Synergy Asset Management LLC Purchases New Position in Apollo Global Management Inc. $APO

Key Points

• Synergy Asset Management LLC acquired a new position in Apollo Global Management, purchasing 6,539 shares valued at approximately $928,000.
• Multiple analysts raised their price targets for Apollo Global Management, with Wells Fargo setting it at $173.00 and Citigroup at $170.00, indicating strong sentiment towards the stock.
• Apollo Global Management declared a quarterly dividend of $0.51 per share, marking an annualized dividend of $2.04 and a dividend yield of 1.6%.

Synergy Asset Management LLC purchased a new stake in shares of Apollo Global Management Inc. (NYSE:APO - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 6,539 shares of the financial services provider's stock, valued at approximately $928,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in APO. Wealth Enhancement Advisory Services LLC boosted its stake in Apollo Global Management by 30.1% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 10,477 shares of the financial services provider's stock valued at $1,730,000 after buying an additional 2,426 shares during the last quarter. RFG Advisory LLC bought a new position in Apollo Global Management during the first quarter valued at approximately $2,087,000. Hennion & Walsh Asset Management Inc. boosted its stake in Apollo Global Management by 26.9% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 5,413 shares of the financial services provider's stock valued at $741,000 after buying an additional 1,149 shares during the last quarter. Procyon Advisors LLC boosted its stake in Apollo Global Management by 0.9% during the first quarter. Procyon Advisors LLC now owns 32,873 shares of the financial services provider's stock valued at $4,502,000 after buying an additional 309 shares during the last quarter. Finally, Eagle Rock Investment Company LLC boosted its stake in Apollo Global Management by 56.5% during the first quarter. Eagle Rock Investment Company LLC now owns 34,552 shares of the financial services provider's stock valued at $4,732,000 after buying an additional 12,475 shares during the last quarter. 77.06% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on APO. Wells Fargo & Company raised 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. Barclays raised 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 raised 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. Wall Street Zen raised Apollo Global Management from a "sell" rating to a "hold" rating in a research note on Saturday, August 16th. Finally, Evercore ISI raised their price objective on Apollo Global Management from $155.00 to $160.00 and gave the company an "outperform" rating in a research note on Wednesday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $167.93.

Insider Transactions at Apollo Global Management

In other Apollo Global Management news, insider Whitney Chatterjee sold 4,500 shares of the firm's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $146.03, for a total transaction of $657,135.00. Following the transaction, the insider directly owned 83,192 shares in the company, valued at $12,148,527.76. This trade represents a 5.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Martin Kelly sold 15,500 shares of the firm's stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $145.11, for a total value of $2,249,205.00. Following the transaction, the chief financial officer owned 332,399 shares in the company, valued at $48,234,418.89. The trade was a 4.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 935,000 shares of company stock worth $125,543,790. 8.20% of the stock is currently owned by company insiders.

Apollo Global Management Trading Down 2.2%

Shares of NYSE APO opened at $127.09 on Friday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.27 and a current ratio of 1.27. The business's 50 day moving average price is $138.85 and its 200-day moving average price is $137.11. Apollo Global Management Inc. has a fifty-two week low of $102.58 and a fifty-two week high of $189.49. The company has a market cap of $72.70 billion, a price-to-earnings ratio of 23.76, a PEG ratio of 1.40 and a beta of 1.68.

Apollo Global Management (NYSE:APO - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The financial services provider reported $1.92 earnings per share for the quarter, topping the consensus estimate of $1.84 by $0.08. Apollo Global Management had a return on equity of 13.38% and a net margin of 13.25%.The firm had revenue of $6,550,000 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same period in the prior year, the business posted $1.64 earnings per share. On average, sell-side analysts expect that Apollo Global Management Inc. will post 8 earnings per share for the current year.

Apollo Global Management Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Monday, August 18th were issued a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 1.6%. The ex-dividend date was Monday, August 18th. Apollo Global Management's dividend payout ratio is presently 38.13%.

Apollo Global Management Company Profile

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.

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