Zions Bancorporation National Association UT Purchases New Shares in Apollo Global Management Inc. (NYSE:APO)

Key Points

• Zions Bancorporation has acquired a new stake in Apollo Global Management, purchasing 11,316 shares valued at approximately $1,550,000 during the first quarter.
• Several hedge funds have increased their holdings in Apollo Global Management, with notable increases including GW&K Investment Management's 84.5% increase in shares during the same quarter.
• Analysts have set mixed price targets for Apollo Global Management, with Barclays increasing its target from $156 to $168, while Morgan Stanley lowered its target from $170 to $131.

Zions Bancorporation National Association UT bought a new stake in Apollo Global Management Inc. (NYSE:APO - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 11,316 shares of the financial services provider's stock, valued at approximately $1,550,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD lifted its position in shares of Apollo Global Management by 36.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,452,004 shares of the financial services provider's stock worth $1,065,615,000 after purchasing an additional 1,739,807 shares in the last quarter. Northern Trust Corp lifted its holdings in 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 buying an additional 1,460,689 shares during the period. Nuveen Asset Management LLC lifted its holdings in 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 buying an additional 1,082,825 shares during the period. Kovitz Investment Group Partners LLC lifted its holdings in Apollo Global Management by 3,257.1% in the fourth quarter. Kovitz Investment Group Partners LLC now owns 1,067,659 shares of the financial services provider's stock valued at $176,335,000 after buying an additional 1,035,856 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in Apollo Global Management by 2.0% in the first quarter. Vanguard Group Inc. now owns 46,028,812 shares of the financial services provider's stock valued at $6,303,186,000 after buying an additional 893,428 shares during the period. Institutional investors own 77.06% of the company's stock.

Apollo Global Management Stock Performance

NYSE:APO traded up $2.51 on Tuesday, reaching $144.63. 2,913,189 shares of the company's stock were exchanged, compared to its average volume of 3,064,792. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.27 and a quick ratio of 1.27. The firm has a market cap of $82.66 billion, a price-to-earnings ratio of 27.03, a P/E/G ratio of 1.48 and a beta of 1.62. Apollo Global Management Inc. has a 52 week low of $102.58 and a 52 week high of $189.49. The stock has a fifty day simple moving average of $142.32 and a 200-day simple moving average of $141.02.

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 (EPS) for the quarter, topping analysts' consensus estimates of $1.84 by $0.08. Apollo Global Management had a net margin of 13.25% and a return on equity of 13.38%. 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 firm posted $1.64 earnings per share. As a group, sell-side analysts predict that Apollo Global Management Inc. will post 8 earnings per share for the current year.

Apollo Global Management Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Monday, August 18th will be paid a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend is Monday, August 18th. Apollo Global Management's dividend payout ratio (DPR) is currently 38.13%.

Insiders Place Their Bets

In related news, insider Whitney Chatterjee sold 4,500 shares of the firm's 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 $12,148,527.76. This trade represents a 5.13% 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. 8.50% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on APO shares. Piper Sandler cut their price objective on shares of Apollo Global Management from $193.00 to $174.00 and set an "overweight" rating on the stock in a report on Monday, May 5th. Cowen restated a "buy" rating on shares of Apollo Global Management in a report on Monday, May 5th. Evercore ISI increased their price objective on shares of Apollo Global Management from $155.00 to $160.00 and gave the company an "outperform" rating in a report on Wednesday, August 6th. UBS Group cut their price objective on shares of Apollo Global Management from $170.00 to $155.00 and set a "neutral" rating on the stock in a report on Thursday, May 1st. Finally, Wells Fargo & Company increased 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. 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 company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $161.26.

Apollo Global Management 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.