Fort Pitt Capital Group LLC grew its stake in Apollo Global Management, Inc. (NYSE:APO – Get Rating) by 9.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,103,308 shares of the financial services provider's stock after buying an additional 93,561 shares during the period. Apollo Global Management accounts for 2.3% of Fort Pitt Capital Group LLC's investment portfolio, making the stock its 19th largest holding. Fort Pitt Capital Group LLC's holdings in Apollo Global Management were worth $53,488,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also modified their holdings of the company. Byrne Asset Management LLC acquired a new stake in Apollo Global Management during the 4th quarter worth $25,000. Parkside Financial Bank & Trust boosted its stake in Apollo Global Management by 7,183.3% during the 1st quarter. Parkside Financial Bank & Trust now owns 437 shares of the financial services provider's stock worth $27,000 after purchasing an additional 431 shares during the period. McIlrath & Eck LLC acquired a new stake in Apollo Global Management during the 1st quarter worth $28,000. Zions Bancorporation N.A. acquired a new stake in Apollo Global Management during the 1st quarter worth $30,000. Finally, Patriot Financial Group Insurance Agency LLC boosted its stake in Apollo Global Management by 323.7% during the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 500 shares of the financial services provider's stock worth $31,000 after purchasing an additional 382 shares during the period. Institutional investors and hedge funds own 69.40% of the company's stock.
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Insider Activity at Apollo Global Management
In related news, CFO Martin Kelly sold 20,000 shares of the business's stock in a transaction that occurred on Friday, August 12th. The stock was sold at an average price of $60.86, for a total value of $1,217,200.00. Following the completion of the sale, the chief financial officer now owns 484,275 shares of the company's stock, valued at approximately $29,472,976.50. The sale was disclosed in a document filed with the SEC, which is available at this link. In other Apollo Global Management news, CFO Martin Kelly sold 20,000 shares of the company's stock in a transaction that occurred on Friday, August 12th. The stock was sold at an average price of $60.86, for a total transaction of $1,217,200.00. Following the completion of the sale, the chief financial officer now owns 484,275 shares of the company's stock, valued at $29,472,976.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Walter Joseph Clayton III bought 5,000 shares of the firm's stock in a transaction on Tuesday, August 30th. The shares were bought at an average cost of $56.07 per share, with a total value of $280,350.00. Following the transaction, the director now directly owns 29,737 shares of the company's stock, valued at $1,667,353.59. The disclosure for this purchase can be found here. 15.40% of the stock is currently owned by company insiders.
Apollo Global Management Price Performance
Apollo Global Management stock traded down $2.90 during midday trading on Thursday, hitting $47.15. The company's stock had a trading volume of 57,853 shares, compared to its average volume of 2,679,264. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.04. The stock's 50-day moving average price is $56.24 and its 200-day moving average price is $55.58. Apollo Global Management, Inc. has a 12 month low of $45.97 and a 12 month high of $81.07. The company has a market capitalization of $26.92 billion, a PE ratio of -16.09, a price-to-earnings-growth ratio of 0.59 and a beta of 1.64.
Apollo Global Management (NYSE:APO – Get Rating) last issued its quarterly earnings results on Thursday, August 4th. The financial services provider reported $1.06 EPS for the quarter, topping the consensus estimate of $1.02 by $0.04. Apollo Global Management had a negative net margin of 44.62% and a positive return on equity of 42.48%. During the same period in the previous year, the firm earned $1.14 EPS. Analysts anticipate that Apollo Global Management, Inc. will post 5.17 earnings per share for the current fiscal year.
Apollo Global Management Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 31st. Stockholders of record on Thursday, August 18th were issued a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, August 17th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.39%. Apollo Global Management's dividend payout ratio is -51.45%.
Analyst Upgrades and Downgrades
A number of brokerages recently weighed in on APO. Morgan Stanley increased their price target on shares of Apollo Global Management from $60.00 to $61.00 and gave the stock an "equal weight" rating in a research note on Monday, August 15th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Apollo Global Management from $91.00 to $87.00 in a research note on Friday, August 12th. Bank of America upgraded shares of Apollo Global Management from an "underperform" rating to a "neutral" rating in a report on Friday, September 23rd. They noted that the move was a valuation call. Wells Fargo & Company dropped their target price on shares of Apollo Global Management from $73.00 to $66.00 and set an "overweight" rating for the company in a report on Wednesday, July 13th. Finally, Barclays began coverage on shares of Apollo Global Management in a research note on Wednesday, August 31st. They set an "overweight" rating and a $70.00 price target on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Apollo Global Management has a consensus rating of "Moderate Buy" and an average target price of $77.72.
Apollo Global Management Company Profile
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Apollo Global Management, Inc is a private equity firm specializing in investments in credit, private equity and real estate markets. The firm's private equity investments include traditional buyouts, recapitalization, distressed buyouts and debt investments in real estate, corporate partner buyouts, distressed asset, corporate carve-outs, middle market, growth capital, turnaround, bridge, corporate restructuring, special situation, acquisition, and industry consolidation transactions.
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