Apollo Global Management Inc. $APO Stock: Assenagon Asset Management S.A. Decreases Stake

Key Points

• Assenagon Asset Management reduced its Apollo Global Management stake by 16.3% in the third quarter, selling 43,744 shares and retaining 224,970 shares valued at approximately $24.7 million.
• Institutional investors collectively own 77.06% of Apollo’s stock, with several major funds—including Temasek and Curated Wealth Partners—substantially increasing their positions.
• Apollo shares opened at $110.87, well below the analyst consensus price target of $152.60. Analysts maintain a “Moderate Buy” consensus, despite the company missing quarterly EPS and revenue estimates.

Assenagon Asset Management S.A. lessened its holdings in shares of Apollo Global Management Inc. (NYSE:APO - Free Report) by 16.3% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 224,970 shares of the financial services provider's stock after selling 43,744 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Apollo Global Management were worth $24,732,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Apollo Global Management by 4.3% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,657,781 shares of the financial services provider's stock worth $669,372,000 after buying an additional 234,517 shares during the period. Legal & General Group Plc purchased a new position in shares of Apollo Global Management during the 2nd quarter worth approximately $459,987,000. Bank of New York Mellon Corp lifted its stake in shares of Apollo Global Management by 7.0% in the 1st quarter. Bank of New York Mellon Corp now owns 2,901,110 shares of the financial services provider's stock valued at $323,242,000 after purchasing an additional 188,668 shares during the period. Temasek Holdings Private Ltd grew its stake in Apollo Global Management by 214.4% in the first quarter. Temasek Holdings Private Ltd now owns 2,368,162 shares of the financial services provider's stock worth $263,861,000 after purchasing an additional 1,614,813 shares during the period. Finally, Curated Wealth Partners LLC grew its stake in Apollo Global Management by 91.8% in the third quarter. Curated Wealth Partners LLC now owns 2,205,762 shares of the financial services provider's stock worth $255,887,000 after purchasing an additional 1,055,818 shares during the period. Hedge funds and other institutional investors own 77.06% of the company's stock.

Apollo Global Management Price Performance

Shares of NYSE:APO opened at $110.87 on Monday. 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 firm has a market cap of $65.47 billion, a price-to-earnings ratio of 40.61, a price-to-earnings-growth ratio of 0.98 and a beta of 1.58. The business has a 50-day simple moving average of $126.76 and a two-hundred day simple moving average of $125.22. Apollo Global Management Inc. has a fifty-two week low of $99.56 and a fifty-two week high of $153.29.

Apollo Global Management (NYSE:APO - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The financial services provider reported $2.11 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.16 by ($0.05). Apollo Global Management had a net margin of 5.22% and a return on equity of 14.01%. The company had revenue of $5.57 billion for the quarter, compared to analysts' expectations of $5.65 billion. During the same period in the previous year, the business earned $1.92 EPS. On average, analysts expect that Apollo Global Management Inc. will post 8.00 earnings per share for the current year.

Apollo Global Management Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 31st. Shareholders of record on Wednesday, August 19th were given a $0.5625 dividend. This represents a $2.25 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend was Wednesday, August 19th. Apollo Global Management's payout ratio is 82.42%.

Insider Buying and Selling

In other Apollo Global Management news, CFO Martin Kelly sold 3,000 shares of the business's stock in a transaction on Friday, August 14th. The shares were sold at an average price of $140.84, for a total transaction of $422,520.00. Following the completion of the sale, the chief financial officer directly owned 396,533 shares in the company, valued at approximately $55,847,707.72. The trade was a 0.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 8.30% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on APO. TD Cowen decreased their target price on shares of Apollo Global Management from $159.00 to $154.00 and set a "buy" rating for the company in a research note on Monday, October 12th. Piper Sandler lifted their target price on shares of Apollo Global Management from $156.00 to $159.00 and gave the company an "overweight" rating in a report on Tuesday, August 4th. Keefe, Bruyette & Woods upgraded shares of Apollo Global Management to a "hold" rating in a report on Monday, July 20th. Jefferies Financial Group reduced their price objective on Apollo Global Management from $138.00 to $127.00 and set a "hold" rating for the company in a research report on Tuesday, October 6th. Finally, Rothschild & Co Redburn lifted their price objective on Apollo Global Management from $171.00 to $173.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Fourteen investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $152.60.

Apollo Global Management Company Profile

Apollo Global Management, Inc NYSE: APO is a global alternative asset manager that provides investment solutions to institutions, companies and individual investors. The firm manages strategies across private equity, credit, real assets, infrastructure, secondaries and other alternative investments.

Apollo invests across a range of industries and geographies, supporting companies through buyouts, growth investments, structured financing and other forms of private capital. Its credit business provides lending and fixed-income solutions, while its real assets and infrastructure strategies focus on areas such as energy, transportation, communications and other essential services.

The company was founded in 1990 by Leon Black, Josh Harris and Marc Rowan.

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