Ares Management Corp (NYSE:ARES) announced a quarterly dividend on Wednesday, July 31st, Zacks reports. Shareholders of record on Monday, September 16th will be given a dividend of 0.32 per share by the asset manager on Monday, September 30th. This represents a $1.28 dividend on an annualized basis and a yield of 4.29%. The ex-dividend date of this dividend is Friday, September 13th.
Ares Management has increased its dividend payment by an average of 14.9% annually over the last three years and has raised its dividend every year for the last 2 years. Ares Management has a dividend payout ratio of 82.6% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Analysts expect Ares Management to earn $1.85 per share next year, which means the company should continue to be able to cover its $1.28 annual dividend with an expected future payout ratio of 69.2%.
ARES stock opened at $29.83 on Thursday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.04 and a current ratio of 1.04. The stock has a market capitalization of $3.14 billion, a price-to-earnings ratio of 21.01, a PEG ratio of 1.65 and a beta of 1.45. Ares Management has a 1 year low of $16.18 and a 1 year high of $30.57. The stock’s fifty day moving average is $28.66 and its two-hundred day moving average is $26.13.
Ares Management (NYSE:ARES) last posted its earnings results on Wednesday, July 31st. The asset manager reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.02). The company had revenue of $384.80 million during the quarter, compared to the consensus estimate of $300.41 million. Ares Management had a net margin of 7.77% and a return on equity of 22.54%. The business’s quarterly revenue was up 88.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.34 earnings per share. As a group, analysts predict that Ares Management will post 1.51 EPS for the current fiscal year.
A number of research firms have issued reports on ARES. Morgan Stanley raised their target price on Ares Management from $26.00 to $28.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. TheStreet upgraded shares of Ares Management from a “c+” rating to a “b” rating in a research note on Friday, August 16th. Wells Fargo & Co lifted their price objective on shares of Ares Management from $33.00 to $37.00 and gave the company an “outperform” rating in a research note on Thursday. UBS Group lifted their price objective on shares of Ares Management from $28.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Finally, Barclays initiated coverage on shares of Ares Management in a research note on Monday, August 5th. They set an “overweight” rating and a $33.00 price objective on the stock. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $29.38.
In related news, Director Ares Management Llc sold 3,500,000 shares of Ares Management stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $0.11, for a total transaction of $385,000.00. Following the sale, the director now directly owns 86,857 shares in the company, valued at $9,554.27. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Michael J. Arougheti sold 31,266 shares of Ares Management stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $27.09, for a total transaction of $846,995.94. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,292,805 shares of company stock worth $37,507,784. Company insiders own 151.62% of the company’s stock.
Ares Management Company 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.
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