Greenwich Investment Management Inc. boosted its holdings in shares of Ares Management Corp (NYSE:ARES) by 47.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 308,776 shares of the asset manager’s stock after buying an additional 98,823 shares during the quarter. Ares Management accounts for 7.9% of Greenwich Investment Management Inc.’s investment portfolio, making the stock its largest position. Greenwich Investment Management Inc. owned approximately 0.30% of Ares Management worth $8,081,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. BNP Paribas Arbitrage SA purchased a new position in Ares Management during the 2nd quarter worth $51,000. AGF Investments LLC acquired a new stake in shares of Ares Management in the 2nd quarter worth $53,000. Marshall Wace LLP acquired a new stake in shares of Ares Management in the 1st quarter worth $145,000. Marshall Wace North America L.P. acquired a new stake in shares of Ares Management in the 1st quarter worth $175,000. Finally, Advisor Group Inc. lifted its stake in shares of Ares Management by 27.0% in the 2nd quarter. Advisor Group Inc. now owns 6,951 shares of the asset manager’s stock worth $182,000 after acquiring an additional 1,477 shares during the period. Institutional investors own 57.36% of the company’s stock.
ARES stock opened at $28.06 on Wednesday. Ares Management Corp has a one year low of $16.18 and a one year high of $29.53. The firm has a market cap of $3.03 billion, a PE ratio of 19.76, a PEG ratio of 1.55 and a beta of 1.40. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a fifty day moving average price of $27.89.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be paid a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 4.56%. The ex-dividend date of this dividend is Friday, September 13th. Ares Management’s dividend payout ratio (DPR) is 90.14%.
In related news, 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 value of $134,935.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction of $93,636.00. The disclosure for this sale can be found here. Insiders sold 1,370,709 shares of company stock valued at $37,208,269 in the last quarter. Company insiders own 151.62% of the company’s stock.
ARES has been the subject of several recent analyst reports. Barclays initiated coverage on shares of Ares Management in a research note on Monday, August 5th. They issued an “overweight” rating and a $33.00 target price for the company. Morgan Stanley raised their target price on shares of Ares Management from $26.00 to $28.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. UBS Group raised their target price on shares of Ares Management from $28.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Finally, Zacks Investment Research cut shares of Ares Management from a “buy” rating to a “hold” rating in a research note on Monday, April 29th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $28.29.
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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