Meitav Investment House Ltd. Grows Holdings in Apollo Global Management Inc. $APO

Key Points

• Meitav Investment House Ltd. increased its Apollo Global Management stake by 43.8% in the first quarter, buying 9,117 additional shares and bringing its total to 29,931 shares worth about $3.34 million.
• Apollo reported stronger-than-expected quarterly earnings of $1.94 per share, topping consensus estimates, though revenue of $5.06 billion fell short of expectations and declined 8.8% year over year.
• The company raised its quarterly dividend to $0.5625 per share from $0.51, while analysts remain generally positive with a consensus rating of “Moderate Buy” and an average price target of $151.23.

Meitav Investment House Ltd. boosted its position in Apollo Global Management Inc. (NYSE:APO - Free Report) by 43.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 29,931 shares of the financial services provider's stock after acquiring an additional 9,117 shares during the quarter. Meitav Investment House Ltd.'s holdings in Apollo Global Management were worth $3,335,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the company. Canvas Wealth Advisors LLC lifted its holdings in shares of Apollo Global Management by 14.6% during the first quarter. Canvas Wealth Advisors LLC now owns 2,189 shares of the financial services provider's stock valued at $244,000 after purchasing an additional 279 shares in the last quarter. Hodges Capital Management Inc. boosted its holdings in shares of Apollo Global Management by 6.6% during the 1st quarter. Hodges Capital Management Inc. now owns 3,250 shares of the financial services provider's stock valued at $362,000 after acquiring an additional 200 shares during the last quarter. PUREfi Wealth LLC boosted its holdings in shares of Apollo Global Management by 71.1% during the 1st quarter. PUREfi Wealth LLC now owns 3,078 shares of the financial services provider's stock valued at $343,000 after acquiring an additional 1,279 shares during the last quarter. Whittier Trust Co. of Nevada Inc. grew its stake in shares of Apollo Global Management by 35.7% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 741 shares of the financial services provider's stock worth $79,000 after acquiring an additional 195 shares during the period. Finally, Columbia Bank grew its stake in shares of Apollo Global Management by 17.9% in the first quarter. Columbia Bank now owns 4,149 shares of the financial services provider's stock worth $462,000 after acquiring an additional 629 shares during the period. Hedge funds and other institutional investors own 77.06% of the company's stock.

Apollo Global Management Price Performance

NYSE:APO traded down $2.62 during trading hours on Tuesday, hitting $119.55. 1,057,812 shares of the stock traded hands, compared to its average volume of 4,699,488. The company has a market cap of $68.92 billion, a price-to-earnings ratio of 75.87, a price-to-earnings-growth ratio of 1.02 and a beta of 1.50. Apollo Global Management Inc. has a 1 year low of $99.56 and a 1 year high of $157.28. The stock has a 50 day moving average price of $128.74 and a 200 day moving average price of $126.64. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.45.

Apollo Global Management (NYSE:APO - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $1.94 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.89 by $0.05. Apollo Global Management had a net margin of 3.62% and a return on equity of 14.43%. The firm had revenue of $5.06 billion during the quarter, compared to analysts' expectations of $5.19 billion. During the same period in the prior year, the company posted $1.82 earnings per share. The company's revenue for the quarter was down 8.8% compared to the same quarter last year. Sell-side analysts forecast that Apollo Global Management Inc. will post 8.26 EPS for the current fiscal year.

Apollo Global Management Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Tuesday, May 19th were paid a $0.5625 dividend. 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 (DPR) is currently 143.31%.

Insider Buying and Selling

In other news, insider John P. Zito sold 48,644 shares of the business's stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $130.66, for a total value of $6,355,825.04. Following the transaction, the insider directly owned 3,063,696 shares in the company, valued at $400,302,519.36. The trade was a 1.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 8.30% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Royal Bank Of Canada boosted their price target on Apollo Global Management from $139.00 to $146.00 and gave the company a "sector perform" rating in a research note on Thursday, May 7th. Weiss Ratings cut shares of Apollo Global Management from a "hold (c)" rating to a "hold (c-)" rating in a research note on Monday, May 11th. Evercore reissued an "outperform" rating on shares of Apollo Global Management in a report on Tuesday, April 21st. Barclays boosted their target price on shares of Apollo Global Management from $125.00 to $131.00 and gave the company an "overweight" rating in a research report on Thursday, May 7th. Finally, TD Cowen decreased their price target on shares of Apollo Global Management from $155.00 to $146.00 and set a "buy" rating on the stock in a research report on Monday, May 18th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $151.23.

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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