Manchester Capital Management LLC Acquires 217,555 Shares of Apollo Global Management Inc. $APO

Key Points

• Manchester Capital Management increased its Apollo Global Management stake by 217,555 shares in the third quarter, bringing its holdings to 217,612 shares valued at approximately $25.3 million. Institutional investors and hedge funds own 77.06% of APO.
• Analysts maintain a generally positive view, with 14 Buy ratings and six Holds producing a consensus “Moderate Buy” rating and a $151.90 price target, despite some analysts recently lowering their targets.
• Apollo reported quarterly earnings of $2.11 per share, below the $2.16 consensus estimate, while revenue of $5.57 billion also fell short of expectations. The company pays a quarterly dividend of $0.5625 per share, yielding about 2.0% annually.

Manchester Capital Management LLC lifted its holdings in shares of Apollo Global Management Inc. (NYSE:APO - Free Report) by 381,675.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 217,612 shares of the financial services provider's stock after purchasing an additional 217,555 shares during the period. Apollo Global Management comprises approximately 3.4% of Manchester Capital Management LLC's holdings, making the stock its 5th biggest holding. Manchester Capital Management LLC's holdings in Apollo Global Management were worth $25,256,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of APO. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Apollo Global Management by 4.3% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,657,781 shares of the financial services provider's stock valued at $669,372,000 after buying an additional 234,517 shares in the last quarter. Legal & General Group Plc purchased a new stake in shares of Apollo Global Management in the second quarter valued at $459,987,000. Bank of New York Mellon Corp acquired a new stake in shares of Apollo Global Management during the second quarter valued at $336,644,000. Temasek Holdings Private Ltd boosted its stake in shares of 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 valued at $263,861,000 after acquiring an additional 1,614,813 shares during the last quarter. Finally, Curated Wealth Partners LLC boosted its stake in shares of Apollo Global Management by 91.8% during the third quarter. Curated Wealth Partners LLC now owns 2,205,762 shares of the financial services provider's stock valued at $255,887,000 after acquiring an additional 1,055,818 shares during the last quarter. 77.06% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Apollo Global Management

In other news, CFO Martin Kelly sold 3,000 shares of the stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $140.84, for a total transaction of $422,520.00. Following the transaction, the chief financial officer directly owned 396,533 shares in the company, valued at $55,847,707.72. This represents a 0.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 8.30% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

APO has been the subject of several analyst reports. Evercore boosted their target price on shares of Apollo Global Management from $145.00 to $146.00 in a research note on Thursday, October 8th. Jefferies Financial Group decreased their price target on shares of Apollo Global Management from $138.00 to $127.00 and set a "hold" rating on the stock in a research note on Tuesday, October 6th. Wells Fargo & Company initiated coverage on shares of Apollo Global Management in a report on Friday, October 2nd. They set an "equal weight" rating and a $127.00 price target for the company. Weiss Ratings raised shares of Apollo Global Management from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, August 21st. Finally, Morgan Stanley reduced their price objective on shares of Apollo Global Management from $165.00 to $164.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 21st. Fourteen equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $151.90.

Apollo Global Management Stock Performance

Apollo Global Management stock opened at $112.73 on Friday. The firm has a market capitalization of $66.57 billion, a P/E ratio of 41.29, a PEG ratio of 1.06 and a beta of 1.58. The stock has a fifty day moving average price of $124.10 and a 200 day moving average price of $125.23. Apollo Global Management Inc. has a 52 week low of $99.56 and a 52 week high of $153.29. 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 (NYSE:APO - Get Free Report) last released its earnings results on Tuesday, August 4th. The financial services provider reported $2.11 earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts' expectations of $5.65 billion. During the same quarter last year, the company posted $1.92 earnings per share. Equities research analysts anticipate that Apollo Global Management Inc. will post 7.97 earnings per share for the current year.

Apollo Global Management Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 31st. Stockholders of record on Wednesday, August 19th were issued a dividend of $0.5625 per share. This represents a $2.25 annualized dividend and a dividend yield of 2.0%. The ex-dividend date was Wednesday, August 19th. Apollo Global Management's dividend payout ratio is presently 82.42%.

About Apollo Global Management

Apollo Global Management, Inc NYSE: APO is a global alternative asset manager that provides investment solutions to institutions, companies and individual investors. The firm manages strategies across private equity, credit, real assets, infrastructure, secondaries and other alternative investments.

Apollo invests across a range of industries and geographies, supporting companies through buyouts, growth investments, structured financing and other forms of private capital. Its credit business provides lending and fixed-income solutions, while its real assets and infrastructure strategies focus on areas such as energy, transportation, communications and other essential services.

The company was founded in 1990 by Leon Black, Josh Harris and Marc Rowan.

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