Corebridge Financial Inc. Lowers Stock Position in Apollo Global Management Inc. $APO

Key Points

• Corebridge Financial Inc. reduced its stake in Apollo Global Management Inc. by 3.8% during Q1, now holding 105,979 shares valued at approximately $14.51 million.
• Apollo Global Management's recent financial results included earnings per share of $1.92, surpassing analysts' expectations of $1.84, with quarterly revenue of $6.55 billion.
• The company has announced a quarterly dividend of $0.51, representing an annualized dividend of $2.04 and a yield of 1.5%.

Corebridge Financial Inc. trimmed its stake in Apollo Global Management Inc. (NYSE:APO - Free Report) by 3.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 105,979 shares of the financial services provider's stock after selling 4,198 shares during the period. Corebridge Financial Inc.'s holdings in Apollo Global Management were worth $14,513,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of Apollo Global Management by 2.0% in the 1st quarter. Vanguard Group Inc. now owns 46,028,812 shares of the financial services provider's stock worth $6,303,186,000 after acquiring an additional 893,428 shares in the last quarter. Northern Trust Corp raised its position in shares of Apollo Global Management by 50.0% in the 4th quarter. Northern Trust Corp now owns 4,382,740 shares of the financial services provider's stock worth $723,853,000 after acquiring an additional 1,460,689 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in Apollo Global Management by 24.6% in the first quarter. Goldman Sachs Group Inc. now owns 3,581,732 shares of the financial services provider's stock worth $490,482,000 after purchasing an additional 706,181 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Apollo Global Management by 3.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,013,298 shares of the financial services provider's stock worth $412,641,000 after purchasing an additional 112,736 shares during the last quarter. Finally, Boston Partners purchased a new position in Apollo Global Management in the first quarter worth $370,543,000. 77.06% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Citigroup lifted their price target on shares of Apollo Global Management from $160.00 to $170.00 and gave the stock a "buy" rating in a report on Thursday, July 10th. Wells Fargo & Company lifted their price target on shares of Apollo Global Management from $160.00 to $173.00 and gave the stock an "overweight" rating in a report on Friday, July 11th. Cowen reaffirmed a "buy" rating on shares of Apollo Global Management in a report on Monday, May 5th. Wall Street Zen upgraded shares of Apollo Global Management from a "sell" rating to a "hold" rating in a research note on Saturday, August 16th. Finally, Barclays lifted their target price on shares of Apollo Global Management from $156.00 to $168.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $164.56.

Apollo Global Management Stock Performance

Shares of NYSE:APO traded up $0.13 during trading on Friday, hitting $136.52. The stock had a trading volume of 4,975,863 shares, compared to its average volume of 3,426,771. Apollo Global Management Inc. has a 12-month low of $102.58 and a 12-month high of $189.49. The stock has a market capitalization of $78.09 billion, a price-to-earnings ratio of 25.52, a price-to-earnings-growth ratio of 1.47 and a beta of 1.62. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 0.37. The stock has a 50-day simple moving average of $143.11 and a two-hundred day simple moving average of $138.42.

Apollo Global Management (NYSE:APO - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The financial services provider reported $1.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.84 by $0.08. Apollo Global Management had a return on equity of 13.38% and a net margin of 13.25%.The firm had revenue of $6,550,000 billion during the quarter, compared to analysts' expectations of $1.01 billion. During the same period last year, the business posted $1.64 earnings per share. On average, equities research analysts expect that Apollo Global Management Inc. will post 8 earnings per share for the current fiscal year.

Apollo Global Management Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Monday, August 18th were given a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend was Monday, August 18th. Apollo Global Management's dividend payout ratio (DPR) is currently 38.13%.

Insider Activity

In other Apollo Global Management news, CFO Martin Kelly sold 15,500 shares of the stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $145.11, for a total transaction of $2,249,205.00. Following the sale, the chief financial officer directly owned 332,399 shares of the company's stock, valued at approximately $48,234,418.89. This trade represents a 4.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Whitney Chatterjee sold 4,500 shares of the stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $146.03, for a total value of $657,135.00. Following the sale, the insider directly owned 83,192 shares in the company, valued at $12,148,527.76. This represents a 5.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. 8.20% of the stock is currently owned by company insiders.

About Apollo Global Management

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.