Resona Asset Management Co. Ltd. Acquires 8,921 Shares of Apollo Global Management Inc. (NYSE:APO)

Key Points

• Resona Asset Management Co. Ltd. increased its stake in Apollo Global Management by 7.6%, acquiring an additional 8,921 shares, bringing its total holdings to 125,790 shares worth $17.23 million.
• Apollo Global Management reported earnings of $1.92 EPS for the quarter, exceeding expectations, with a revenue of $6.55 billion.
• The company announced a quarterly dividend of $0.51 per share, leading to an annualized dividend of $2.04 and a yield of 1.4%.

Resona Asset Management Co. Ltd. raised its stake in shares of Apollo Global Management Inc. (NYSE:APO - Free Report) by 7.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 125,790 shares of the financial services provider's stock after acquiring an additional 8,921 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Apollo Global Management were worth $17,226,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the stock. Scotia Capital Inc. raised its stake in shares of Apollo Global Management by 26.2% during the 4th quarter. Scotia Capital Inc. now owns 3,516 shares of the financial services provider's stock worth $581,000 after purchasing an additional 729 shares during the period. Sagespring Wealth Partners LLC bought a new stake in shares of Apollo Global Management during the 4th quarter worth $342,000. Synovus Financial Corp bought a new stake in shares of Apollo Global Management during the 4th quarter worth $769,000. Summit Investment Advisors Inc. bought a new stake in shares of Apollo Global Management during the 4th quarter worth $719,000. Finally, SageView Advisory Group LLC raised its stake in shares of Apollo Global Management by 4.5% during the 4th quarter. SageView Advisory Group LLC now owns 2,747 shares of the financial services provider's stock worth $454,000 after purchasing an additional 119 shares during the period. 77.06% of the stock is currently owned by institutional investors.

Apollo Global Management Price Performance

Shares of NYSE APO traded down $1.27 during midday trading on Friday, hitting $139.41. 3,157,630 shares of the company's stock were exchanged, compared to its average volume of 3,625,393. Apollo Global Management Inc. has a 12-month low of $102.58 and a 12-month high of $189.49. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.37. The company has a market cap of $79.67 billion, a price-to-earnings ratio of 26.06, a PEG ratio of 1.47 and a beta of 1.62. The business's fifty day moving average price is $142.74 and its two-hundred day moving average price is $140.84.

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

Apollo Global Management Dividend Announcement

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

Analysts Set New Price Targets

APO has been the topic of a number of recent analyst reports. Evercore ISI lifted their target price on Apollo Global Management from $155.00 to $160.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 6th. Barclays boosted their price objective on Apollo Global Management from $156.00 to $168.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Citigroup boosted their price objective on Apollo Global Management from $160.00 to $170.00 and gave the company a "buy" rating in a research note on Thursday, July 10th. Cowen restated a "buy" rating on shares of Apollo Global Management in a research note on Monday, May 5th. Finally, Wells Fargo & Company boosted their price objective on Apollo Global Management from $160.00 to $173.00 and gave the company an "overweight" rating in a research note on Friday, July 11th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Apollo Global Management currently has an average rating of "Moderate Buy" and a consensus price target of $161.26.

Insider Activity at Apollo Global Management

In other news, CFO Martin Kelly sold 15,500 shares of the stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $145.11, for a total transaction of $2,249,205.00. Following the completion of the sale, the chief financial officer owned 332,399 shares of the company's stock, valued at approximately $48,234,418.89. This represents a 4.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Whitney Chatterjee sold 4,500 shares of the stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $146.03, for a total value of $657,135.00. Following the sale, the insider directly owned 83,192 shares of the company's stock, valued at approximately $12,148,527.76. This trade represents a 5.13% decrease in their position. The disclosure for this sale can be found here. 8.20% of the stock is owned by corporate insiders.

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.