Kipp deVeer, Head of the Credit Group at Ares Management Corp (NYSE:ARES), recently executed multiple sales of the company's Class A common stock, totaling approximately $53.1 million. These transactions, conducted under a pre-established 10b5-1 trading plan, took place over several days in early December. The sales come as Ares trades near its 52-week high of $180.38, having delivered impressive returns of over 51% year-to-date.
The sales involved various share quantities at differing prices. On December 6, deVeer sold 60,002 shares at prices ranging from $175.92 to $178.67. The transactions continued on December 9, with 115,762 shares sold at prices between $175.22 and $180.33. Finally, on December 10, an additional 62,400 shares were sold, with prices ranging from $174.89 to $177.89. According to InvestingPro analysis, the stock appears to be trading above its Fair Value, with the company's market capitalization now standing at $55 billion.
Following these transactions, deVeer retains ownership of 1,075,000 restricted units, which are part of an equity incentive plan. Each unit represents the right to receive one share of Class A common stock upon vesting. For deeper insights into insider transactions and comprehensive financial analysis, InvestingPro subscribers can access detailed reports covering over 1,400 US stocks, including ARES.
In other recent news, Ares Management Corporation has exhibited robust growth in its third-quarter earnings, with an 18% increase in management fees, a 24% rise in fee-related earnings, and a 28% growth in realized income. The firm also deployed nearly $30 billion in the quarter, contributing to a total of $74.6 billion for the year. RBC Capital Markets has revised its outlook on Ares Management, raising the investment firm's price target from $185.00 to $205.00, while maintaining an Outperform rating on the stock. This adjustment reflects Ares Management's strong position in the private credit sector and its resilience in fundraising activities. Despite anticipating a decrease in the Fee-Related Earnings (FRE) margin to around 40% in Q4 due to various factors, Ares projects strong Q4 performance with expected fee-related performance revenues between $160 million and $170 million. The firm also expects continued growth in assets under management and performance income in 2025 and beyond. These are the recent developments for Ares Management Corporation.
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