Truist Financial Corp Cuts Stake in Apollo Global Management Inc. (NYSE:APO)

Truist Financial Corp trimmed its holdings in shares of Apollo Global Management Inc. (NYSE:APO - Free Report) by 1.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 218,402 shares of the financial services provider's stock after selling 2,130 shares during the quarter. Truist Financial Corp's holdings in Apollo Global Management were worth $29,908,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Amundi grew its stake in Apollo Global Management by 13.2% during the 4th quarter. Amundi now owns 801,260 shares of the financial services provider's stock valued at $129,788,000 after purchasing an additional 93,451 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in Apollo Global Management by 245.9% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,653,160 shares of the financial services provider's stock valued at $438,196,000 after purchasing an additional 1,886,146 shares during the last quarter. Coordinated Financial Services Inc. acquired a new stake in Apollo Global Management during the 4th quarter worth about $473,000. Blue Whale Capital LLP purchased a new position in shares of Apollo Global Management during the 4th quarter valued at about $47,400,000. Finally, Clearview Wealth Advisors LLC lifted its holdings in shares of Apollo Global Management by 420.7% in the 1st quarter. Clearview Wealth Advisors LLC now owns 21,558 shares of the financial services provider's stock valued at $2,952,000 after buying an additional 17,418 shares during the period. 77.06% of the stock is currently owned by hedge funds and other institutional investors.

Apollo Global Management Stock Up 1.4%

Shares of Apollo Global Management stock opened at $144.73 on Monday. Apollo Global Management Inc. has a 1 year low of $95.11 and a 1 year high of $189.49. The company has a market cap of $82.71 billion, a P/E ratio of 25.35, a P/E/G ratio of 1.50 and a beta of 1.59. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.34. The stock has a 50-day moving average price of $136.13 and a 200 day moving average price of $144.60.

Apollo Global Management (NYSE:APO - Get Free Report) last released its quarterly earnings data on Friday, May 2nd. The financial services provider reported $1.82 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.84 by ($0.02). The firm had revenue of $5.55 billion for the quarter, compared to analyst estimates of $977.14 million. Apollo Global Management had a net margin of 14.59% and a return on equity of 13.45%. Apollo Global Management's revenue for the quarter was down 21.2% on a year-over-year basis. During the same period in the previous year, the business posted $1.72 EPS. As a group, analysts expect that Apollo Global Management Inc. will post 8 EPS for the current fiscal year.

Apollo Global Management Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Friday, May 16th were given a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 1.41%. This is a boost from Apollo Global Management's previous quarterly dividend of $0.46. The ex-dividend date was Friday, May 16th. Apollo Global Management's dividend payout ratio is currently 35.73%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on APO. Wells Fargo & Company increased their target price on shares of Apollo Global Management from $158.00 to $160.00 and gave the stock an "overweight" rating in a research note on Friday, May 23rd. Bank of America raised their price objective on Apollo Global Management from $186.00 to $190.00 and gave the company a "buy" rating in a report on Friday, April 4th. UBS Group reduced their target price on Apollo Global Management from $170.00 to $155.00 and set a "neutral" rating for the company in a research note on Thursday, May 1st. Piper Sandler decreased their target price on 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. Finally, Barclays boosted their price target on shares of Apollo Global Management from $145.00 to $156.00 and gave the stock an "overweight" rating in a report on Monday, May 5th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $159.00.

Insider Activity

In related news, CFO Martin Kelly sold 4,000 shares of Apollo Global Management stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $132.57, for a total transaction of $530,280.00. Following the sale, the chief financial officer directly owned 373,164 shares of the company's stock, valued at $49,470,351.48. This trade represents a 1.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 8.50% of the company's stock.

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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