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ARES

Ares Management

$22.70

-0.35 (-1.52%)

06:17
02/15/18
02/15
06:17
02/15/18
06:17

Ares Management initiates payment of quarterly dividend

Ares elected to change its tax classification from a partnership to a C-Corporation to be effective March 1. COO and CFO Michael McFerran stated, "In concurrence with this change, Ares will begin paying a steady, quarterly dividend for each calendar year based on the growth in our after-tax core fee related earnings. This dividend policy should reduce the historical volatility of our distributions, and allow us to retain a greater portion of our earnings for growth and potential share repurchases." Ares declared a distribution of 40c per common unit for the five months ended February 28, inclusive of 25c per common unit for 4Q17 and 15c per common unit for the first two months of 1Q18, payable on February 28 to common unitholders of record at the close of business on February 26. The distribution represents a portion of the estimated after tax distributable earnings generated for the five month period ended February 28. For March 2018, the first month that Ares is taxed as a corporation, Ares declared a dividend of 9.33c per common share payable on April 30 to holders of record on April 16. Ares declared a distribution of 43.75c per Series A Preferred Unit with a payment date of March 31 to preferred unitholders of record as of the close of business on March 15.

  • 15

    Feb

  • 06

    Mar

ARES Ares Management
$22.70

-0.35 (-1.52%)

05/11/17
05/11/17
UPGRADE
Target $23

Outperform
Ares Management upgraded to Outperform at Credit Suisse
As previously reported, Credit Suisse analyst Craig Siegenthaler upgraded Ares Management to Outperform from Neutral, with a $23 price target, given recent underperformance in the stock. The analyst says "strong" growth prospects given lower capacity constraints across its business, management fee rich profit stream, and high insider ownership that has never sold stock has him positive on the business.
06/29/17
RBCM
06/29/17
INITIATION
Target $21
RBCM
Outperform
Ares Management initiated with an Outperform at RBC Capital
RBC Capital analyst Kenneth Lee started Ares Management with an Outperform rating and $21 price target.
01/10/18
FBCO
01/10/18
NO CHANGE
Target $33
FBCO
Outperform
Ares Management price target raised to $33 from $25 at Credit Suisse
Credit Suisse analyst Craig Siegenthaler raised his price target for Ares Management to $33 from $25 as he believes the macro backdrop should provide tailwinds for the Alternative Asset Managers while lower corporate tax rate should boost the valuation of their underlying portfolios. The analyst reiterates an Outperform rating on the shares.
01/30/18
MSCO
01/30/18
NO CHANGE
MSCO
Morgan Stanley says Ares may be first, Apollo may gain most from C-corp convert
Morgan Stanley analyst Michael Cyprys said he sees an opportunity for Alternative Asset Managers to unlock value by converting to C-corps, as shifting from a partnership structure could help alleviate some tax reporting complexities and expand the universe of eligible investors. He sees Ares Management (ARES) as possibly the first to convert and expects a potential announcement or indications of management's intentions about a conversion when the company reports earnings on February 15. While Ares may be first, Cyprys sees Apollo Global (APO) as potentially being able to unlock the most value from a conversion, with 26% near-term upside possible if the shares re-rate. He sees a less favorable conversion scenario for asset managers with lower taxes and/or greater exposure to performance fees, including KKR (KKR), Carlyle Group (CG) and Blackstone (BX), Cyprys tells investors.

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