Northeast Financial Consultants Inc acquired a new stake in Ares Management Corp (NYSE:ARES) in the first quarter, HoldingsChannel reports. The firm acquired 11,750 shares of the asset manager’s stock, valued at approximately $273,000.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Ffcm LLC increased its holdings in Ares Management by 50.0% in the fourth quarter. Ffcm LLC now owns 1,476 shares of the asset manager’s stock valued at $26,000 after purchasing an additional 492 shares during the period. Stelac Advisory Services LLC grew its holdings in Ares Management by 9.5% during the 4th quarter. Stelac Advisory Services LLC now owns 5,952 shares of the asset manager’s stock worth $106,000 after acquiring an additional 515 shares during the period. Janney Montgomery Scott LLC grew its holdings in Ares Management by 2.5% during the 4th quarter. Janney Montgomery Scott LLC now owns 41,400 shares of the asset manager’s stock worth $736,000 after acquiring an additional 1,000 shares during the period. Lido Advisors LLC grew its holdings in Ares Management by 8.1% during the 4th quarter. Lido Advisors LLC now owns 17,772 shares of the asset manager’s stock worth $315,000 after acquiring an additional 1,326 shares during the period. Finally, Two Sigma Advisers LP grew its holdings in Ares Management by 13.6% during the 4th quarter. Two Sigma Advisers LP now owns 11,700 shares of the asset manager’s stock worth $208,000 after acquiring an additional 1,400 shares during the period. Institutional investors and hedge funds own 60.03% of the company’s stock.
In related news, EVP Michael D. Weiner sold 3,600 shares of the firm’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $26.01, for a total value of $93,636.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider R. Kipp Deveer sold 5,166 shares of the firm’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $26.12, for a total transaction of $134,935.92. The disclosure for this sale can be found here. Company insiders own 151.62% of the company’s stock.
Shares of ARES traded up $0.10 during trading hours on Friday, hitting $26.84. The stock had a trading volume of 2,148 shares, compared to its average volume of 1,048,986. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.12 and a quick ratio of 0.12. The company has a market cap of $2.67 billion, a PE ratio of 18.86, a P/E/G ratio of 1.38 and a beta of 1.44. Ares Management Corp has a 1-year low of $16.18 and a 1-year high of $26.82.
Ares Management (NYSE:ARES) last issued its earnings results on Thursday, May 2nd. The asset manager reported $0.35 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by ($0.02). The firm had revenue of $224.66 million during the quarter, compared to analyst estimates of $228.42 million. Ares Management had a net margin of 5.22% and a return on equity of 25.86%. During the same quarter in the prior year, the business earned $0.39 earnings per share. Analysts expect that Ares Management Corp will post 1.53 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Thursday, June 13th. This represents a $1.28 annualized dividend and a dividend yield of 4.77%. Ares Management’s dividend payout ratio is presently 90.14%.
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.
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