Palestra Capital Management LLC Purchases Shares of 712,457 Apollo Global Management, Inc. (NYSE:APO)

Palestra Capital Management LLC purchased a new position in shares of Apollo Global Management, Inc. (NYSE:APO - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 712,457 shares of the financial services provider's stock, valued at approximately $117,669,000. Apollo Global Management makes up 3.2% of Palestra Capital Management LLC's portfolio, making the stock its 15th largest position. Palestra Capital Management LLC owned about 0.13% of Apollo Global Management as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the company. Hopwood Financial Services Inc. acquired a new position in shares of Apollo Global Management in the 4th quarter valued at $33,000. Kohmann Bosshard Financial Services LLC acquired a new stake in shares of Apollo Global Management during the fourth quarter worth about $34,000. Byrne Asset Management LLC purchased a new stake in shares of Apollo Global Management in the 4th quarter valued at about $37,000. Retirement Wealth Solutions LLC purchased a new stake in Apollo Global Management in the fourth quarter valued at approximately $39,000. Finally, HM Payson & Co. acquired a new stake in shares of Apollo Global Management in the fourth quarter valued at approximately $45,000. 77.06% of the stock is owned by hedge funds and other institutional investors.

Apollo Global Management Price Performance

Apollo Global Management stock traded down $1.56 during mid-day trading on Monday, hitting $133.81. 4,297,997 shares of the company were exchanged, compared to its average volume of 3,848,370. Apollo Global Management, Inc. has a 12-month low of $95.11 and a 12-month high of $189.49. The company has a market capitalization of $76.34 billion, a P/E ratio of 18.31, a PEG ratio of 1.17 and a beta of 1.66. The business's 50 day simple moving average is $133.18 and its two-hundred day simple moving average is $153.05. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.44 and a quick ratio of 1.44.

Apollo Global Management (NYSE:APO - Get Free Report) last released its earnings results 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 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%. Apollo Global Management's revenue for the quarter was down 21.2% on a year-over-year basis. During the same quarter last year, the company posted $1.72 earnings per share. Analysts forecast that Apollo Global Management, Inc. will post 8 earnings per share for the current fiscal year.

Apollo Global Management Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 16th will be paid a $0.51 dividend. This is a boost from Apollo Global Management's previous quarterly dividend of $0.46. This represents a $2.04 annualized dividend and a yield of 1.52%. The ex-dividend date of this dividend is Friday, May 16th. Apollo Global Management's payout ratio is presently 25.31%.

Analyst Ratings Changes

Several analysts recently commented on the stock. TD Cowen reduced their price target on shares of Apollo Global Management from $214.00 to $144.00 and set a "buy" rating for the company in a research report on Wednesday, April 9th. UBS Group lowered their price target on Apollo Global Management from $170.00 to $155.00 and set a "neutral" rating on the stock in a report on Thursday. Bank of America lifted their target price on shares of Apollo Global Management from $186.00 to $190.00 and gave the company a "buy" rating in a report on Friday, April 4th. Keefe, Bruyette & Woods cut their price target on shares of Apollo Global Management from $196.00 to $194.00 and set an "outperform" rating for the company in a report on Wednesday, February 5th. Finally, Piper Sandler lowered their price objective on Apollo Global Management from $193.00 to $174.00 and set an "overweight" rating on the stock in a report on Monday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $155.85.

Insider Buying and Selling at Apollo Global Management

In other Apollo Global Management news, insider Lb 2018 Gst Trust purchased 607,725 shares of the stock in a transaction on Friday, April 4th. The stock was bought at an average price of $111.39 per share, for a total transaction of $67,694,487.75. Following the acquisition, 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 purchase was disclosed in a filing with the SEC, which is available at this link. Also, CFO Martin Kelly sold 5,000 shares of the stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $158.28, for a total transaction of $791,400.00. Following the transaction, the chief financial officer now owns 377,164 shares in the company, valued at approximately $59,697,517.92. The trade was a 1.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 8.50% of the stock is currently owned by 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.