VIRGINIA RETIREMENT SYSTEMS ET Al Buys 13,600 Shares of Ares Management Corporation $ARES

VIRGINIA RETIREMENT SYSTEMS ET Al raised its stake in Ares Management Corporation (NYSE:ARES) by 82.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 30,050 shares of the asset manager’s stock after buying an additional 13,600 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Ares Management were worth $3,491,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Principal Financial Group Inc. raised its stake in shares of Ares Management by 4.4% in the 1st quarter. Principal Financial Group Inc. now owns 4,009,291 shares of the asset manager’s stock valued at $437,417,000 after acquiring an additional 169,598 shares during the period. Vulcan Value Partners LLC boosted its position in shares of Ares Management by 12.5% during the second quarter. Vulcan Value Partners LLC now owns 1,902,580 shares of the asset manager’s stock worth $211,776,000 after buying an additional 211,404 shares during the period. Janus Henderson Group PLC boosted its position in shares of Ares Management by 43.8% during the first quarter. Janus Henderson Group PLC now owns 1,653,078 shares of the asset manager’s stock worth $180,343,000 after buying an additional 503,688 shares during the period. Curated Wealth Partners LLC boosted its position in shares of Ares Management by 968.3% during the third quarter. Curated Wealth Partners LLC now owns 1,450,854 shares of the asset manager’s stock worth $168,546,000 after buying an additional 1,315,043 shares during the period. Finally, Hamlin Capital Management LLC grew its stake in shares of Ares Management by 6.6% in the third quarter. Hamlin Capital Management LLC now owns 1,022,899 shares of the asset manager’s stock valued at $118,830,000 after buying an additional 63,265 shares in the last quarter. Hedge funds and other institutional investors own 50.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Keefe, Bruyette & Woods boosted their price objective on Ares Management from $119.00 to $130.00 and gave the company a “market perform” rating in a report on Friday. Bank of America lowered their target price on Ares Management from $160.00 to $156.00 in a report on Monday, October 5th. Citigroup reaffirmed a “market outperform” rating on shares of Ares Management in a research report on Friday. Jefferies Financial Group cut their price target on shares of Ares Management from $144.00 to $132.00 and set a “hold” rating on the stock in a research note on Tuesday, October 6th. Finally, Oppenheimer boosted their price target on shares of Ares Management from $151.00 to $162.00 and gave the stock an “outperform” rating in a research note on Thursday, August 27th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Ares Management presently has an average rating of “Moderate Buy” and an average price target of $146.21.

Ares Management Price Performance

Ares Management stock opened at $132.62 on Tuesday. The company has a current ratio of 0.26, a quick ratio of 0.26 and a debt-to-equity ratio of 1.00. The company has a fifty day simple moving average of $125.82 and a 200-day simple moving average of $125.08. The stock has a market cap of $43.80 billion, a P/E ratio of 23.95, a price-to-earnings-growth ratio of 1.12 and a beta of 1.53. Ares Management Corporation has a 12-month low of $95.80 and a 12-month high of $181.19.

Ares Management (NYSE:ARES) last released its quarterly earnings data on Thursday, October 29th. The asset manager reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. The business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.24 billion. Ares Management had a return on equity of 25.42% and a net margin of 10.63%. The business’s revenue for the quarter was down 13.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.15 EPS. Equities analysts expect that Ares Management Corporation will post 5.73 EPS for the current fiscal year.

Ares Management Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Thursday, December 17th will be paid a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 4.1%. The ex-dividend date is Thursday, December 17th. Ares Management’s dividend payout ratio is currently 435.48%.

Ares Management Profile

Ares Management Corporation (NYSE: ARES) is a global alternative investment manager that provides investment solutions across credit, private equity, real assets and secondaries. The company manages capital on behalf of institutional investors, pension funds, insurance companies, sovereign wealth funds, family offices and individual investors.

Its investment activities include direct lending and other credit strategies, control and minority investments in private companies, real estate and infrastructure investments, and secondary-market transactions involving private assets and fund interests.