Commonwealth Equity Services LLC Sells 8,713 Shares of Apollo Global Management Inc. $APO

Commonwealth Equity Services LLC reduced its holdings in shares of Apollo Global Management Inc. (NYSE:APO) by 18.7% during the fourth quarter, HoldingsChannel reports. The firm owned 37,874 shares of the financial services provider’s stock after selling 8,713 shares during the period. Commonwealth Equity Services LLC’s holdings in Apollo Global Management were worth $5,483,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Plato Investment Management Ltd increased its position in Apollo Global Management by 100.3% during the third quarter. Plato Investment Management Ltd now owns 10,888 shares of the financial services provider’s stock valued at $1,440,000 after acquiring an additional 5,452 shares during the last quarter. NEOS Investment Management LLC increased its position in Apollo Global Management by 48.7% during the third quarter. NEOS Investment Management LLC now owns 52,506 shares of the financial services provider’s stock valued at $6,997,000 after acquiring an additional 17,204 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Apollo Global Management by 11.0% during the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 900,554 shares of the financial services provider’s stock valued at $120,017,000 after acquiring an additional 89,439 shares during the last quarter. Cornerstone Investment Partners LLC increased its position in Apollo Global Management by 23.6% during the third quarter. Cornerstone Investment Partners LLC now owns 630,520 shares of the financial services provider’s stock valued at $84,029,000 after acquiring an additional 120,558 shares during the last quarter. Finally, Swiss National Bank increased its position in Apollo Global Management by 4.0% during the third quarter. Swiss National Bank now owns 1,257,314 shares of the financial services provider’s stock valued at $167,562,000 after acquiring an additional 48,400 shares during the last quarter. 77.06% of the stock is owned by institutional investors.

Apollo Global Management Stock Performance

Shares of APO opened at $128.01 on Friday. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.45. The business has a 50-day simple moving average of $122.81 and a two-hundred day simple moving average of $127.80. The stock has a market cap of $73.80 billion, a price-to-earnings ratio of 81.53, a PEG ratio of 1.10 and a beta of 1.50. Apollo Global Management Inc. has a 52 week low of $99.56 and a 52 week high of $157.28.

Apollo Global Management (NYSE:APO) last issued its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $1.94 EPS for the quarter, topping analysts’ consensus estimates of $1.89 by $0.05. The business had revenue of $5.06 billion during the quarter, compared to analysts’ expectations of $5.19 billion. Apollo Global Management had a return on equity of 14.43% and a net margin of 3.62%.The business’s quarterly revenue was down 8.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.82 earnings per share. On average, analysts expect that Apollo Global Management Inc. will post 8.28 EPS for the current year.

Apollo Global Management Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Tuesday, May 19th were given a $0.5625 dividend. The ex-dividend date was Tuesday, May 19th. This is a positive change from Apollo Global Management’s previous quarterly dividend of $0.51. This represents a $2.25 dividend on an annualized basis and a yield of 1.8%. Apollo Global Management’s dividend payout ratio (DPR) is currently 143.31%.

Insider Buying and Selling

In other Apollo Global Management news, insider John P. Zito sold 48,644 shares of the company’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $130.66, for a total value of $6,355,825.04. Following the completion of the sale, the insider owned 3,063,696 shares in the company, valued at $400,302,519.36. This represents a 1.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 8.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms recently commented on APO. JPMorgan Chase & Co. reduced their price objective on Apollo Global Management from $164.00 to $162.00 and set an “overweight” rating for the company in a research report on Tuesday, February 10th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Apollo Global Management in a research report on Thursday, May 7th. Morgan Stanley reduced their price objective on Apollo Global Management from $181.00 to $165.00 and set an “overweight” rating for the company in a research report on Tuesday, April 21st. Argus upgraded Apollo Global Management to a “strong-buy” rating in a research report on Thursday, February 19th. Finally, Piper Sandler upped their price objective on Apollo Global Management from $146.00 to $157.00 and gave the company an “overweight” rating in a research report on Tuesday, May 26th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $151.23.

About Apollo Global Management

Apollo Global Management, Inc (NYSE: APO) is a global alternative investment manager that specializes in private equity, credit and real assets. The firm originates, invests in and manages a broad set of strategies across distressed and opportunistic credit, direct lending, structured credit, buyouts and real estate. Apollo provides investment management and advisory services to institutional clients and individual investors through pooled funds, separate accounts and publicly listed investment vehicles.

Its private equity business pursues control and non-control investments across industries, often focusing on complex or distressed situations where operational improvement and capital solutions can create value.