Bank of New York Mellon Corp Has $323.24 Million Stake in Apollo Global Management Inc. $APO

Key Points

• Bank of New York Mellon increased its Apollo Global Management stake by 7% in the first quarter, ending with 2.9 million shares worth about $323.2 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 fell 8.8% year over year.
• The company raised its quarterly dividend to $0.5625 per share, while analysts currently rate the stock a Moderate Buy with an average price target of $149.50.

Bank of New York Mellon Corp grew its stake in Apollo Global Management Inc. (NYSE:APO - Free Report) by 7.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,901,110 shares of the financial services provider's stock after acquiring an additional 188,668 shares during the period. Bank of New York Mellon Corp owned 0.50% of Apollo Global Management worth $323,242,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Kohmann Bosshard Financial Services LLC acquired a new stake in Apollo Global Management during the fourth quarter worth about $29,000. MBM Wealth Consultants LLC acquired a new position in Apollo Global Management during the 1st quarter valued at about $29,000. Steigerwald Gordon & Koch Inc. boosted its stake in Apollo Global Management by 484.1% in the first quarter. Steigerwald Gordon & Koch Inc. now owns 257 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 213 shares during the last quarter. Osbon Capital Management LLC purchased a new position in shares of Apollo Global Management in the fourth quarter valued at $36,000. Finally, Physician Wealth Advisors Inc. raised its holdings in shares of Apollo Global Management by 57.8% in the 4th quarter. Physician Wealth Advisors Inc. now owns 262 shares of the financial services provider's stock valued at $38,000 after acquiring an additional 96 shares in the last quarter. Institutional investors own 77.06% of the company's stock.

Apollo Global Management Stock Down 2.3%

NYSE APO opened at $120.51 on Friday. The business's fifty day simple moving average is $127.52 and its 200-day simple moving average is $125.06. 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 Inc. has a 52 week low of $99.56 and a 52 week high of $156.89. The firm has a market cap of $69.48 billion, a PE ratio of 76.76, a P/E/G ratio of 1.07 and a beta of 1.50.

Apollo Global Management (NYSE:APO - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $1.94 EPS for the quarter, topping analysts' consensus estimates 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 return on equity of 14.43% and a net margin of 3.62%.The business's revenue for the quarter was down 8.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.82 earnings per share. As a group, equities analysts anticipate that Apollo Global Management Inc. will post 8.23 earnings per share for the current year.

Apollo Global Management Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Tuesday, May 19th were issued a $0.5625 dividend. The ex-dividend date was Tuesday, May 19th. This represents a $2.25 dividend on an annualized basis and a dividend yield of 1.9%. This is a boost from Apollo Global Management's previous quarterly dividend of $0.51. Apollo Global Management's payout ratio is 143.31%.

Insider Buying and Selling at Apollo Global Management

In related news, insider John P. Zito sold 48,644 shares of Apollo Global Management stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $130.66, for a total transaction of $6,355,825.04. Following the completion of the transaction, the insider directly owned 3,063,696 shares in the company, valued at $400,302,519.36. The trade was a 1.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 8.30% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Royal Bank Of Canada dropped their price target on shares of Apollo Global Management from $146.00 to $137.00 and set a "sector perform" rating for the company in a research report on Monday, July 13th. Barclays raised their price objective on Apollo Global Management from $131.00 to $132.00 and gave the stock an "overweight" rating in a research note on Thursday, July 9th. Weiss Ratings lowered Apollo Global Management from a "hold (c)" rating to a "hold (c-)" rating in a research report on Monday, May 11th. The Goldman Sachs Group decreased their price target on shares of Apollo Global Management from $169.00 to $134.00 and set a "buy" rating on the stock in a research note on Tuesday, April 7th. Finally, Evercore reiterated an "outperform" rating on shares of Apollo Global Management in a report on Tuesday, April 21st. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $149.50.

Apollo Global Management 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.

Want to see what other hedge funds are holding APO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Apollo Global Management Inc. (NYSE:APO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.