Fortis Capital Management LLC Takes $5.53 Million Position in Apollo Global Management Inc. $APO

Key Points

• Fortis Capital Management initiated a new position in Apollo Global Management during the first quarter, buying 49,641 shares worth about $5.53 million.
• Other institutional investors also increased exposure to APO, and institutional ownership now stands at 77.06%, while insider John P. Zito sold 48,644 shares in May for about $6.36 million.
• Analyst sentiment remains broadly positive with a Moderate Buy consensus and average target price of $149.08; Apollo also recently raised its quarterly dividend to $0.5625 per share.

Fortis Capital Management LLC bought a new stake in Apollo Global Management Inc. (NYSE:APO - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 49,641 shares of the financial services provider's stock, valued at approximately $5,531,000.

Several other large investors have also made changes to their positions in the company. Boston Partners boosted its position in Apollo Global Management by 106.7% in the fourth quarter. Boston Partners now owns 3,278,862 shares of the financial services provider's stock valued at $474,384,000 after buying an additional 1,692,532 shares in the last quarter. Temasek Holdings Private Ltd grew its stake in Apollo Global Management by 214.4% during the first quarter. Temasek Holdings Private Ltd now owns 2,368,162 shares of the financial services provider's stock worth $263,861,000 after buying an additional 1,614,813 shares during the last quarter. Focus Partners Wealth increased its holdings in shares of Apollo Global Management by 2,560.3% during the fourth quarter. Focus Partners Wealth now owns 1,404,576 shares of the financial services provider's stock worth $203,324,000 after buying an additional 1,351,778 shares in the last quarter. Corient Private Wealth LLC increased its holdings in shares of Apollo Global Management by 271.8% during the fourth quarter. Corient Private Wealth LLC now owns 1,024,143 shares of the financial services provider's stock worth $148,255,000 after buying an additional 748,697 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in shares of Apollo Global Management by 5,321.9% in the fourth quarter. Wellington Management Group LLP now owns 551,570 shares of the financial services provider's stock valued at $79,845,000 after acquiring an additional 541,397 shares during the last quarter. Institutional investors own 77.06% of the company's stock.

Insider Activity

In other news, insider John P. Zito sold 48,644 shares of the firm's stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $130.66, for a total value of $6,355,825.04. Following the transaction, the insider owned 3,063,696 shares of the company's stock, valued at approximately $400,302,519.36. This trade represents a 1.56% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 8.30% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on APO. Barclays boosted their target price on Apollo Global Management from $131.00 to $132.00 and gave the stock an "overweight" rating in a report on Thursday, July 9th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating on shares of Apollo Global Management in a report on Thursday, May 7th. BMO Capital Markets cut their price objective on Apollo Global Management from $140.00 to $126.00 and set a "market perform" rating for the company in a research report on Monday, July 13th. UBS Group boosted their price objective on Apollo Global Management from $138.00 to $158.00 and gave the stock a "buy" rating in a research note on Friday, May 8th. Finally, Morgan Stanley decreased their target price on Apollo Global Management from $165.00 to $164.00 and set an "overweight" rating on the stock in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $149.08.

Apollo Global Management Stock Up 0.2%

NYSE APO opened at $118.42 on Wednesday. The stock has a fifty day moving average of $127.01 and a 200-day moving average of $124.52. The stock has a market capitalization of $68.27 billion, a P/E ratio of 75.43, a price-to-earnings-growth ratio of 1.03 and a beta of 1.50. Apollo Global Management Inc. has a 52 week low of $99.56 and a 52 week high of $153.43. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.73 and a current ratio of 1.73.

Apollo Global Management (NYSE:APO - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $1.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.05. The business had revenue of $5.06 billion for the quarter, compared to analyst estimates of $5.19 billion. Apollo Global Management had a return on equity of 14.43% and a net margin of 3.62%.The firm's revenue for the quarter was down 8.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.82 earnings per share. On average, equities research analysts forecast that Apollo Global Management Inc. will post 8.22 EPS for the current year.

Apollo Global Management Increases Dividend

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

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.

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