Allen Investment Management LLC Purchases 333,428 Shares of Apollo Global Management Inc. (NYSE:APO)

Key Points

• Allen Investment Management LLC increased its stake in Apollo Global Management Inc. by 14.4%, acquiring an additional 333,428 shares during the first quarter, making it the firm's 10th largest holding.
• Apollo Global Management declared a new quarterly dividend of $0.51, up from the previous $0.46, reflecting a 1.35% dividend yield for investors.
• The firm reported quarterly earnings of $1.82 per share, which fell short of analyst expectations, amidst a 21.2% decline in revenue year-over-year.

Allen Investment Management LLC raised its stake in Apollo Global Management Inc. (NYSE:APO - Free Report) by 14.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,641,043 shares of the financial services provider's stock after acquiring an additional 333,428 shares during the period. Apollo Global Management makes up 4.2% of Allen Investment Management LLC's portfolio, making the stock its 10th biggest position. Allen Investment Management LLC owned approximately 0.46% of Apollo Global Management worth $361,664,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. HB Wealth Management LLC lifted its holdings in Apollo Global Management by 27.6% in the first quarter. HB Wealth Management LLC now owns 9,309 shares of the financial services provider's stock valued at $1,275,000 after acquiring an additional 2,011 shares during the period. Mediolanum International Funds Ltd raised its stake in shares of Apollo Global Management by 1.9% in the first quarter. Mediolanum International Funds Ltd now owns 130,961 shares of the financial services provider's stock worth $17,936,000 after buying an additional 2,500 shares during the period. Phoenix Financial Ltd. bought a new position in shares of Apollo Global Management in the first quarter worth about $4,029,000. AM Investment Strategies LLC raised its stake in shares of Apollo Global Management by 11.2% in the first quarter. AM Investment Strategies LLC now owns 62,976 shares of the financial services provider's stock worth $8,624,000 after buying an additional 6,338 shares during the period. Finally, Westover Capital Advisors LLC raised its stake in shares of Apollo Global Management by 54.7% in the first quarter. Westover Capital Advisors LLC now owns 14,783 shares of the financial services provider's stock worth $2,024,000 after buying an additional 5,226 shares during the period. 77.06% of the stock is owned by institutional investors.

Apollo Global Management Stock Down 0.6%

NYSE:APO traded down $0.89 on Wednesday, reaching $146.93. The stock had a trading volume of 716,905 shares, compared to its average volume of 3,604,608. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.34. The company has a 50-day moving average of $139.90 and a 200 day moving average of $142.59. The stock has a market cap of $83.97 billion, a P/E ratio of 25.79, a price-to-earnings-growth ratio of 1.67 and a beta of 1.59. Apollo Global Management Inc. has a 12-month low of $95.11 and a 12-month high of $189.49.

Apollo Global Management (NYSE:APO - Get Free Report) last issued its quarterly earnings results on Friday, May 2nd. The financial services provider reported $1.82 EPS for the quarter, missing the consensus estimate of $1.84 by ($0.02). Apollo Global Management had a return on equity of 13.45% and a net margin of 14.59%. The company had revenue of $5.55 billion for the quarter, compared to the consensus estimate of $977.14 million. During the same period in the previous year, the business posted $1.72 EPS. The business's revenue for the quarter was down 21.2% on a year-over-year basis. On average, research analysts predict that Apollo Global Management Inc. will post 8 earnings per share for the current year.

Apollo Global Management Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 16th were paid a $0.51 dividend. This is a positive change from Apollo Global Management's previous quarterly dividend of $0.46. The ex-dividend date was Friday, May 16th. This represents a $2.04 dividend on an annualized basis and a yield of 1.39%. Apollo Global Management's dividend payout ratio (DPR) is currently 35.73%.

Analyst Upgrades and Downgrades

APO has been the subject of several research analyst reports. Piper Sandler cut their target price on Apollo Global Management from $193.00 to $174.00 and set an "overweight" rating for the company in a research report on Monday, May 5th. Citigroup raised their price target on Apollo Global Management from $160.00 to $170.00 and gave the company a "buy" rating in a report on Thursday, July 10th. Raymond James Financial assumed coverage on Apollo Global Management in a research note on Thursday, April 10th. They issued a "strong-buy" rating and a $173.00 price objective for the company. Bank of America raised their price target on Apollo Global Management from $186.00 to $190.00 and gave the stock a "buy" rating in a research note on Friday, April 4th. Finally, Morgan Stanley decreased their target price on Apollo Global Management from $170.00 to $131.00 and set an "equal weight" rating for the company in a research report on Monday, April 14th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $161.00.

Insider Buying and Selling

In other Apollo Global Management news, CFO Martin Kelly sold 4,000 shares of the stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $132.57, for a total value of $530,280.00. Following the completion of the sale, the chief financial officer owned 373,164 shares in the company, valued at $49,470,351.48. This represents a 1.06% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 8.50% of the company's stock.

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.