Wells Fargo & Company Begins Coverage on Apollo Global Management (NYSE:APO)

Key Points

• Wells Fargo initiated coverage of Apollo Global Management with an “equal weight” rating and a $127 price target, implying approximately 11.2% upside from the prior close.
• Apollo’s shares opened at $114.22 and were down 1.6%; the company recently reported quarterly EPS of $2.11 and revenue of $5.57 billion, both slightly below analyst expectations.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus rating and an average price target of $150.36; institutional investors own approximately 77.1% of the stock.

Equities researchers at Wells Fargo & Company assumed coverage on shares of Apollo Global Management (NYSE:APO - Get Free Report) in a research report issued to clients and investors on Friday, Benzinga reports. The firm set an "equal weight" rating and a $127.00 price target on the financial services provider's stock. Wells Fargo & Company's target price would indicate a potential upside of 11.19% from the company's previous close.

A number of other brokerages have also issued reports on APO. TD Cowen restated a "buy" rating on shares of Apollo Global Management in a research note on Thursday, August 6th. Keefe, Bruyette & Woods upgraded shares of Apollo Global Management to a "hold" rating in a research note on Monday, July 20th. Morgan Stanley decreased their price objective on shares of Apollo Global Management from $165.00 to $164.00 and set an "overweight" rating for the company in a report on Tuesday, July 21st. Royal Bank Of Canada boosted their target price on shares of Apollo Global Management from $137.00 to $146.00 and gave the stock a "sector perform" rating in a research report on Wednesday, August 5th. Finally, BMO Capital Markets cut their target price on shares of Apollo Global Management from $140.00 to $126.00 and set a "market perform" rating on the stock in a research note on Monday, July 13th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Apollo Global Management currently has an average rating of "Moderate Buy" and an average price target of $150.36.

Apollo Global Management Trading Down 1.6%

Shares of APO opened at $114.22 on Friday. Apollo Global Management has a one year low of $99.56 and a one year high of $153.29. The stock has a 50-day moving average price of $129.13 and a 200 day moving average price of $124.80. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.70 and a current ratio of 1.70. The company has a market capitalization of $67.45 billion, a P/E ratio of 41.84, a P/E/G ratio of 1.02 and a beta of 1.58.

Apollo Global Management (NYSE:APO - Get Free Report) last posted its quarterly earnings data 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 analysts' expectations of $5.65 billion. Apollo Global Management had a return on equity of 14.01% and a net margin of 5.22%.During the same quarter in the prior year, the firm earned $1.92 earnings per share. Sell-side analysts forecast that Apollo Global Management will post 8.08 EPS for the current fiscal year.

Insider Buying and Selling at Apollo Global Management

In related news, CFO Martin Kelly sold 3,000 shares of the firm's stock in a transaction that occurred on Friday, August 14th. The stock was 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 of the company's stock, valued at approximately $55,847,707.72. This trade represents a 0.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 8.30% of the company's stock.

Institutional Investors Weigh In On Apollo Global Management

Hedge funds have recently added to or reduced their stakes in the stock. Nykredit A S bought a new position in Apollo Global Management during the 2nd quarter valued at $14,515,000. Louisiana State Employees Retirement System bought a new stake in shares of Apollo Global Management in the 1st quarter worth $2,641,000. Hsbc Holdings PLC raised its stake in shares of Apollo Global Management by 7.1% in the 4th quarter. Hsbc Holdings PLC now owns 894,451 shares of the financial services provider's stock worth $129,786,000 after buying an additional 59,585 shares in the last quarter. Deutsche Bank AG acquired a new stake in shares of Apollo Global Management in the second quarter valued at $172,290,000. Finally, Focus Partners Wealth lifted its holdings in shares of Apollo Global Management by 2,560.3% in the fourth quarter. Focus Partners Wealth now owns 1,404,576 shares of the financial services provider's stock valued at $203,324,000 after buying an additional 1,351,778 shares during the period. 77.06% of the stock is currently owned by institutional investors.

About Apollo Global Management

Apollo Global Management, Inc NYSE: APO is a global alternative asset manager that provides investment management and related services to institutional investors, companies, family offices and individual investors. The firm invests across private equity, credit and real assets, with strategies spanning corporate lending, private and public debt, infrastructure, real estate and other long-term investments.

Apollo also manages retirement and insurance-related assets through Athene, a retirement services company affiliated with Apollo.

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