Apollo Global Management Inc. $APO Stock Position Reduced by Cibc World Market Inc.

Key Points

• Cibc World Market Inc. reduced its Apollo Global Management stake by 35.2% in the fourth quarter, selling 74,363 shares and leaving it with 137,071 shares worth about $19.8 million.
• Apollo reported better-than-expected EPS of $1.94 in its latest quarter, though revenue of $5.06 billion came in below estimates and was down 8.8% year over year.
• The company raised its quarterly dividend to $0.5625 per share, and analysts currently have a Moderate Buy consensus with an average price target of $151.23.

Cibc World Market Inc. cut its stake in shares of Apollo Global Management Inc. (NYSE:APO - Free Report) by 35.2% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 137,071 shares of the financial services provider's stock after selling 74,363 shares during the period. Cibc World Market Inc.'s holdings in Apollo Global Management were worth $19,842,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Atlantic Union Bankshares Corp grew its position in Apollo Global Management by 99.0% during the third quarter. Atlantic Union Bankshares Corp now owns 199 shares of the financial services provider's stock valued at $27,000 after purchasing an additional 99 shares in the last quarter. Kohmann Bosshard Financial Services LLC purchased a new position in Apollo Global Management during the fourth quarter valued at approximately $29,000. Physician Wealth Advisors Inc. grew its position in Apollo Global Management by 57.8% during the fourth quarter. Physician Wealth Advisors Inc. now owns 262 shares of the financial services provider's stock valued at $38,000 after purchasing an additional 96 shares in the last quarter. City Holding Co. grew its position in Apollo Global Management by 391.9% during the fourth quarter. City Holding Co. now owns 305 shares of the financial services provider's stock valued at $44,000 after purchasing an additional 243 shares in the last quarter. Finally, Cullen Frost Bankers Inc. grew its position in Apollo Global Management by 54.4% during the fourth quarter. Cullen Frost Bankers Inc. now owns 366 shares of the financial services provider's stock valued at $53,000 after purchasing an additional 129 shares in the last quarter. 77.06% of the stock is owned by hedge funds and other institutional investors.

Apollo Global Management Price Performance

NYSE APO opened at $128.01 on Friday. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.45. The company has a fifty day simple moving average of $122.81 and a 200 day simple moving average of $127.80. The company has a market cap of $73.80 billion, a P/E ratio of 81.53, a P/E/G ratio of 1.11 and a beta of 1.50. Apollo Global Management Inc. has a 1 year low of $99.56 and a 1 year high of $157.28.

Apollo Global Management (NYSE:APO - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $1.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.05. The business had revenue of $5.06 billion during the quarter, compared to the consensus estimate of $5.19 billion. Apollo Global Management had a net margin of 3.62% and a return on equity of 14.43%. Apollo Global Management's quarterly revenue was down 8.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.82 EPS. On average, sell-side analysts predict that Apollo Global Management Inc. will post 8.28 EPS for the current year.

Apollo Global Management Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Tuesday, May 19th were issued a dividend of $0.5625 per share. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a $2.25 annualized dividend and a dividend yield of 1.8%. This is an increase from Apollo Global Management's previous quarterly dividend of $0.51. Apollo Global Management's payout ratio is currently 143.31%.

Analysts Set New Price Targets

Several analysts have commented on APO shares. Evercore reissued an "outperform" rating on shares of Apollo Global Management in a research report on Tuesday, April 21st. Wall Street Zen downgraded shares of Apollo Global Management from a "hold" rating to a "sell" rating in a research report on Saturday, May 9th. Piper Sandler boosted their target price on shares of Apollo Global Management from $146.00 to $157.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 26th. Morgan Stanley decreased their target price on shares of Apollo Global Management from $181.00 to $165.00 and set an "overweight" rating for the company in a research report on Tuesday, April 21st. Finally, Argus raised shares of Apollo Global Management to a "strong-buy" rating in a research report on Thursday, February 19th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, Apollo Global Management presently has a consensus rating of "Moderate Buy" and an average price target of $151.23.

Insider Activity

In related news, insider John P. Zito sold 48,644 shares of the company's stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $130.66, for a total transaction of $6,355,825.04. Following the completion of the sale, the insider directly owned 3,063,696 shares of the company's stock, valued at approximately $400,302,519.36. This represents a 1.56% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 8.30% of the company's stock.

About Apollo Global Management

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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