Ares Management Co. (NYSE:ARES) Declares Quarterly Dividend of $0.61

Ares Management Co. (NYSE:ARES- Get a rating) declared a quarterly dividend on Thursday, April 28, Zacks reports. Shareholders of record on Thursday, June 16 will be paid a dividend of 0.61 per share by the asset manager on Thursday, June 30. This represents a dividend of $2.44 on an annualized basis and a dividend yield of 3.44%. The ex-date of this dividend is Wednesday, June 15.

Ares Management has increased its dividend by an average of 12.1% per year over the past three years and has increased its dividend annually for the past 4 consecutive years. Ares Management has a payout ratio of 59.7%, indicating that its dividend is sufficiently covered by earnings. Research analysts expect Ares Management to earn $3.99 per share next year, meaning the company should continue to be able to cover its $2.44 annual dividend with a ratio expected future payout of 61.2%.

Shares of ARES opened at $71.00 on Friday. The stock’s 50-day moving average is $77.12 and its two-hundred-day moving average is $79.15. The stock has a market capitalization of $20.58 billion, a PE ratio of 33.49, a P/E/G ratio of 0.91 and a beta of 0.97. Ares Management has a 12-month low of $50.46 and a 12-month high of $90.08. The company has a debt ratio of 0.43, a current ratio of 0.16 and a quick ratio of 0.16.

Ares Management (NYSE: ARES – Get a rating) last released its quarterly earnings data on Thursday, April 28. The asset manager reported EPS of $0.65 for the quarter, missing the Zacks consensus estimate of $0.67 per ($0.02). The company posted revenue of $715.00 million for the quarter, versus analyst estimates of $605.10 million. Ares Management had a return on equity of 15.16% and a net margin of 9.71%. The company’s revenue for the quarter increased by 8.6% compared to the same quarter last year. In the same quarter of the previous year, the company achieved EPS of $0.46. On average, research analysts expect Ares Management to post earnings per share of 3.25 for the current year.

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A number of brokerages have commented on ARES. Wells Fargo & Company cut its price target on Ares Management from $94.00 to $92.00 and set an “overweight” rating on the stock in a Tuesday, April 19 research note. BMO Capital Markets raised its price target on Ares Management from $90.00 to $97.00 and gave the stock an “outperform” rating in a Monday, Feb. 14 research note. Royal Bank of Canada reduced its price target on Ares Management from $98.00 to $90.00 in a Friday, January 28 research note. Piper Sandler kicked off Ares Management coverage in a research note on Tuesday, January 25. They issued an “overweight” rating and a price target of $97.00 on the stock. To finish, Zacks Investment Research upgraded Ares Management from a “buy” rating to a “hold” rating in a Tuesday, March 29 research note. An equity research analyst rated the stock with a sell rating, two gave the stock a hold rating and seven gave the stock a buy rating. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $94.56.

In other news, CEO Michael J. Arougheti sold 114,425 shares of the company in a trade that took place on Monday, January 31. The stock was sold at an average price of $78.69, for a total transaction of $9,004,103.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, accessible via the SEC website. Additionally, CEO Michael J. Arougheti sold 13,334 shares of the company in a trade that took place on Wednesday, February 9. The shares were sold at an average price of $80.36, for a total value of $1,071,520.24. Disclosure of this sale can be found here. Insiders sold 266,520 shares of the company worth $21,408,641 in the past 90 days. 49.34% of the shares are currently held by insiders.

Several large investors have recently bought and sold shares of the company. Legal & General Group Plc increased its stake in Ares Management by 9.1% in the fourth quarter. Legal & General Group Plc now owns 130,387 shares in the asset manager worth $10,597,000 after buying an additional 10,880 shares last quarter. Comerica Bank increased its holdings in Ares Management by 1.4% in the 4th quarter. Comerica Bank now owns 97,848 shares of the asset manager worth $7,044,000 after buying an additional 1,324 shares last quarter. Parametric Portfolio Associates LLC increased its stake in Ares Management by 6.3% in the fourth quarter. Parametric Portfolio Associates LLC now owns 79,098 shares of the asset manager worth $6,428,000 after buying an additional 4,686 shares last quarter. LPL Financial LLC increased its stake in Ares Management by 56.9% in the 4th quarter. LPL Financial LLC now owns 33,376 shares of the asset manager worth $2,712,000 after buying an additional 12,103 shares last quarter. Finally, Amalgamated Bank increased its stake in Ares Management by 18.1% in the 4th quarter. Amalgamated Bank now owns 29,412 shares of the asset manager worth $2,390,000 after buying 4,503 more shares last quarter. 44.85% of the shares are held by institutional investors.

About Ares Management (Get a rating)

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 combined and separately managed accounts for institutional investors, as well as exchange-listed vehicles and sub-advised funds for retail investors on the negotiable and lower quality corporate credit markets.

Further reading

Dividend history for Ares Management (NYSE:ARES)

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