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Kipp deVeer, Co-President of Ares Management Corp (NYSE:ARES), recently sold shares worth approximately $14.9 million. The transactions, executed on February 6, involved the sale of a total of 79,933 shares of Class A Common Stock. The shares were sold at prices ranging from $187.08 to $191.58 each. The sale comes amid a strong performance period for Ares, with the stock showing a 35.76% return over the past six months and the company maintaining a robust market capitalization of $59.38 billion. According to InvestingPro analysis, the stock is currently trading above its Fair Value.
Following these transactions, deVeer holds 1,150,000 restricted units, which are set to vest in installments under an equity incentive plan. These sales were conducted under a prearranged 10b5-1 trading plan, which was adopted on September 6, 2024.
The sales reflect a strategic move by deVeer, who remains a key executive at Ares Management, a leading global investment firm headquartered in Los Angeles.
In other recent news, Ares Management reported a decline in its Q4 earnings per share (EPS) to $1.23, falling short of the analyst consensus estimate of $1.32. Analyst Bill Katz from TD Cowen noted the shortfall was due to a number of factors, including net investment income (NII) and a higher corporate tax rate. Despite the EPS miss, the firm made approximately $3.8 billion in new investment commitments and declared a first-quarter 2025 dividend of $0.48 per share.
Continuing with its investment endeavors, Ares Management has extended a $275 million credit facility to digital identity wallet provider ID.me. The funds will be used to support ID.me’s ongoing growth, which has seen a surge in revenue by over 450% from 2020 through 2024. An equity investment from Ares is also anticipated.
Adding to Ares Management’s recent activities, the firm announced the final close of its Ares Capital Europe VI (ACE VI) fund, surpassing its initial target with commitments of €17.1 billion. The fund is believed to be the largest institutional fund in the global direct lending market based on limited partner (LP) equity commitments.
Ares Management also received an updated outlook from RBC Capital Markets, which increased the investment firm’s price target from $185.00 to $205.00, maintaining an Outperform rating on the stock. The analyst highlighted Ares Management’s robust standing in the private credit sector and resilience in fundraising activities.
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