Sumitomo Life Insurance Co. Has $3.22 Million Stock Position in Ares Management Co. (NYSE:ARES)

Sumitomo Life Insurance Co. reduced its position in shares of Ares Management Co. (NYSE:ARES) by 9.4% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 20,678 shares of the asset manager’s stock after selling 2,140 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Ares Management were worth $3,222,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. EP Wealth Advisors LLC grew its position in shares of Ares Management by 32.5% in the first quarter. EP Wealth Advisors LLC now owns 20,345 shares of the asset manager’s stock valued at $2,705,000 after purchasing an additional 4,996 shares during the last quarter. Norden Group LLC boosted its stake in Ares Management by 2,695.3% during the 1st quarter. Norden Group LLC now owns 70,414 shares of the asset manager’s stock valued at $9,364,000 after purchasing an additional 67,895 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in Ares Management by 17.7% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 397,285 shares of the asset manager’s stock valued at $52,831,000 after buying an additional 59,668 shares during the last quarter. FORA Capital LLC bought a new position in Ares Management in the 1st quarter worth approximately $3,434,000. Finally, Vaughan Nelson Investment Management L.P. lifted its holdings in shares of Ares Management by 24.6% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 192,634 shares of the asset manager’s stock worth $25,674,000 after buying an additional 38,047 shares during the last quarter. Institutional investors and hedge funds own 50.03% of the company’s stock.

Ares Management Price Performance

Shares of Ares Management stock traded up $0.10 during midday trading on Wednesday, hitting $162.73. 70,837 shares of the company were exchanged, compared to its average volume of 1,140,545. The firm has a 50 day simple moving average of $149.27 and a 200-day simple moving average of $142.28. Ares Management Co. has a 52 week low of $96.00 and a 52 week high of $164.60. The firm has a market cap of $50.42 billion, a P/E ratio of 73.27, a PEG ratio of 1.48 and a beta of 1.22. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.05 and a quick ratio of 1.05.

Ares Management (NYSE:ARES) last issued its quarterly earnings data on Friday, August 2nd. The asset manager reported $0.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.98 by $0.01. Ares Management had a return on equity of 20.46% and a net margin of 12.53%. The company had revenue of $788.68 million during the quarter, compared to analysts’ expectations of $860.09 million. During the same period last year, the business earned $0.90 earnings per share. Research analysts forecast that Ares Management Co. will post 4.16 earnings per share for the current year.

Ares Management Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were paid a dividend of $0.93 per share. The ex-dividend date was Monday, September 16th. This represents a $3.72 annualized dividend and a yield of 2.29%. Ares Management’s dividend payout ratio is 166.82%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on ARES shares. JPMorgan Chase & Co. raised their price objective on shares of Ares Management from $141.00 to $143.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. UBS Group dropped their price objective on shares of Ares Management from $160.00 to $158.00 and set a “buy” rating on the stock in a report on Wednesday, July 10th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Ares Management from $134.00 to $133.00 and set a “hold” rating for the company in a research report on Thursday, August 15th. TD Cowen lifted their target price on Ares Management from $162.00 to $175.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, Redburn Atlantic began coverage on Ares Management in a report on Tuesday, August 27th. They issued a “neutral” rating and a $140.00 price target for the company. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $155.82.

Insider Transactions at Ares Management

In other news, Chairman Bennett Rosenthal sold 75,000 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $143.05, for a total value of $10,728,750.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, Chairman Bennett Rosenthal sold 75,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $143.05, for a total value of $10,728,750.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Ryan Berry sold 10,000 shares of Ares Management stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $142.12, for a total value of $1,421,200.00. Following the completion of the transaction, the insider now directly owns 446,702 shares of the company’s stock, valued at $63,485,288.24. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 624,316 shares of company stock valued at $90,919,400. Corporate insiders own 1.20% of the company’s stock.

Ares Management 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.