Ares Management LP (NYSE:ARES) announced its quarterly earnings data on Friday. The company reported $0.44 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.35 by $0.09. The firm earned $358.20 million during the quarter, compared to analyst estimates of $169.45 million. Ares Management had a return on equity of 25.44% and a net margin of 7.79%. Ares Management’s quarterly revenue was up 124.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.20 earnings per share.
Ares Management (NYSE:ARES) traded up 3.50% during trading on Friday, hitting $19.20. The stock had a trading volume of 217,304 shares. The stock has a 50-day moving average price of $20.01 and a 200-day moving average price of $18.38. Ares Management has a 52 week low of $12.08 and a 52 week high of $23.25. The company has a market cap of $4.11 billion, a PE ratio of 15.99 and a beta of 1.18.
The business also recently announced a quarterly dividend, which was paid on Friday, March 24th. Stockholders of record on Friday, March 10th were issued a dividend of $0.28 per share. The ex-dividend date of this dividend was Wednesday, March 8th. This is a positive change from Ares Management’s previous quarterly dividend of $0.20. This represents a $1.12 annualized dividend and a dividend yield of 5.83%. Ares Management’s dividend payout ratio is 94.12%.
A number of large investors have recently added to or reduced their stakes in the stock. Raiff Partners Inc. purchased a new stake in Ares Management during the fourth quarter worth about $384,000. Wells Fargo & Company MN boosted its stake in Ares Management by 2,147.5% in the third quarter. Wells Fargo & Company MN now owns 42,972 shares of the company’s stock worth $748,000 after buying an additional 41,060 shares during the period. PNC Financial Services Group Inc. boosted its stake in Ares Management by 10.7% in the third quarter. PNC Financial Services Group Inc. now owns 114,754 shares of the company’s stock worth $1,997,000 after buying an additional 11,081 shares during the period. BlackRock Advisors LLC boosted its stake in Ares Management by 1.9% in the third quarter. BlackRock Advisors LLC now owns 209,184 shares of the company’s stock worth $3,642,000 after buying an additional 4,000 shares during the period. Finally, Royce & Associates LP boosted its stake in Ares Management by 1.0% in the second quarter. Royce & Associates LP now owns 3,774,217 shares of the company’s stock worth $53,179,000 after buying an additional 36,061 shares during the period. Institutional investors own 10.38% of the company’s stock.
Several brokerages recently weighed in on ARES. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Ares Management in a report on Thursday. Goldman Sachs Group Inc began coverage on Ares Management in a report on Friday, March 10th. They issued a “neutral” rating and a $21.00 price objective for the company. Zacks Investment Research lowered Ares Management from a “strong-buy” rating to a “hold” rating in a report on Friday, March 3rd. SunTrust Banks, Inc. boosted their price objective on Ares Management from $20.00 to $25.00 and gave the company a “buy” rating in a report on Monday, February 27th. Finally, Credit Suisse Group AG began coverage on Ares Management in a report on Wednesday, January 25th. They issued a “neutral” rating and a $21.00 price objective for the company. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $20.86.
TRADEMARK VIOLATION NOTICE: “Ares Management LP (ARES) Announces Quarterly Earnings Results, Beats Expectations By $0.09 EPS” was posted by Web Breaking News and is the sole property of of Web Breaking News. If you are reading this news story on another domain, it was illegally copied and republished in violation of U.S. & international copyright and trademark legislation. The original version of this news story can be read at http://www.webbreakingnews.com/2017/02/27/ares-management-l-p-ares-posts-quarterly-earnings-results-beats-estimates-by-0-07-eps.html.
About Ares Management
Ares Management, L.P. is an alternative asset manager. The Company offers its investors a range of investment strategies. It operates through three segments: Credit Group, Private Equity Group and Real Estate Group. The Credit Group segment manages credit strategies across the non-investment grade credit universe in the United States and Europe.
Receive News & Ratings for Ares Management LP Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ares Management LP and related companies with MarketBeat.com's FREE daily email newsletter.