Apollo Global Management Inc. $APO Position Lifted by Ethic Inc.

Key Points

• Ethic Inc. increased its Apollo Global Management stake by 19.5% in the third quarter, adding 8,650 shares to hold 52,942 shares valued at about $5.9 million.
• Other institutional investors also increased holdings, and institutions collectively owned 77.06% of Apollo’s stock. Two company insiders reported share sales during the period covered by the article.
• Analysts’ consensus rating was “Moderate Buy,” with an average price target of $145.21. Apollo also declared a quarterly dividend of $0.5625 per share, equivalent to a 1.8% yield.

Ethic Inc. raised its stake in shares of Apollo Global Management Inc. (NYSE:APO - Free Report) by 19.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 52,942 shares of the financial services provider's stock after purchasing an additional 8,650 shares during the quarter. Ethic Inc.'s holdings in Apollo Global Management were worth $5,908,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. 180 Wealth Advisors LLC increased its position in shares of Apollo Global Management by 3.1% during the 3rd quarter. 180 Wealth Advisors LLC now owns 5,742 shares of the financial services provider's stock valued at $666,000 after purchasing an additional 171 shares during the last quarter. Asset Dedication LLC lifted its position in Apollo Global Management by 291.9% in the 3rd quarter. Asset Dedication LLC now owns 482 shares of the financial services provider's stock worth $56,000 after buying an additional 359 shares during the last quarter. Alps Advisors Inc. boosted its stake in Apollo Global Management by 1,277.6% in the third quarter. Alps Advisors Inc. now owns 317,733 shares of the financial services provider's stock worth $36,876,000 after buying an additional 294,669 shares in the last quarter. CenterBook Partners LP raised its stake in shares of Apollo Global Management by 101.1% during the third quarter. CenterBook Partners LP now owns 7,449 shares of the financial services provider's stock worth $865,000 after acquiring an additional 3,745 shares in the last quarter. Finally, Canvas Wealth Advisors LLC raised its stake in shares of Apollo Global Management by 85.4% during the third quarter. Canvas Wealth Advisors LLC now owns 3,784 shares of the financial services provider's stock worth $427,000 after acquiring an additional 1,743 shares in the last quarter. Hedge funds and other institutional investors own 77.06% of the company's stock.

Insider Activity at Apollo Global Management

In related news, CFO Martin Kelly sold 3,000 shares of the firm's stock in a transaction 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 completion of the sale, the chief financial officer owned 396,533 shares of the company's stock, valued at $55,847,707.72. This trade represents a 0.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Whitney Chatterjee sold 7,339 shares of the firm's stock in a transaction on Wednesday, November 4th. The stock was sold at an average price of $117.83, for a total value of $864,754.37. Following the completion of the sale, the insider directly owned 129,151 shares of the company's stock, valued at $15,217,862.33. The trade was a 5.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 8.30% of the company's stock.

Apollo Global Management Price Performance

APO stock opened at $122.24 on Tuesday. The firm's 50-day moving average price is $120.53 and its two-hundred day moving average price is $122.86. Apollo Global Management Inc. has a 12-month low of $99.56 and a 12-month high of $153.29. The stock has a market capitalization of $72.19 billion, a price-to-earnings ratio of -66.80, a PEG ratio of 1.13 and a beta of 1.51. The company has a current ratio of 1.41, a quick ratio of 1.70 and a debt-to-equity ratio of 0.42.

Apollo Global Management Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 30th. Shareholders of record on Wednesday, November 18th will be given a dividend of $0.5625 per share. The ex-dividend date of this dividend is Wednesday, November 18th. This represents a $2.25 dividend on an annualized basis and a yield of 1.8%. Apollo Global Management's dividend payout ratio is presently -122.95%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on APO shares. Argus reduced their target price on shares of Apollo Global Management from $160.00 to $140.00 and set a "buy" rating on the stock in a report on Friday. Rothschild & Co Redburn boosted their price target on shares of Apollo Global Management from $171.00 to $173.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. TD Cowen cut their price target on shares of Apollo Global Management from $154.00 to $136.00 and set a "buy" rating for the company in a research report on Wednesday, November 4th. Keefe, Bruyette & Woods reduced their price objective on Apollo Global Management from $135.00 to $130.00 and set a "market perform" rating on the stock in a research note on Wednesday, November 4th. Finally, Jefferies Financial Group reduced their price objective on Apollo Global Management from $138.00 to $127.00 and set a "hold" rating on the stock in a research note on Tuesday, October 6th. Thirteen analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $145.21.

About Apollo Global Management

Apollo Global Management is a global alternative asset manager that provides investment management and retirement services. Its investment strategies span private equity, credit and real assets, including infrastructure, and it serves institutional and individual investors.

The company was founded in 1990 by Leon Black, Josh Harris and Marc Rowan. It has since expanded its investment businesses and retirement-services operations, including through Athene, its retirement services platform.

Apollo operates across global markets and is led by co-founder Marc Rowan, who serves as chief executive officer.

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