Essex Financial Services Inc. Boosts Stock Holdings in Apollo Global Management, Inc. (NYSE:APO)

Essex Financial Services Inc. increased its position in Apollo Global Management, Inc. (NYSE:APO) by 28.7% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,988 shares of the financial services provider’s stock after acquiring an additional 667 shares during the period. Essex Financial Services Inc.’s holdings in Apollo Global Management were worth $353,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Graypoint LLC bought a new position in shares of Apollo Global Management during the second quarter valued at $209,000. Van ECK Associates Corp lifted its stake in Apollo Global Management by 507.7% during the 2nd quarter. Van ECK Associates Corp now owns 72,615 shares of the financial services provider’s stock valued at $8,574,000 after acquiring an additional 60,665 shares during the period. Commonwealth Equity Services LLC boosted its holdings in shares of Apollo Global Management by 2.3% during the 2nd quarter. Commonwealth Equity Services LLC now owns 64,626 shares of the financial services provider’s stock valued at $7,630,000 after acquiring an additional 1,482 shares during the last quarter. Concurrent Investment Advisors LLC bought a new stake in shares of Apollo Global Management in the second quarter worth approximately $2,242,000. Finally, Hantz Financial Services Inc. purchased a new position in shares of Apollo Global Management during the second quarter valued at approximately $14,352,000. 77.06% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director Pauline Richards acquired 2,351 shares of the stock in a transaction dated Tuesday, August 6th. The stock was acquired at an average cost of $104.92 per share, with a total value of $246,666.92. Following the purchase, the director now directly owns 85,854 shares of the company’s stock, valued at $9,007,801.68. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 8.50% of the stock is currently owned by company insiders.

Apollo Global Management Price Performance

APO stock opened at $115.73 on Tuesday. The company has a market capitalization of $65.75 billion, a PE ratio of 12.82, a price-to-earnings-growth ratio of 1.19 and a beta of 1.59. The company’s fifty day moving average price is $115.18 and its 200-day moving average price is $113.50. Apollo Global Management, Inc. has a one year low of $77.11 and a one year high of $126.45. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.26 and a current ratio of 1.26.

Apollo Global Management (NYSE:APO) last released its quarterly earnings data on Thursday, August 1st. The financial services provider reported $1.64 EPS for the quarter, missing the consensus estimate of $1.67 by ($0.03). Apollo Global Management had a net margin of 21.90% and a return on equity of 16.98%. The company had revenue of $6.02 billion for the quarter, compared to the consensus estimate of $873.18 million. During the same period last year, the company earned $1.54 EPS. On average, equities analysts anticipate that Apollo Global Management, Inc. will post 6.68 EPS for the current fiscal year.

Apollo Global Management Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were given a $0.4625 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $1.85 annualized dividend and a yield of 1.60%. Apollo Global Management’s dividend payout ratio is currently 20.49%.

Analysts Set New Price Targets

APO has been the subject of a number of research analyst reports. Barclays cut their target price on shares of Apollo Global Management from $131.00 to $128.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft cut their price objective on Apollo Global Management from $129.00 to $124.00 and set a “buy” rating for the company in a report on Thursday, August 15th. TD Cowen raised their target price on Apollo Global Management from $146.00 to $147.00 and gave the stock a “buy” rating in a research report on Monday, July 8th. Evercore ISI boosted their price target on Apollo Global Management from $128.00 to $130.00 and gave the company an “outperform” rating in a research note on Monday, July 15th. Finally, Jefferies Financial Group lowered their price objective on shares of Apollo Global Management from $119.00 to $117.00 and set a “hold” rating on the stock in a research note on Thursday, May 9th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $128.19.

Apollo Global Management Company Profile

Apollo Global Management, Inc is a private equity firm specializing in investments in credit, private equity and real estate 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 capital, turnaround, bridge, corporate restructuring, special situation, acquisition, and industry consolidation transactions.