DAVENPORT & Co LLC cut its position in shares of Apollo Global Management, Inc. (NYSE:APO – Get Rating) by 8.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 13,386 shares of the financial services provider's stock after selling 1,238 shares during the period. DAVENPORT & Co LLC's holdings in Apollo Global Management were worth $649,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently added to or reduced their stakes in APO. Byrne Asset Management LLC purchased a new stake in Apollo Global Management during the fourth quarter worth $25,000. Parkside Financial Bank & Trust boosted its holdings in Apollo Global Management by 7,183.3% during the first quarter. Parkside Financial Bank & Trust now owns 437 shares of the financial services provider's stock worth $27,000 after buying an additional 431 shares in the last quarter. McIlrath & Eck LLC purchased a new stake in Apollo Global Management during the first quarter worth $28,000. Zions Bancorporation N.A. purchased a new stake in Apollo Global Management during the first quarter worth $30,000. Finally, Patriot Financial Group Insurance Agency LLC boosted its holdings in Apollo Global Management by 323.7% during the first quarter. Patriot Financial Group Insurance Agency LLC now owns 500 shares of the financial services provider's stock worth $31,000 after buying an additional 382 shares in the last quarter. 69.40% of the stock is owned by hedge funds and other institutional investors.
Get Apollo Global Management alerts:Apollo Global Management Price Performance
Apollo Global Management stock opened at $46.50 on Friday. Apollo Global Management, Inc. has a 12-month low of $45.97 and a 12-month high of $81.07. The stock has a market cap of $26.55 billion, a P/E ratio of -14.95, a PEG ratio of 0.61 and a beta of 1.64. The company has a 50-day moving average price of $55.96 and a 200 day moving average price of $55.41. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.04.
Apollo Global Management (NYSE:APO – Get Rating) last released its quarterly earnings data on Thursday, August 4th. The financial services provider reported $1.06 earnings per share (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 quarter in the previous year, the company earned $1.14 earnings per share. Sell-side analysts anticipate that Apollo Global Management, Inc. will post 5.17 earnings per share for the current year.Apollo Global Management Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 31st. Investors of record on Thursday, August 18th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 3.44%. The ex-dividend date was Wednesday, August 17th. Apollo Global Management's payout ratio is currently -51.45%.
Analysts Set New Price Targets
A number of equities analysts have weighed in on the stock. Barclays assumed coverage on shares of Apollo Global Management in a research report on Wednesday, August 31st. They set an "overweight" rating and a $70.00 price objective for the company. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Apollo Global Management from $91.00 to $87.00 in a research report on Friday, August 12th. Bank of America upgraded shares of Apollo Global Management from an "underperform" rating to a "neutral" rating in a research report on Friday, September 23rd. They noted that the move was a valuation call. Wells Fargo & Company reduced their price objective on shares of Apollo Global Management from $73.00 to $66.00 and set an "overweight" rating for the company in a research report on Wednesday, July 13th. Finally, Morgan Stanley upped their price objective on shares of Apollo Global Management from $60.00 to $61.00 and gave the stock an "equal weight" rating in a research report on Monday, August 15th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $77.72.
Insider Buying and Selling
In related news, CFO Martin Kelly sold 20,000 shares of the firm's stock in a transaction dated Friday, August 12th. The shares were 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 directly owns 484,275 shares in the company, valued at $29,472,976.50. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Apollo Global Management news, CFO Martin Kelly sold 20,000 shares of the stock in a transaction dated Friday, August 12th. The shares were sold at an average price of $60.86, for a total transaction of $1,217,200.00. Following the completion of the transaction, 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 legal filing with the SEC, which is available at this link. Also, Director Walter Joseph Clayton III bought 5,000 shares of the 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 purchase, the director now 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 owned by company insiders.
Apollo Global Management 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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