Apollo Global Management (NYSE:APO) Shares Break Above 50-Day Moving Average After Analyst Downgrade

Apollo Global Management Inc. (NYSE:APO) shares crossed above its fifty day moving average during trading on Wednesday after JPMorgan Chase & Co. raised their price target on the stock from $153.00 to $157.00. The stock has a fifty day moving average of $121.46 and traded as high as $123.08. JPMorgan Chase & Co. currently has an overweight rating on the stock. Apollo Global Management shares last traded at $122.9630, with a volume of 7,571,501 shares traded.

Several other research firms have also recently weighed in on APO. Wells Fargo & Company started coverage on shares of Apollo Global Management in a research report on Friday, October 2nd. They set an “equal weight” rating and a $127.00 price objective for the company. Wall Street Zen raised shares of Apollo Global Management from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 18th. Royal Bank Of Canada cut their price target on shares of Apollo Global Management from $146.00 to $138.00 and set a “sector perform” rating for the company in a report on Wednesday. Weiss Ratings upgraded shares of Apollo Global Management from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, August 21st. Finally, Morgan Stanley decreased their price objective on shares of Apollo Global Management from $150.00 to $149.00 and set an “overweight” rating on the stock in a research note on Wednesday. Fourteen analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $147.30.

Insiders Place Their Bets

In other Apollo Global Management news, CFO Martin Kelly sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $140.84, for a total value of $422,520.00. Following the sale, the chief financial officer owned 396,533 shares in the company, valued at $55,847,707.72. This trade represents a 0.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 8.30% of the stock is owned by corporate insiders.

Apollo Global Management News Roundup

Here are the key news stories impacting Apollo Global Management this week:

• Positive Sentiment: Apollo reported record quarterly originations of $114 billion, fee-related earnings of $802 million and assets under management of $1.07 trillion. The figures point to growing activity and scale across its business. Apollo reports record originations and AUM
• Positive Sentiment: Apollo is expanding its private-credit business, including a new European lending platform, while AI-related financing demand presents a potential source of future originations. Apollo launches European lending platform
• Neutral Sentiment: Analyst actions were mixed: JPMorgan raised its target to $157 and kept an Overweight rating, while Morgan Stanley, Barclays, RBC and KBW trimmed targets. The latter group retained Overweight or equivalent ratings, except RBC’s Sector Perform. JPMorgan analyst update
• Negative Sentiment: Third-quarter results missed analyst expectations, and Apollo posted a $1.06 billion net loss attributable to common stockholders, compared with a profit a year earlier. The company attributed the loss to investment-related items; rising expenses also weighed on the earnings picture. Apollo swings to a loss on investment-related losses

Institutional Investors Weigh In On Apollo Global Management

Several hedge funds have recently modified their holdings of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Apollo Global Management by 4.3% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,657,781 shares of the financial services provider’s stock valued at $669,372,000 after purchasing an additional 234,517 shares in the last quarter. Legal & General Group Plc bought a new position in Apollo Global Management in the 2nd quarter valued at approximately $459,987,000. Bank of New York Mellon Corp bought a new position in Apollo Global Management in the 2nd quarter valued at approximately $336,644,000. Temasek Holdings Private Ltd boosted its position in Apollo Global Management by 214.4% during the 1st quarter. Temasek Holdings Private Ltd now owns 2,368,162 shares of the financial services provider’s stock worth $263,861,000 after buying an additional 1,614,813 shares during the period. Finally, Curated Wealth Partners LLC boosted its position in Apollo Global Management by 91.8% during the 3rd quarter. Curated Wealth Partners LLC now owns 2,205,762 shares of the financial services provider’s stock worth $255,887,000 after buying an additional 1,055,818 shares during the period. Institutional investors and hedge funds own 77.06% of the company’s stock.

Apollo Global Management Stock Up 8.3%

The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.70 and a current ratio of 1.41. The stock has a market capitalization of $72.61 billion, a P/E ratio of -67.19, a price-to-earnings-growth ratio of 1.05 and a beta of 1.51. The stock’s fifty day simple moving average is $121.46 and its two-hundred day simple moving average is $123.19.

Apollo Global Management (NYSE:APO) last released its quarterly earnings results on Tuesday, August 4th. The financial services provider reported $2.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.16 by ($0.05). The business had revenue of $5.57 billion for the quarter, compared to the consensus estimate of $5.65 billion. Apollo Global Management had a negative net margin of 2.98% and a positive return on equity of 12.11%. During the same period in the previous year, the business posted $1.92 EPS. As a group, research analysts expect that Apollo Global Management Inc. will post 7.96 EPS for the current fiscal year.

Apollo Global Management Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 30th. Investors of record on Wednesday, November 18th will be issued a $0.5625 dividend. This represents a $2.25 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Wednesday, November 18th. Apollo Global Management’s dividend payout ratio is presently 82.42%.

About Apollo Global Management

Apollo Global Management, Inc (NYSE:APO) is a global alternative asset manager that provides investment solutions to institutions, companies and individual investors. The firm manages strategies across private equity, credit, real assets, infrastructure, secondaries and other alternative investments.

Apollo invests across a range of industries and geographies, supporting companies through buyouts, growth investments, structured financing and other forms of private capital. Its credit business provides lending and fixed-income solutions, while its real assets and infrastructure strategies focus on areas such as energy, transportation, communications and other essential services.

The company was founded in 1990 by Leon Black, Josh Harris and Marc Rowan.