stake in 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 purchasing an additional 487,425 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Ares Management L.P. by 66,328.9% in the first quarter. JPMorgan Chase & Co. now owns 479,617 shares of the asset manager’s stock valued at $9,088,000 after purchasing an additional 478,895 shares in the last quarter. Finally, OppenheimerFunds Inc. raised its stake in Ares Management L.P. by 41.0% in the first quarter. OppenheimerFunds Inc. now owns 1,305,908 shares of the asset manager’s stock valued at $24,747,000 after purchasing an additional 379,418 shares in the last quarter. 14.68% of the stock is currently owned by institutional investors and hedge funds.
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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