Apollo Global Management Inc. $APO Stock Position Boosted by Allstate Corp

Key Points

• Allstate Corp more than doubled its stake in Apollo Global Management during the fourth quarter, buying 16,503 additional shares and bringing its total holding to 32,620 shares worth about $4.72 million.
• Apollo reported better-than-expected quarterly earnings of $1.94 per share, though revenue came in below estimates at $5.06 billion and was down 8.8% year over year.
• The company raised its quarterly dividend to $0.5625 per share, or $2.25 annually, while analysts remain broadly positive with a Moderate Buy consensus and average price target of $151.23.

Allstate Corp boosted its stake in Apollo Global Management Inc. (NYSE:APO - Free Report) by 102.4% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 32,620 shares of the financial services provider's stock after buying an additional 16,503 shares during the period. Allstate Corp's holdings in Apollo Global Management were worth $4,722,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Apollo Global Management by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 47,760,608 shares of the financial services provider's stock valued at $6,913,826,000 after purchasing an additional 340,956 shares in the last quarter. Northern Trust Corp lifted its position in shares of Apollo Global Management by 7.3% in the 3rd quarter. Northern Trust Corp now owns 4,385,787 shares of the financial services provider's stock valued at $584,494,000 after acquiring an additional 299,698 shares in the last quarter. Legal & General Group Plc boosted its stake in Apollo Global Management by 4.5% in the 4th quarter. Legal & General Group Plc now owns 3,611,839 shares of the financial services provider's stock worth $522,850,000 after purchasing an additional 155,857 shares during the period. Bank of New York Mellon Corp boosted its stake in Apollo Global Management by 2.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,451,537 shares of the financial services provider's stock worth $326,716,000 after purchasing an additional 48,053 shares during the period. Finally, Bessemer Group Inc. boosted its stake in Apollo Global Management by 31.1% in the 3rd quarter. Bessemer Group Inc. now owns 1,617,228 shares of the financial services provider's stock worth $215,530,000 after purchasing an additional 383,198 shares during the period. Institutional investors own 77.06% of the company's stock.

Apollo Global Management Trading Up 1.2%

NYSE:APO opened at $129.99 on Wednesday. Apollo Global Management Inc. has a 12 month low of $99.56 and a 12 month high of $157.28. The company's 50 day moving average is $119.89 and its 200-day moving average is $127.95. The firm has a market cap of $74.94 billion, a price-to-earnings ratio of 82.80, a P/E/G ratio of 1.11 and a beta of 1.52. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.45.

Apollo Global Management (NYSE:APO - Get Free Report) last announced its earnings results on Wednesday, May 6th. The financial services provider reported $1.94 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.89 by $0.05. Apollo Global Management had a net margin of 3.62% and a return on equity of 14.43%. The business had revenue of $5.06 billion for the quarter, compared to analyst estimates of $5.19 billion. During the same quarter in the previous year, the firm posted $1.82 earnings per share. Apollo Global Management's revenue was down 8.8% compared to the same quarter last year. Equities analysts anticipate that Apollo Global Management Inc. will post 8.29 EPS for the current year.

Apollo Global Management Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 29th. Investors of record on Tuesday, May 19th will be given a dividend of $0.5625 per share. This represents a $2.25 dividend on an annualized basis and a yield of 1.7%. This is an increase from Apollo Global Management's previous quarterly dividend of $0.51. The ex-dividend date of this dividend is Tuesday, May 19th. Apollo Global Management's payout ratio is presently 143.31%.

Wall Street Analyst Weigh In

Several research firms recently commented on APO. Evercore restated an "outperform" rating on shares of Apollo Global Management in a report on Tuesday, April 21st. Argus upgraded shares of Apollo Global Management to a "strong-buy" rating in a report on Thursday, February 19th. JPMorgan Chase & Co. decreased their price target on shares of Apollo Global Management from $164.00 to $162.00 and set an "overweight" rating for the company in a report on Tuesday, February 10th. Weiss Ratings cut shares of Apollo Global Management from a "hold (c)" rating to a "hold (c-)" rating in a report on Monday, May 11th. Finally, Deutsche Bank Aktiengesellschaft reissued a "buy" rating on shares of Apollo Global Management in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $151.23.

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.

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