Price T Rowe Associates Inc. MD Sells 3,252,243 Shares of Apollo Global Management Inc. $APO

Key Points

• Price T Rowe Associates Inc. MD reduced its stake in Apollo Global Management by 50.4%, selling over 3.25 million shares and retaining about 3.2 million shares valued at approximately $438 million.
• Apollo Global Management recently reported strong earnings with an EPS of $1.92, surpassing analysts' expectations, and a quarterly revenue of $6.55 billion.
• The company announced a quarterly dividend of $0.51 per share and has a current dividend yield of 1.5%, with a payout ratio of 38.13%.

Price T Rowe Associates Inc. MD lowered its position in Apollo Global Management Inc. (NYSE:APO - Free Report) by 50.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,199,761 shares of the financial services provider's stock after selling 3,252,243 shares during the period. Price T Rowe Associates Inc. MD owned 0.56% of Apollo Global Management worth $438,176,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of APO. Boston Partners acquired a new stake in shares of Apollo Global Management in the first quarter valued at approximately $370,543,000. Nuveen LLC acquired a new stake in shares of Apollo Global Management in the first quarter valued at approximately $342,335,000. Northern Trust Corp increased its holdings in shares of 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 valued at $723,853,000 after purchasing an additional 1,460,689 shares in the last quarter. Nuveen Asset Management LLC increased its holdings in shares of Apollo Global Management by 71.4% in the fourth quarter. Nuveen Asset Management LLC now owns 2,599,936 shares of the financial services provider's stock valued at $429,405,000 after purchasing an additional 1,082,825 shares in the last quarter. Finally, Kovitz Investment Group Partners LLC grew its holdings in Apollo Global Management by 3,257.1% during the 4th quarter. Kovitz Investment Group Partners LLC now owns 1,067,659 shares of the financial services provider's stock worth $176,335,000 after acquiring an additional 1,035,856 shares during the period. Institutional investors own 77.06% of the company's stock.

Analyst Ratings Changes

A number of analysts have commented on the stock. Wells Fargo & Company lifted their target price on shares of Apollo Global Management from $160.00 to $173.00 and gave the stock an "overweight" rating in a report on Friday, July 11th. Barclays lifted their target price on shares of Apollo Global Management from $156.00 to $168.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. UBS Group lowered their target price on shares of Apollo Global Management from $170.00 to $155.00 and set a "neutral" rating for the company in a report on Thursday, May 1st. Piper Sandler lowered their target price on shares of Apollo Global Management from $193.00 to $174.00 and set an "overweight" rating for the company in a report on Monday, May 5th. Finally, Evercore ISI lifted their target price on shares of Apollo Global Management from $155.00 to $160.00 and gave the stock an "outperform" rating in a report on Wednesday, August 6th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Apollo Global Management presently has an average rating of "Moderate Buy" and a consensus target price of $164.56.

Insider Buying and Selling at Apollo Global Management

In related news, CFO Martin Kelly sold 15,500 shares of the business's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $145.11, for a total value of $2,249,205.00. Following the sale, the chief financial officer directly owned 332,399 shares of the company's stock, valued at approximately $48,234,418.89. The trade was a 4.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Whitney Chatterjee sold 4,500 shares of the business's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $146.03, for a total transaction of $657,135.00. Following the completion of the sale, the insider directly owned 83,192 shares in the company, valued at $12,148,527.76. This represents a 5.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 8.50% of the company's stock.

Apollo Global Management Trading Up 1.0%

Shares of NYSE APO traded up $1.38 during midday trading on Wednesday, reaching $135.78. 2,984,842 shares of the stock were exchanged, compared to its average volume of 3,586,762. The business has a 50-day simple moving average of $142.95 and a two-hundred day simple moving average of $138.90. The company has a market capitalization of $77.67 billion, a price-to-earnings ratio of 25.38, a P/E/G ratio of 1.44 and a beta of 1.62. Apollo Global Management Inc. has a 12 month low of $102.58 and a 12 month high of $189.49. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.27 and a quick ratio of 1.27.

Apollo Global Management (NYSE:APO - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The financial services provider reported $1.92 earnings per share for the quarter, topping analysts' consensus estimates of $1.84 by $0.08. The company had revenue of $6,550,000 billion for the quarter, compared to analysts' expectations of $1.01 billion. Apollo Global Management had a net margin of 13.25% and a return on equity of 13.38%. During the same period last year, the firm posted $1.64 earnings per share. As a group, equities research analysts expect that Apollo Global Management Inc. will post 8 EPS for the current year.

Apollo Global Management Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Monday, August 18th will be given a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Monday, August 18th. Apollo Global Management's payout ratio is currently 38.13%.

About Apollo Global Management

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.