Ares Management (NYSE:ARES) Releases Earnings Results, Beats Expectations By $0.01 EPS

Ares Management (NYSE:ARES) announced its quarterly earnings results on Friday. The asset manager reported $0.99 earnings per share for the quarter, beating analysts’ consensus estimates of $0.98 by $0.01, Briefing.com reports. The business had revenue of $788.68 million for the quarter, compared to the consensus estimate of $860.09 million. Ares Management had a net margin of 12.86% and a return on equity of 21.22%. During the same period last year, the company posted $0.90 EPS.

Ares Management Stock Down 6.6 %

Shares of ARES traded down $9.90 during mid-day trading on Friday, hitting $139.26. 2,114,036 shares of the company’s stock were exchanged, compared to its average volume of 1,103,870. Ares Management has a 52 week low of $96.00 and a 52 week high of $155.53. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.03 and a quick ratio of 1.03. The company has a 50-day simple moving average of $140.07 and a 200 day simple moving average of $135.25. The company has a market cap of $43.15 billion, a PE ratio of 62.42, a P/E/G ratio of 1.29 and a beta of 1.22.

Ares Management Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be paid a dividend of $0.93 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $3.72 annualized dividend and a dividend yield of 2.67%. Ares Management’s dividend payout ratio is currently 166.82%.

Analyst Ratings Changes

A number of brokerages recently weighed in on ARES. UBS Group cut their price target on shares of Ares Management from $160.00 to $158.00 and set a “buy” rating on the stock in a research report on Wednesday, July 10th. JPMorgan Chase & Co. increased their price target on shares of Ares Management from $141.00 to $143.00 and gave the company an “overweight” rating in a research report on Tuesday. TD Cowen cut their price target on shares of Ares Management from $168.00 to $158.00 and set a “buy” rating on the stock in a research report on Monday, July 8th. Jefferies Financial Group dropped their target price on shares of Ares Management from $131.00 to $127.00 and set a “hold” rating on the stock in a report on Thursday, May 9th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $150.00 target price on shares of Ares Management in a report on Wednesday, May 22nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $138.00.

Insider Activity at Ares Management

In related news, insider R. Kipp Deveer sold 41,676 shares of the firm’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $150.21, for a total value of $6,260,151.96. Following the completion of the transaction, the insider now directly owns 1,075,000 shares of the company’s stock, valued at $161,475,750. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Ares Management news, insider R. Kipp Deveer sold 41,676 shares of Ares Management stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $150.21, for a total transaction of $6,260,151.96. Following the completion of the transaction, the insider now directly owns 1,075,000 shares of the company’s stock, valued at $161,475,750. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Judy D. Olian sold 3,417 shares of Ares Management stock in a transaction on Friday, June 7th. The stock was sold at an average price of $134.00, for a total transaction of $457,878.00. Following the transaction, the director now directly owns 27,312 shares of the company’s stock, valued at $3,659,808. The disclosure for this sale can be found here. Over the last three months, insiders sold 702,930 shares of company stock valued at $97,948,044. 1.20% of the stock is owned by corporate insiders.

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.