Apollo Global Management Inc. $APO Stake Lifted by Spinnaker Trust

Spinnaker Trust increased its stake in shares of Apollo Global Management Inc. (NYSE:APO) by 110.2% in the second quarter, Holdings Channel.com reports. The institutional investor owned 37,669 shares of the financial services provider’s stock after acquiring an additional 19,745 shares during the period. Spinnaker Trust’s holdings in Apollo Global Management were worth $5,344,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in APO. Boston Partners bought a new position in Apollo Global Management during the 1st quarter worth $370,543,000. Nuveen LLC acquired a new position in Apollo Global Management during the 1st quarter worth $342,335,000. Vanguard Group Inc. boosted its position in Apollo Global Management by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 46,028,812 shares of the financial services provider’s stock worth $6,303,186,000 after acquiring an additional 893,428 shares during the period. Goldman Sachs Group Inc. boosted its position in Apollo Global Management by 24.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,581,732 shares of the financial services provider’s stock worth $490,482,000 after acquiring an additional 706,181 shares during the period. Finally, Alliancebernstein L.P. boosted its position in Apollo Global Management by 33.0% during the 1st quarter. Alliancebernstein L.P. now owns 2,473,614 shares of the financial services provider’s stock worth $338,737,000 after acquiring an additional 613,124 shares during the period. 77.06% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on APO shares. Citigroup reduced their price target on Apollo Global Management from $170.00 to $150.00 and set a “buy” rating for the company in a research report on Monday, October 13th. Evercore ISI upped their price objective on Apollo Global Management from $155.00 to $160.00 and gave the company an “outperform” rating in a report on Wednesday, August 6th. BMO Capital Markets assumed coverage on Apollo Global Management in a report on Friday, October 3rd. They issued a “market perform” rating and a $132.00 price objective for the company. Morgan Stanley cut their price objective on Apollo Global Management from $154.00 to $151.00 and set an “equal weight” rating for the company in a report on Tuesday, October 21st. Finally, Wells Fargo & Company upped their price objective on Apollo Global Management from $160.00 to $173.00 and gave the company an “overweight” rating in a report on Friday, July 11th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $162.57.

Insider Activity

In related news, CFO Martin Kelly sold 15,500 shares of the company’s stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $145.11, for a total transaction of $2,249,205.00. Following the transaction, the chief financial officer directly owned 332,399 shares of the company’s stock, valued at approximately $48,234,418.89. The trade was a 4.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Leon D. Black sold 915,000 shares of the company’s stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $134.03, for a total value of $122,637,450.00. Following the transaction, the insider directly owned 4,526,000 shares in the company, valued at $606,619,780. The trade was a 16.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 935,000 shares of company stock valued at $125,543,790 over the last three months. Insiders own 8.20% of the company’s stock.

Apollo Global Management Trading Up 0.3%

Shares of NYSE APO opened at $124.83 on Thursday. Apollo Global Management Inc. has a 12 month low of $102.58 and a 12 month high of $189.49. The company has a market cap of $71.40 billion, a price-to-earnings ratio of 23.33, a P/E/G ratio of 1.42 and a beta of 1.68. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 0.37. The business has a fifty day simple moving average of $131.90 and a 200-day simple moving average of $136.16.

Apollo Global Management (NYSE:APO) last announced its earnings results on Tuesday, August 5th. The financial services provider reported $1.92 EPS for the quarter, beating the consensus estimate of $1.84 by $0.08. Apollo Global Management had a return on equity of 13.38% and a net margin of 13.25%.The business had revenue of $6,550,000 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same period in the prior year, the business posted $1.64 earnings per share. Sell-side analysts predict that Apollo Global Management Inc. will post 8 EPS for the current year.

Apollo Global Management Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Monday, August 18th were issued a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend was Monday, August 18th. Apollo Global Management’s dividend payout ratio is currently 38.13%.

About Apollo Global Management

Apollo Global Management, Inc is a private equity firm specializing in investments in credit, private equity, infrastructure, secondaries and real estate markets. The firm prefers to invest in private and public 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, venture capital, turnaround, bridge, corporate restructuring, special situation, acquisition, and industry consolidation transactions.