Empirical Financial Services LLC d.b.a. Empirical Wealth Management Takes Position in Apollo Global Management Inc. (NYSE:APO)

Key Points

• Empirical Financial Services LLC has made a new investment in Apollo Global Management, acquiring 43,655 shares valued at approximately $5.98 million.
• Apollo Global Management's recent earnings report showed EPS of $1.82, slightly missing estimates, with revenue down 21.2% compared to the previous year.
• The company announced a quarterly dividend increase to $0.51 per share, raising its annualized dividend yield to 1.40%.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new stake in Apollo Global Management Inc. (NYSE:APO - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 43,655 shares of the financial services provider's stock, valued at approximately $5,978,000.

Several other hedge funds also recently added to or reduced their stakes in APO. Geode Capital Management LLC grew its stake in Apollo Global Management by 64.6% in the fourth quarter. Geode Capital Management LLC now owns 9,413,245 shares of the financial services provider's stock worth $1,550,316,000 after purchasing an additional 3,695,979 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Apollo Global Management by 36.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,452,004 shares of the financial services provider's stock worth $1,065,615,000 after purchasing an additional 1,739,807 shares in the last quarter. Northern Trust Corp grew its stake in Apollo Global Management by 50.0% in the fourth quarter. Northern Trust Corp now owns 4,382,740 shares of the financial services provider's stock worth $723,853,000 after purchasing an additional 1,460,689 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in Apollo Global Management by 245.9% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,653,160 shares of the financial services provider's stock worth $438,196,000 after purchasing an additional 1,886,146 shares in the last quarter. Finally, Allen Investment Management LLC grew its stake in Apollo Global Management by 14.4% in the first quarter. Allen Investment Management LLC now owns 2,641,043 shares of the financial services provider's stock worth $361,664,000 after purchasing an additional 333,428 shares in the last quarter. 77.06% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Cowen restated a "buy" rating on shares of Apollo Global Management in a research note on Monday, May 5th. Bank of America lifted their target price on Apollo Global Management from $186.00 to $190.00 and gave the company a "buy" rating in a research note on Friday, April 4th. Wells Fargo & Company lifted their target price on Apollo Global Management from $160.00 to $173.00 and gave the company an "overweight" rating in a research note on Friday, July 11th. Citigroup lifted their target price on Apollo Global Management from $160.00 to $170.00 and gave the company a "buy" rating in a research note on Thursday, July 10th. Finally, UBS Group decreased their target price on Apollo Global Management from $170.00 to $155.00 and set a "neutral" rating for the company in a research note on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, two have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Apollo Global Management presently has an average rating of "Moderate Buy" and an average target price of $161.00.

Insiders Place Their Bets

In other Apollo Global Management news, CFO Martin Kelly sold 4,000 shares of the business's stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $132.57, for a total transaction of $530,280.00. Following the completion of the transaction, the chief financial officer owned 373,164 shares of the company's stock, valued at $49,470,351.48. The trade was a 1.06% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 8.20% of the stock is currently owned by corporate insiders.

Apollo Global Management Stock Down 4.8%

Shares of Apollo Global Management stock traded down $7.02 on Friday, hitting $138.30. 4,587,463 shares of the company traded hands, compared to its average volume of 2,360,023. The company has a 50-day moving average price of $140.63 and a 200 day moving average price of $142.39. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.34. Apollo Global Management Inc. has a 12-month low of $95.11 and a 12-month high of $189.49. The company has a market cap of $79.04 billion, a PE ratio of 24.22, a PEG ratio of 1.64 and a beta of 1.62.

Apollo Global Management (NYSE:APO - Get Free Report) last released its quarterly earnings data on Friday, May 2nd. The financial services provider reported $1.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.84 by ($0.02). The business had revenue of $5.55 billion during the quarter, compared to analyst estimates of $977.14 million. Apollo Global Management had a net margin of 14.59% and a return on equity of 13.45%. The firm's revenue for the quarter was down 21.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.72 EPS. Sell-side analysts predict that Apollo Global Management Inc. will post 8 earnings per share for the current year.

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.