State Street Corp Acquires 187,184 Shares of Ares Management Co. (NYSE:ARES)

State Street Corp grew its position in shares of Ares Management Co. (NYSE:ARES - Free Report) by 5.1% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 3,826,479 shares of the asset manager's stock after purchasing an additional 187,184 shares during the quarter. State Street Corp owned 1.22% of Ares Management worth $596,318,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. QRG Capital Management Inc. boosted its position in shares of Ares Management by 40.9% in the second quarter. QRG Capital Management Inc. now owns 2,298 shares of the asset manager's stock worth $306,000 after buying an additional 667 shares during the period. Sequoia Financial Advisors LLC boosted its position in shares of Ares Management by 7.4% in the second quarter. Sequoia Financial Advisors LLC now owns 2,465 shares of the asset manager's stock worth $329,000 after buying an additional 169 shares during the period. M&G Plc boosted its position in shares of Ares Management by 711.1% in the second quarter. M&G Plc now owns 1,015,009 shares of the asset manager's stock worth $134,996,000 after buying an additional 889,872 shares during the period. Envestnet Portfolio Solutions Inc. boosted its position in shares of Ares Management by 6.6% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 33,991 shares of the asset manager's stock worth $4,530,000 after buying an additional 2,104 shares during the period. Finally, Leavell Investment Management Inc. boosted its position in shares of Ares Management by 1.1% in the second quarter. Leavell Investment Management Inc. now owns 20,618 shares of the asset manager's stock worth $2,748,000 after buying an additional 228 shares during the period. 50.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

ARES has been the subject of a number of research reports. Redburn Atlantic initiated coverage on Ares Management in a research report on Tuesday, August 27th. They set a "neutral" rating and a $140.00 price objective for the company. Royal Bank of Canada lifted their price objective on Ares Management from $170.00 to $185.00 and gave the company an "outperform" rating in a research report on Monday, November 4th. Morgan Stanley lifted their price objective on Ares Management from $136.00 to $162.00 and gave the company an "equal weight" rating in a research report on Thursday, October 10th. UBS Group lifted their price objective on Ares Management from $158.00 to $195.00 and gave the company a "buy" rating in a research report on Tuesday, October 22nd. Finally, The Goldman Sachs Group lifted their price objective on Ares Management from $145.00 to $160.00 and gave the company a "buy" rating in a research report on Monday, September 30th. Seven investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Ares Management has a consensus rating of "Hold" and a consensus target price of $166.36.

Ares Management Stock Performance

Shares of Ares Management stock traded down $2.78 during trading on Monday, reaching $175.29. The company's stock had a trading volume of 1,615,117 shares, compared to its average volume of 1,157,321. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.05 and a current ratio of 1.05. The business's fifty day moving average price is $167.90 and its 200-day moving average price is $151.53. The firm has a market cap of $54.88 billion, a price-to-earnings ratio of 82.06, a price-to-earnings-growth ratio of 1.94 and a beta of 1.19. Ares Management Co. has a one year low of $110.41 and a one year high of $180.38.

Ares Management (NYSE:ARES - Get Free Report) last posted its quarterly earnings data on Friday, November 1st. The asset manager reported $0.95 EPS for the quarter, topping analysts' consensus estimates of $0.94 by $0.01. Ares Management had a return on equity of 19.89% and a net margin of 12.51%. The business had revenue of $1.13 billion for the quarter, compared to analyst estimates of $833.58 million. During the same period in the previous year, the company posted $0.83 earnings per share. As a group, equities research analysts predict that Ares Management Co. will post 4.06 earnings per share for the current year.

Ares Management Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be paid a $0.93 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $3.72 dividend on an annualized basis and a yield of 2.12%. Ares Management's payout ratio is currently 171.43%.

Insider Activity

In other Ares Management news, Chairman Bennett Rosenthal sold 75,000 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $143.05, for a total transaction of $10,728,750.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Ryan Berry sold 1,671 shares of the business's stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $175.00, for a total transaction of $292,425.00. Following the completion of the transaction, the insider now directly owns 253,214 shares of the company's stock, valued at approximately $44,312,450. This represents a 0.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 598,530 shares of company stock worth $100,265,260. Company insiders own 41.89% of the company's stock.

Ares Management Profile

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.