Pinnacle Associates Ltd. Has $2.78 Million Stock Position in Apollo Global Management Inc. $APO

Key Points

• Pinnacle Associates Ltd. increased its Apollo Global Management stake by 88% in the fourth quarter, ending with 19,206 shares valued at about $2.78 million.
• Apollo reported earnings of $1.94 per share, beating estimates, though quarterly revenue of $5.06 billion came in below expectations and was down 8.8% year over year.
• The company raised its quarterly dividend to $0.5625 per share, and analysts currently view the stock as a Moderate Buy with a consensus target price of $150.75.

Pinnacle Associates Ltd. raised its stake in shares of Apollo Global Management Inc. (NYSE:APO - Free Report) by 88.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 19,206 shares of the financial services provider's stock after purchasing an additional 8,992 shares during the quarter. Pinnacle Associates Ltd.'s holdings in Apollo Global Management were worth $2,780,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in APO. Atlantic Union Bankshares Corp boosted its holdings in Apollo Global Management by 99.0% during the third quarter. Atlantic Union Bankshares Corp now owns 199 shares of the financial services provider's stock valued at $27,000 after purchasing an additional 99 shares in the last quarter. Kohmann Bosshard Financial Services LLC acquired a new stake in Apollo Global Management during the fourth quarter valued at approximately $29,000. Physician Wealth Advisors Inc. boosted its holdings in Apollo Global Management by 57.8% during the fourth quarter. Physician Wealth Advisors Inc. now owns 262 shares of the financial services provider's stock valued at $38,000 after purchasing an additional 96 shares in the last quarter. City Holding Co. boosted its holdings in Apollo Global Management by 391.9% during the fourth quarter. City Holding Co. now owns 305 shares of the financial services provider's stock valued at $44,000 after purchasing an additional 243 shares in the last quarter. Finally, Center for Financial Planning Inc. acquired a new stake in Apollo Global Management during the third quarter valued at approximately $50,000. 77.06% of the stock is owned by institutional investors and hedge funds.

Apollo Global Management Stock Down 0.2%

Shares of APO opened at $135.23 on Friday. The company has a market capitalization of $77.96 billion, a P/E ratio of 86.13, a PEG ratio of 1.13 and a beta of 1.52. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.73 and a quick ratio of 1.73. Apollo Global Management Inc. has a one year low of $99.56 and a one year high of $157.28. The business's 50 day simple moving average is $116.51 and its 200-day simple moving average is $127.73.

Apollo Global Management (NYSE:APO - Get Free Report) last announced its earnings results on Wednesday, May 6th. The financial services provider reported $1.94 EPS for the quarter, topping the consensus estimate of $1.89 by $0.05. Apollo Global Management had a return on equity of 14.43% and a net margin of 3.62%.The business had revenue of $5.06 billion for the quarter, compared to the consensus estimate of $5.19 billion. During the same period in the previous year, the business earned $1.82 EPS. Apollo Global Management's revenue was down 8.8% compared to the same quarter last year. As a group, sell-side analysts predict that Apollo Global Management Inc. will post 8.37 EPS for the current fiscal year.

Apollo Global Management Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 29th. Investors of record on Tuesday, May 19th will be given a $0.5625 dividend. This is a boost from Apollo Global Management's previous quarterly dividend of $0.51. The ex-dividend date is Tuesday, May 19th. This represents a $2.25 annualized dividend and a yield of 1.7%. Apollo Global Management's dividend payout ratio is presently 129.94%.

Wall Street Analysts Forecast Growth

APO has been the topic of several recent analyst reports. Barclays boosted their target price on Apollo Global Management from $125.00 to $131.00 and gave the stock an "overweight" rating in a report on Thursday, May 7th. The Goldman Sachs Group reduced their target price on Apollo Global Management from $169.00 to $134.00 and set a "buy" rating on the stock in a report on Tuesday, April 7th. Evercore reissued an "outperform" rating on shares of Apollo Global Management in a report on Tuesday, April 21st. Royal Bank Of Canada boosted their target price on Apollo Global Management from $139.00 to $146.00 and gave the stock a "sector perform" rating in a report on Thursday, May 7th. Finally, JPMorgan Chase & Co. reduced their target price on Apollo Global Management from $164.00 to $162.00 and set an "overweight" rating on the stock in a report on Tuesday, February 10th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $150.75.

About Apollo Global Management

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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