Corient Private Wealth LP Trims Stake in Apollo Global Management Inc. $APO

Key Points

• Corient Private Wealth LP reduced its Apollo Global Management stake by 20.3% in the second quarter, selling 58,780 shares and retaining 230,067 shares valued at approximately $27.2 million. Institutional investors collectively own 77.06% of APO.
• Wall Street remains generally positive, with one Strong Buy, twelve Buy, and four Hold ratings. The stock has a “Moderate Buy” consensus rating and an average price target of $152.15, above its reported opening price of $129.12.
• Apollo reported quarterly earnings of $2.11 per share and revenue of $5.57 billion, both slightly below analyst estimates. The company also declared a quarterly dividend of $0.5625, equivalent to a 1.7% yield and a $2.25 annualized payout.

Corient Private Wealth LP cut its position in shares of Apollo Global Management Inc. (NYSE:APO - Free Report) by 20.3% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 230,067 shares of the financial services provider's stock after selling 58,780 shares during the period. Corient Private Wealth LP's holdings in Apollo Global Management were worth $27,219,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also made changes to their positions in the company. MBM Wealth Consultants LLC purchased a new position in shares of Apollo Global Management during the first quarter valued at $29,000. Steigerwald Gordon & Koch Inc. grew its holdings in Apollo Global Management by 484.1% during the 1st quarter. Steigerwald Gordon & Koch Inc. now owns 257 shares of the financial services provider's stock worth $29,000 after acquiring an additional 213 shares in the last quarter. Continuum Advisory LLC purchased a new position in Apollo Global Management during the 2nd quarter valued at about $30,000. Keating Financial Advisory Services Inc. purchased a new position in Apollo Global Management during the 2nd quarter valued at about $31,000. Finally, Osbon Capital Management LLC bought a new stake in shares of Apollo Global Management in the 4th quarter valued at about $36,000. 77.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on APO shares. JPMorgan Chase & Co. increased their price objective on shares of Apollo Global Management from $150.00 to $154.00 and gave the company an "overweight" rating in a research note on Wednesday, September 2nd. Piper Sandler reduced their price objective on shares of Apollo Global Management from $157.00 to $156.00 and set an "overweight" rating for the company in a research note on Monday, July 13th. Royal Bank Of Canada increased their target price on Apollo Global Management from $137.00 to $146.00 and gave the company a "sector perform" rating in a research report on Wednesday, August 5th. Weiss Ratings upgraded Apollo Global Management from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, August 21st. Finally, Morgan Stanley reduced their price target on Apollo Global Management from $165.00 to $164.00 and set an "overweight" rating for the company in a research report on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and four have issued 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 price target of $152.15.

Insider Buying and Selling at Apollo Global Management

In other news, CFO Martin Kelly sold 3,000 shares of the business's stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $140.84, for a total transaction of $422,520.00. Following the sale, the chief financial officer owned 396,533 shares in the company, valued at approximately $55,847,707.72. The trade was a 0.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 8.30% of the company's stock.

Apollo Global Management Stock Performance

Shares of APO stock opened at $129.12 on Monday. The business's fifty day simple moving average is $128.32 and its 200-day simple moving average is $123.39. The company has a market cap of $76.25 billion, a PE ratio of 47.30, a PEG ratio of 1.13 and a beta of 1.52. The company has a current ratio of 1.70, a quick ratio of 1.70 and a debt-to-equity ratio of 0.34. Apollo Global Management Inc. has a 12-month low of $99.56 and a 12-month high of $153.29.

Apollo Global Management (NYSE:APO - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The financial services provider reported $2.11 earnings per share for the quarter, missing analysts' consensus estimates of $2.16 by ($0.05). Apollo Global Management had a return on equity of 14.01% and a net margin of 5.22%.The business had revenue of $5.57 billion during the quarter, compared to analyst estimates of $5.65 billion. During the same period in the previous year, the business earned $1.92 EPS. Analysts expect that Apollo Global Management Inc. will post 8.08 earnings per share for the current fiscal year.

Apollo Global Management Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, August 31st. Shareholders of record on Wednesday, August 19th were issued a $0.5625 dividend. This represents a $2.25 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend was Wednesday, August 19th. Apollo Global Management's dividend payout ratio (DPR) is currently 82.42%.

About Apollo Global Management

Apollo Global Management, Inc NYSE: APO is a global alternative asset manager that provides investment management and retirement services. The company serves institutional investors, businesses and individual investors through a range of strategies focused on private equity, credit, real assets and other long-term investments.

Apollo's asset-management business invests across industries and geographies, with activities that include corporate and structured credit, private equity, infrastructure, real estate and hybrid strategies.

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