Morgan Stanley Raises Ares Management (NYSE:ARES) Price Target to $28.00

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Ares Management (NYSE:ARES) had its price objective lifted by Morgan Stanley from $26.00 to $28.00 in a report released on Friday morning, BenzingaRatingsTable reports. They currently have an equal weight rating on the asset manager’s stock.

A number of other analysts also recently weighed in on ARES. Zacks Investment Research downgraded shares of Ares Management from a buy rating to a hold rating in a research report on Monday, April 29th. UBS Group upped their target price on shares of Ares Management from $28.00 to $32.00 and gave the stock a buy rating in a research report on Thursday. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus price target of $28.29.

Shares of Ares Management stock opened at $28.72 on Friday. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.76. The firm’s fifty day moving average is $27.75. The stock has a market cap of $2.97 billion, a P/E ratio of 20.23, a P/E/G ratio of 1.47 and a beta of 1.39. Ares Management has a 12-month low of $16.18 and a 12-month high of $29.53.

Ares Management (NYSE:ARES) last issued its quarterly earnings data on Wednesday, July 31st. The asset manager reported $0.35 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.02). The company had revenue of $384.80 million for the quarter, compared to analysts’ expectations of $300.41 million. Ares Management had a net margin of 7.77% and a return on equity of 23.26%. The firm’s revenue for the quarter was up 88.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.34 earnings per share. As a group, sell-side analysts expect that Ares Management will post 1.51 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 4.46%. The ex-dividend date of this dividend is Friday, September 13th. Ares Management’s dividend payout ratio is presently 90.14%.

In other news, insider R. Kipp Deveer sold 214,780 shares of the company’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $27.71, for a total value of $5,951,553.80. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Michael J. Arougheti sold 127,400 shares of the company’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $28.30, for a total transaction of $3,605,420.00. The disclosure for this sale can be found here. Insiders sold a total of 1,370,709 shares of company stock worth $37,208,269 over the last ninety days. Insiders own 151.62% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the stock. FMR LLC boosted its stake in Ares Management by 16.5% in the 1st quarter. FMR LLC now owns 2,808,368 shares of the asset manager’s stock worth $65,182,000 after purchasing an additional 396,792 shares in the last quarter. American Century Companies Inc. increased its position in shares of Ares Management by 14.3% during the 4th quarter. American Century Companies Inc. now owns 2,224,981 shares of the asset manager’s stock valued at $39,560,000 after purchasing an additional 278,783 shares during the last quarter. Vaughan Nelson Investment Management L.P. purchased a new stake in shares of Ares Management during the 1st quarter valued at about $29,366,000. Hilton Capital Management LLC increased its position in shares of Ares Management by 38.2% during the 1st quarter. Hilton Capital Management LLC now owns 923,611 shares of the asset manager’s stock valued at $21,437,000 after purchasing an additional 255,096 shares during the last quarter. Finally, Greenwich Investment Management Inc. increased its position in shares of Ares Management by 47.1% during the 2nd quarter. Greenwich Investment Management Inc. now owns 308,776 shares of the asset manager’s stock valued at $8,081,000 after purchasing an additional 98,823 shares during the last quarter. Institutional investors own 59.60% of the company’s stock.

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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