112,385 Shares in Apollo Global Management Inc. $APO Bought by RDST Capital LLC

Key Points

• RDST Capital LLC bought 112,385 Apollo Global Management shares during the second quarter, worth approximately $13.3 million and representing 1.1% of its portfolio. Institutional investors collectively own 77.06% of Apollo’s stock.
• Apollo reported quarterly revenue of $5.57 billion and adjusted earnings of $2.11 per share, slightly below analyst expectations of $5.65 billion and $2.16, respectively.
• The company declared a quarterly dividend of $0.5625 per share, or $2.25 annually, yielding about 1.7%. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $152.77.

RDST Capital LLC purchased a new stake in shares of Apollo Global Management Inc. (NYSE:APO - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 112,385 shares of the financial services provider's stock, valued at approximately $13,296,000. Apollo Global Management accounts for 1.1% of RDST Capital LLC's holdings, making the stock its 18th biggest position.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Apollo Global Management by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 47,760,608 shares of the financial services provider's stock worth $6,913,826,000 after purchasing an additional 340,956 shares during the period. Geode Capital Management LLC boosted its position in Apollo Global Management by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 10,198,837 shares of the financial services provider's stock worth $1,469,793,000 after purchasing an additional 200,312 shares in the last quarter. Northern Trust Corp grew its holdings in Apollo Global Management by 1.4% in the fourth quarter. Northern Trust Corp now owns 4,448,618 shares of the financial services provider's stock valued at $643,982,000 after purchasing an additional 62,831 shares during the period. Legal & General Group Plc acquired a new stake in Apollo Global Management in the second quarter valued at approximately $459,987,000. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Apollo Global Management by 3.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,288,100 shares of the financial services provider's stock valued at $475,985,000 after buying an additional 98,945 shares in the last quarter. Hedge funds and other institutional investors own 77.06% of the company's stock.

Apollo Global Management Stock Performance

NYSE APO opened at $132.72 on Tuesday. The company has a market cap of $78.38 billion, a PE ratio of 48.62, a price-to-earnings-growth ratio of 1.20 and a beta of 1.51. The stock's 50 day simple moving average is $126.57 and its 200-day simple moving average is $122.72. Apollo Global Management Inc. has a 1-year low of $99.56 and a 1-year high of $153.29. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.70 and a quick ratio of 1.70.

Apollo Global Management (NYSE:APO - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The financial services provider reported $2.11 EPS for the quarter, missing the consensus estimate of $2.16 by ($0.05). Apollo Global Management had a return on equity of 14.01% and a net margin of 5.22%.The firm had revenue of $5.57 billion for the quarter, compared to analysts' expectations of $5.65 billion. During the same quarter in the previous year, the firm posted $1.92 earnings per share. As a group, equities research analysts anticipate that Apollo Global Management Inc. will post 8.08 EPS for the current fiscal year.

Apollo Global Management Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Wednesday, August 19th will be paid a dividend of $0.5625 per share. This represents a $2.25 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Wednesday, August 19th. Apollo Global Management's payout ratio is 82.42%.

Insiders Place Their Bets

In other news, insider John P. Zito sold 48,644 shares of the firm's stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $130.66, for a total value of $6,355,825.04. Following the transaction, the insider directly owned 3,063,696 shares of the company's stock, valued at approximately $400,302,519.36. This trade represents a 1.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Martin Kelly sold 3,000 shares of the business's stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $140.84, for a total transaction of $422,520.00. Following the transaction, the chief financial officer owned 396,533 shares in the company, valued at $55,847,707.72. The trade was a 0.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 8.30% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on APO. Keefe, Bruyette & Woods raised Apollo Global Management to a "hold" rating in a research note on Monday, July 20th. Piper Sandler cut their price target on shares of Apollo Global Management from $157.00 to $156.00 and set an "overweight" rating for the company in a report on Monday, July 13th. Royal Bank Of Canada upped their price objective 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. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating on shares of Apollo Global Management in a report on Thursday, May 7th. Finally, BMO Capital Markets dropped 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 report on Monday, July 13th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $152.77.

Apollo Global Management Company Profile

Apollo Global Management, Inc NYSE: APO is a global alternative investment manager that specializes in private equity, credit and real assets. The firm originates, invests in and manages a broad set of strategies across distressed and opportunistic credit, direct lending, structured credit, buyouts and real estate. Apollo provides investment management and advisory services to institutional clients and individual investors through pooled funds, separate accounts and publicly listed investment vehicles.

Its private equity business pursues control and non-control investments across industries, often focusing on complex or distressed situations where operational improvement and capital solutions can create value.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source