Thu Sep 26 12:55:48 UTC 2024: ## Amalgamated Bank Increases Stake in Ares Management, While Insiders Sell Shares

**New York, NY (MarketBeat News) -** Amalgamated Bank has increased its stake in Ares Management Co. (NYSE:ARES) by 9.1% in the second quarter, according to the bank’s latest filing with the Securities and Exchange Commission. The bank now owns 12,050 shares of the asset manager, valued at $1,606,000. This follows a trend of other investors making changes to their holdings in Ares Management, with several acquiring new stakes and others increasing their positions.

However, a notable development is the recent sale of shares by company insiders. CEO Michael J. Arougheti sold 27,120 shares of the company’s stock on August 15th, and Chairman Bennett Rosenthal sold 27,172 shares on the same day. In total, insiders sold 604,316 shares worth $87,718,000 in the past 90 days, representing 1.20% of the company’s stock.

Despite this, Ares Management recently reported strong earnings results, exceeding analysts’ expectations for both earnings per share and revenue. The company also announced a quarterly dividend of $0.93 per share, payable on September 30th.

Analyst opinions on Ares Management are mixed. Some analysts remain optimistic, with UBS Group and TD Cowen maintaining “buy” ratings, while others are more cautious, with Deutsche Bank Aktiengesellschaft issuing a “hold” rating. The average target price for the stock is currently $141.42, according to MarketBeat.com.

**Key takeaways:**

* Amalgamated Bank increased its stake in Ares Management by 9.1% in the second quarter.
* Other investors have also made adjustments to their holdings in Ares Management.
* Insiders have sold a significant number of shares in recent months, indicating potential concerns.
* Ares Management reported strong earnings results in the most recent quarter.
* The company announced a quarterly dividend of $0.93 per share.
* Analyst opinions on Ares Management are mixed.

**Investors will be watching to see how the company performs in the coming months and whether the recent insider sales are a cause for concern.**

Read More