Smithbridge Asset Management Inc. DE Purchases New Shares in Apollo Global Management, Inc. (NYSE:APO)

Smithbridge Asset Management Inc. DE bought a new position in Apollo Global Management, Inc. (NYSE:APO - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 101,477 shares of the financial services provider's stock, valued at approximately $13,896,000. Apollo Global Management makes up about 2.6% of Smithbridge Asset Management Inc. DE's holdings, making the stock its 7th biggest holding.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in APO. Leavell Investment Management Inc. raised its holdings in Apollo Global Management by 39.8% in the 4th quarter. Leavell Investment Management Inc. now owns 6,150 shares of the financial services provider's stock worth $1,016,000 after acquiring an additional 1,750 shares during the period. Amundi raised its holdings in Apollo Global Management by 13.2% in the 4th quarter. Amundi now owns 801,260 shares of the financial services provider's stock worth $129,788,000 after acquiring an additional 93,451 shares during the period. State of Michigan Retirement System bought a new position in Apollo Global Management in the 4th quarter worth $20,034,000. Massachusetts Financial Services Co. MA raised its holdings in Apollo Global Management by 245.9% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,653,160 shares of the financial services provider's stock worth $438,196,000 after acquiring an additional 1,886,146 shares during the period. Finally, Coordinated Financial Services Inc. bought a new position in Apollo Global Management in the 4th quarter worth $473,000. Hedge funds and other institutional investors own 77.06% of the company's stock.

Apollo Global Management Stock Down 4.3%

APO traded down $5.95 during trading on Friday, hitting $132.16. 4,237,940 shares of the company's stock were exchanged, compared to its average volume of 3,942,013. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.33. The business's 50 day moving average is $131.88 and its two-hundred day moving average is $149.04. Apollo Global Management, Inc. has a fifty-two week low of $95.11 and a fifty-two week high of $189.49. The stock has a market cap of $75.53 billion, a P/E ratio of 18.08, a PEG ratio of 1.17 and a beta of 1.59.

Apollo Global Management (NYSE:APO - Get Free Report) last announced its earnings results on Friday, May 2nd. The financial services provider reported $1.82 EPS for the quarter, missing the consensus estimate of $1.84 by ($0.02). The firm had revenue of $5.55 billion during the quarter, compared to analysts' expectations of $977.14 million. Apollo Global Management had a net margin of 17.53% and a return on equity of 13.97%. The business's revenue for the quarter was down 21.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.72 EPS. As a group, equities analysts expect that Apollo Global Management, Inc. will post 8 earnings per share for the current fiscal year.

Apollo Global Management Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Friday, May 16th were given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date of this dividend was Friday, May 16th. This is a positive change from Apollo Global Management's previous quarterly dividend of $0.46. Apollo Global Management's dividend payout ratio (DPR) is currently 35.73%.

Insiders Place Their Bets

In related news, insider Leon D. Black sold 500,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $142.00, for a total value of $71,000,000.00. Following the sale, the insider now directly owns 34,604,773 shares of the company's stock, valued at $4,913,877,766. This trade represents a 1.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Lb 2018 Gst Trust bought 607,725 shares of the stock in a transaction that occurred on Friday, April 4th. The stock was bought at an average cost of $111.39 per share, for a total transaction of $67,694,487.75. Following the completion of the purchase, the insider now directly owns 621,754 shares of the company's stock, valued at $69,257,178.06. This represents a 4,331.92% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 8.50% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on APO. Morgan Stanley decreased their price target on shares of Apollo Global Management from $170.00 to $131.00 and set an "equal weight" rating on the stock in a research report on Monday, April 14th. Piper Sandler decreased their price target on shares of Apollo Global Management from $193.00 to $174.00 and set an "overweight" rating on the stock in a research report on Monday, May 5th. Wells Fargo & Company raised their price target on shares of Apollo Global Management from $158.00 to $160.00 and gave the stock an "overweight" rating in a research report on Friday, May 23rd. Raymond James began coverage on shares of Apollo Global Management in a research report on Thursday, April 10th. They issued a "strong-buy" rating and a $173.00 price target on the stock. Finally, Bank of America raised their price target on shares of Apollo Global Management from $186.00 to $190.00 and gave the stock a "buy" rating in a research report on Friday, April 4th. One analyst has rated the stock with a sell rating, two have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $159.00.

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.