Tradition Capital Management LLC Grows Stake in Ares Management Corp (ARES)
Tradition Capital Management LLC raised its position in Ares Management Corp (NYSE:ARES) by 11.2% during the first quarter, HoldingsChannel.com reports. The firm owned 109,327 shares of the asset manager’s stock after buying an additional 10,995 shares during the quarter. Tradition Capital Management LLC’s holdings in Ares Management were worth $2,537,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the company. American Century Companies Inc. raised its stake in 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 acquiring an additional 278,783 shares in the last quarter. Brown Advisory Inc. grew its holdings in shares of Ares Management by 126.2% in the 4th quarter. Brown Advisory Inc. now owns 1,684,985 shares of the asset manager’s stock worth $29,960,000 after acquiring an additional 940,186 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Ares Management by 25.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 950,760 shares of the asset manager’s stock worth $22,058,000 after acquiring an additional 193,695 shares during the last quarter. Delek Group Ltd. grew its holdings in shares of Ares Management by 5.4% in the 4th quarter. Delek Group Ltd. now owns 539,720 shares of the asset manager’s stock worth $9,854,000 after acquiring an additional 27,621 shares during the last quarter. Finally, Segall Bryant & Hamill LLC grew its holdings in shares of Ares Management by 1.1% in the 4th quarter. Segall Bryant & Hamill LLC now owns 507,525 shares of the asset manager’s stock worth $9,024,000 after acquiring an additional 5,375 shares during the last quarter. Institutional investors own 59.08% of the company’s stock.
Shares of ARES stock traded down $0.03 on Wednesday, reaching $25.42. 5,316 shares of the company’s stock traded hands, compared to its average volume of 543,884. Ares Management Corp has a 12-month low of $16.18 and a 12-month high of $25.95. 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 company has a market capitalization of $2.62 billion, a price-to-earnings ratio of 17.89, a P/E/G ratio of 1.41 and a beta of 1.60.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Thursday, June 13th. This represents a $1.28 dividend on an annualized basis and a yield of 5.04%. Ares Management’s dividend payout ratio (DPR) is currently 90.14%.
A number of equities analysts recently issued reports on ARES shares. ValuEngine cut Ares Management from a “buy” rating to a “hold” rating in a report on Tuesday, February 12th. Zacks Investment Research upgraded Ares Management from a “sell” rating to a “hold” rating in a report on Thursday, February 21st. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Ares Management currently has an average rating of “Buy” and an average target price of $25.00.
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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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