Ares Management co-founder David Kaplan sells shares for $5.4 million

Investing.com

Published Dec 03, 2024 08:26

Ares Management co-founder David Kaplan sells shares for $5.4 million

The shares were sold in multiple transactions at prices ranging from $174.92 to $179.97 per share. Following these sales, Kaplan, through Trently Holdings, LLC, no longer holds any shares directly. However, he retains indirect ownership of 1,150,052 shares through Ares Owners Holdings L.P., as noted in the filing.These transactions were conducted under a 10b5-1 trading plan, which Kaplan or a vehicle controlled by him adopted on August 16, 2024. InvestingPro subscribers can access 13 additional key insights about ARES, including detailed valuation metrics and financial health indicators in the comprehensive Pro Research Report, available for over 1,400 US stocks.

The shares were sold in multiple transactions at prices ranging from $174.92 to $179.97 per share. Following these sales, Kaplan, through Trently Holdings, LLC, no longer holds any shares directly. However, he retains indirect ownership of 1,150,052 shares through Ares Owners Holdings L.P., as noted in the filing.

These transactions were conducted under a 10b5-1 trading plan, which Kaplan or a vehicle controlled by him adopted on August 16, 2024.

In other recent news, Ares Management (NYSE:ARES) Corporation has demonstrated robust growth in its third-quarter earnings, with an 18% rise in management fees, a 24% increase in fee-related earnings, and a 28% growth in realized income. The company has been actively deploying funds, contributing nearly $30 billion in the quarter and a total of $74.6 billion for the year. Record-breaking fundraising efforts have also been noted, with nearly $21 billion raised in the third quarter alone.

RBC Capital Markets has updated its outlook on Ares Management, lifting the price target to $185 and maintaining an Outperform rating. This decision reflects a revised perspective on the firm's financial potential and its position within the private credit sector. Despite slightly revised down earnings per share estimates, RBC Capital acknowledges the resilience in Ares Management's fundraising momentum.

In addition to these developments, Ares Management has launched new products, including a special opportunities fund and a tax-efficient core infrastructure fund. The company's wealth management has also seen significant momentum, with a 57% increase in assets under management year-over-year. However, Ares expects a decrease in the Fee-Related Earnings margin to around 40% in Q4 due to various factors, including increased compensation costs. Despite this, Ares projects strong Q4 performance with anticipated fee-related performance revenues between $160 million and $170 million, and expects continued growth in assets under management and performance income in 2025 and beyond.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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