Apollo Global Management Inc. $APO Stock: Ritholtz Wealth Management Raises Holdings

Ritholtz Wealth Management lifted its position in shares of Apollo Global Management Inc. (NYSE:APO) by 824.1% during the 3rd quarter, HoldingsChannel reports. The fund owned 15,849 shares of the financial services provider’s stock after purchasing an additional 14,134 shares during the period. Ritholtz Wealth Management’s holdings in Apollo Global Management were worth $1,839,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Joel Isaacson & Co. LLC raised its holdings in Apollo Global Management by 7.5% in the 3rd quarter. Joel Isaacson & Co. LLC now owns 85,236 shares of the financial services provider’s stock worth $9,759,000 after purchasing an additional 5,966 shares during the period. Silver Grove Financial Group Inc. grew its holdings in Apollo Global Management by 679.8% in the third quarter. Silver Grove Financial Group Inc. now owns 928 shares of the financial services provider’s stock valued at $108,000 after purchasing an additional 809 shares during the period. Northbridge Financial Group LLC acquired a new stake in Apollo Global Management in the third quarter valued at approximately $238,000. AMG National Trust Bank grew its holdings in Apollo Global Management by 538.8% in the third quarter. AMG National Trust Bank now owns 17,713 shares of the financial services provider’s stock valued at $1,955,000 after purchasing an additional 14,940 shares during the period. Finally, Keybank National Association OH increased its position in shares of Apollo Global Management by 2,366.0% in the third quarter. Keybank National Association OH now owns 146,677 shares of the financial services provider’s stock valued at $17,023,000 after buying an additional 140,729 shares in the last quarter. 77.06% of the stock is owned by hedge funds and other institutional investors.

Apollo Global Management Price Performance

Shares of APO traded up $2.03 during mid-day trading on Friday, hitting $123.38. 3,063,833 shares of the company were exchanged, compared to its average volume of 3,852,949. The stock has a market cap of $72.84 billion, a price-to-earnings ratio of -67.42, a price-to-earnings-growth ratio of 1.15 and a beta of 1.51. Apollo Global Management Inc. has a 1-year low of $99.56 and a 1-year high of $153.29. The company has a 50 day moving average of $119.63 and a 200-day moving average of $122.62. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.41 and a current ratio of 1.41.

Apollo Global Management Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 30th. Shareholders of record on Wednesday, November 18th will be paid a dividend of $0.5625 per share. This represents a $2.25 annualized dividend and a yield of 1.8%. The ex-dividend date is Wednesday, November 18th. Apollo Global Management’s payout ratio is -122.95%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Rothschild & Co Redburn boosted their price objective on Apollo Global Management from $171.00 to $173.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. BMO Capital Markets decreased their target price on Apollo Global Management from $134.00 to $124.00 and set a “market perform” rating on the stock in a research report on Tuesday, October 27th. Piper Sandler cut shares of Apollo Global Management from an “overweight” rating to a “cautious” rating in a research note on Friday. Argus dropped their price target on shares of Apollo Global Management from $160.00 to $140.00 and set a “buy” rating on the stock in a research note on Friday, November 6th. Finally, TD Cowen cut their price target on shares of Apollo Global Management from $154.00 to $136.00 and set a “buy” rating for the company in a report on Wednesday, November 4th. Twelve investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $145.21.

Insider Buying and Selling

In other Apollo Global Management news, insider Whitney Chatterjee sold 7,339 shares of the stock in a transaction that occurred on Wednesday, November 4th. The stock was sold at an average price of $117.83, for a total transaction of $864,754.37. Following the completion of the transaction, the insider owned 129,151 shares of the company’s stock, valued at $15,217,862.33. This represents a 5.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 8.30% of the company’s stock.

About Apollo Global Management

Apollo Global Management is a global alternative asset manager that provides investment management and retirement services. Its investment strategies span private equity, credit and real assets, including infrastructure, and it serves institutional and individual investors. The company was founded in 1990 by Leon Black, Josh Harris and Marc Rowan. It has since expanded its investment businesses and retirement-services operations, including through Athene, its retirement services platform. Apollo operates across global markets and is led by co-founder Marc Rowan, who serves as chief executive officer.