Assetmark Inc. Decreases Stock Position in Apollo Global Management Inc. (NYSE:APO)

Key Points

• Assetmark Inc. sold 29,495 shares of Apollo Global Management, reducing its holdings by 27.9%, leaving it with 76,132 shares valued at approximately $10.4 million.
• Apollo Global Management reported earnings of $1.82 per share, missing analysts' expectations, despite a significant revenue of $5.55 billion for the quarter.
• The company announced a quarterly dividend increase to $0.51, representing an annualized dividend yield of 1.35% and a payout ratio of 35.73%.

Assetmark Inc. lessened its holdings in shares of Apollo Global Management Inc. (NYSE:APO - Free Report) by 27.9% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 76,132 shares of the financial services provider's stock after selling 29,495 shares during the period. Assetmark Inc.'s holdings in Apollo Global Management were worth $10,425,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Ellevest Inc. increased its holdings in Apollo Global Management by 1.5% in the fourth quarter. Ellevest Inc. now owns 4,451 shares of the financial services provider's stock valued at $735,000 after purchasing an additional 67 shares during the last quarter. Vivaldi Capital Management LP increased its holdings in shares of Apollo Global Management by 2.1% in the fourth quarter. Vivaldi Capital Management LP now owns 3,382 shares of the financial services provider's stock worth $566,000 after acquiring an additional 71 shares in the last quarter. Colonial Trust Co SC increased its holdings in shares of Apollo Global Management by 29.2% in the fourth quarter. Colonial Trust Co SC now owns 350 shares of the financial services provider's stock worth $58,000 after acquiring an additional 79 shares in the last quarter. GW&K Investment Management LLC increased its holdings in shares of Apollo Global Management by 84.5% in the first quarter. GW&K Investment Management LLC now owns 190 shares of the financial services provider's stock worth $26,000 after acquiring an additional 87 shares in the last quarter. Finally, CVA Family Office LLC increased its holdings in shares of Apollo Global Management by 19.7% in the first quarter. CVA Family Office LLC now owns 534 shares of the financial services provider's stock worth $73,000 after acquiring an additional 88 shares in the last quarter. Institutional investors own 77.06% of the company's stock.

Apollo Global Management Stock Performance

Shares of APO traded up $1.11 on Thursday, reaching $146.57. 712,735 shares of the company's stock traded hands, compared to its average volume of 3,593,852. 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 stock has a market cap of $83.76 billion, a PE ratio of 25.67, a PEG ratio of 1.66 and a beta of 1.59. The stock's 50 day simple moving average is $140.19 and its two-hundred day simple moving average is $142.61. Apollo Global Management Inc. has a 52-week low of $95.11 and a 52-week high of $189.49.

Apollo Global Management (NYSE:APO - Get Free Report) last released its earnings results on Friday, May 2nd. The financial services provider reported $1.82 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 firm had revenue of $5.55 billion during the quarter, compared to analysts' expectations of $977.14 million. During the same period in the prior year, the business earned $1.72 earnings per share. The business's quarterly revenue was down 21.2% compared to the same quarter last year. On average, analysts forecast that Apollo Global Management Inc. will post 8 earnings per share for the current fiscal year.

Apollo Global Management Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 16th were paid a dividend of $0.51 per share. 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 annualized dividend and a yield of 1.39%. Apollo Global Management's dividend payout ratio (DPR) is currently 35.73%.

Insider Transactions at Apollo Global Management

In related news, CFO Martin Kelly sold 4,000 shares of Apollo Global Management stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $132.57, for a total transaction of $530,280.00. Following the completion of the sale, the chief financial officer owned 373,164 shares of the company's stock, valued at approximately $49,470,351.48. This trade represents a 1.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 8.20% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. TD Cowen lowered their price target on Apollo Global Management from $214.00 to $144.00 and set a "buy" rating for the company in a report on Wednesday, April 9th. Cowen reissued a "buy" rating on shares of Apollo Global Management in a research report on Monday, May 5th. Barclays raised their price objective on Apollo Global Management from $156.00 to $168.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Morgan Stanley lowered their target price on Apollo Global Management from $170.00 to $131.00 and set an "equal weight" rating on the stock in a research note on Monday, April 14th. Finally, Raymond James Financial began coverage on Apollo Global Management in a research note on Thursday, April 10th. They set a "strong-buy" rating and a $173.00 price objective on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Apollo Global Management currently has an average rating of "Moderate Buy" and an average price target of $161.00.

Apollo Global Management Company Profile

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.