According to a disclosure with the Securities and Exchange Commission, &AJ Wealth Strategies LLC recently acquired a new stake in Apollo Global Management, Inc. during the second quarter of this year. The institutional investor purchased 3,080 shares of the financial services provider’s stock, with an estimated value of approximately $237,000.
Apollo Global Management, traded on the New York Stock Exchange under the ticker symbol APO, released its quarterly earnings results on August 3rd. The company reported earnings per share of $1.54 for the quarter, falling short of analysts’ consensus estimates of $1.60 by $0.06. Despite this miss, Apollo Global Management maintained a net margin of 4.91% and achieved a return on equity of 109.78%. Additionally, the company generated revenue amounting to $793 million during the quarter, slightly surpassing analyst estimates of $781.82 million.
Reputable research analysts have also been closely following Apollo Global Management’s performance and have recently issued reports on the company’s stock. Wells Fargo & Company increased their price target from $85 to $95 and gave Apollo Global Management an “overweight” rating in a research note dated August 4th. Similarly, BMO Capital Markets boosted their target price from $96 to $103 and provided an “outperform” rating in a research report dated September 15th.
Furthermore, TheStreet upgraded Apollo Global Management from a “c+” rating to a “b-” rating in a research report back on June 20th. Barclays also showed confidence in the company and increased their price objective from $92 to $104 while assigning an “overweight” rating in a research report published on August 4th. Lastly, Morgan Stanley adjusted their price objective from $81 to $88 and assigned an “equal weight” rating in their research report dated August 8th.
Overall assessments indicate four hold ratings and nine buy ratings for Apollo Global Management. Bloomberg.com reports that the company currently has a consensus rating of “Moderate Buy” and an average price target of $85.38.
These recent developments shed light on the notable activities and evaluations surrounding Apollo Global Management. As the year progresses, investors and analysts will closely monitor its performance to discern any potential future opportunities or risks.
Please note that this article is based on information available as of October 2, 2023.
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Investor Positions and Analyst Reports on Apollo Global Management
Apollo Global Management, a leading global alternative investment manager, has seen several changes in its investor positions recently. Parkside Financial Bank & Trust has boosted its holdings in the company by a staggering 7,183.3% during the first quarter. The bank now owns 437 shares of Apollo Global Management’s stock, worth $27,000 after acquiring an additional 431 shares in the last quarter.
Sunbelt Securities Inc. and Zions Bancorporation N.A. have also acquired new stakes in Apollo Global Management during the first quarter, each worth about $30,000. Ronald Blue Trust Inc., on the other hand, has increased its position in the company by 274.8% during the same period, owning 491 shares valued at $31,000 after acquiring an additional 360 shares.
Furthermore, Close Asset Management Ltd purchased a new position in Apollo Global Management during the first quarter with a value of approximately $32,000. It is interesting to note that hedge funds and other institutional investors own 60.86% of the company’s stock.
As of Monday, October 2nd, Apollo Global Management opened at a price of $89.76 on the New York Stock Exchange (NYSE). The company boasts a quick ratio and current ratio of 0.74 and a debt-to-equity ratio of 0.85. Its 52-week low is $45.62 and its 52-week high is $93.18. With a market cap of $50.88 billion and a P/E ratio of 42.54, Apollo Global Management has positioned itself as a significant player in the financial services industry.
Analysts have recently issued reports on Apollo Global Management’s prospects as well. Wells Fargo & Company has given the stock an “overweight” rating with a target price ranging from $85 to $95 per share1. BMO Capital Markets believes that the stock will outperform the market, with a price target ranging from $96 to $103 per share2. TheStreet also upgraded its rating on Apollo Global Management from a “c+” to a “b-“3. Barclays and Morgan Stanley have both provided positive ratings for the stock, with price targets ranging from $92 to $104 per share4.
Apollo Global Management recently announced a quarterly dividend, which was paid on Thursday, August 31st. Shareholders of record received $0.43 per share. The ex-dividend date was Thursday, August 17th. This represents an annualized dividend of $1.72 and a yield of 1.92%. The company’s current payout ratio stands at 81.52%.
In other news, insider James C. Zelter has sold significant amounts of Apollo Global Management’s stock in recent months. To cite an example, on Thursday, July 13th, Zelter sold 60,779 shares at an average price of $79.22 per share5. Following the sale, he now holds approximately 5,678,785 shares valued at approximately $449 million6. These transactions were disclosed by the company in documents filed with the Securities & Exchange Commission.
With a consensus rating of “Moderate Buy” and an average price target of $85.38 according to Bloomberg.com7, Apollo Global Management continues to attract attention from investors and analysts alike. Despite recent changes in investor positions and insider selling activities, the company remains well-positioned and poised for further growth in the financial services industry.
References:
1) Wells Fargo & Company: http://www.wellsfargo.com/
2) BMO Capital Markets: http://www.bmocm.com/
3) TheStreet: http://www.thestreet.com/
4) Barclays: https://www.barclays.co.uk/wealth-management/
Morgan Stanley: https://www.morganstanley.com/
5) U.S. Securities and Exchange Commission: http://www.sec.gov/
6) Apollo Global Management: https://www.apollo.com/
7) Bloomberg: http://www.bloomberg.com/
