Fred Alger Management LLC Sells 30,804 Shares of Apollo Global Management, Inc. (NYSE:APO)

Fred Alger Management LLC decreased its holdings in Apollo Global Management, Inc. (NYSE:APO) by 42.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 41,597 shares of the financial services provider’s stock after selling 30,804 shares during the period. Fred Alger Management LLC’s holdings in Apollo Global Management were worth $4,911,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in Apollo Global Management by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 41,038,114 shares of the financial services provider’s stock valued at $3,824,342,000 after purchasing an additional 750,781 shares during the period. Capital International Investors raised its holdings in Apollo Global Management by 2.1% during the 4th quarter. Capital International Investors now owns 10,775,413 shares of the financial services provider’s stock valued at $1,004,161,000 after buying an additional 218,566 shares during the period. Putnam Investments LLC lifted its position in Apollo Global Management by 2.8% in the fourth quarter. Putnam Investments LLC now owns 5,939,220 shares of the financial services provider’s stock worth $553,476,000 after buying an additional 164,400 shares during the last quarter. Capital Research Global Investors boosted its stake in Apollo Global Management by 40.3% during the first quarter. Capital Research Global Investors now owns 4,738,565 shares of the financial services provider’s stock worth $532,852,000 after buying an additional 1,360,525 shares during the period. Finally, TD Asset Management Inc boosted its stake in Apollo Global Management by 3.8% during the second quarter. TD Asset Management Inc now owns 2,697,739 shares of the financial services provider’s stock worth $318,522,000 after buying an additional 97,797 shares during the period. Hedge funds and other institutional investors own 77.06% of the company’s stock.

Apollo Global Management Trading Up 0.7 %

NYSE APO opened at $125.44 on Friday. Apollo Global Management, Inc. has a one year low of $77.11 and a one year high of $126.93. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.26 and a current ratio of 1.26. The company has a market capitalization of $71.27 billion, a price-to-earnings ratio of 13.89, a price-to-earnings-growth ratio of 1.30 and a beta of 1.61. The company’s 50-day simple moving average is $113.88 and its two-hundred day simple moving average is $114.10.

Apollo Global Management (NYSE:APO) last issued its quarterly earnings data on Thursday, August 1st. The financial services provider reported $1.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.67 by ($0.03). The business had revenue of $6.02 billion for the quarter, compared to analysts’ expectations of $873.18 million. Apollo Global Management had a net margin of 21.90% and a return on equity of 16.98%. During the same period in the previous year, the business earned $1.54 earnings per share. Equities analysts forecast that Apollo Global Management, Inc. will post 6.62 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. Stockholders of record on Friday, August 16th were given a $0.4625 dividend. This represents a $1.85 annualized dividend and a dividend yield of 1.47%. The ex-dividend date was Friday, August 16th. Apollo Global Management’s payout ratio is 20.49%.

Insider Buying and Selling

In related news, Director Pauline Richards bought 2,351 shares of the business’s stock in a transaction on Tuesday, August 6th. The shares were bought at an average price of $104.92 per share, for a total transaction of $246,666.92. Following the completion of 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 filing with the Securities & Exchange Commission, which is available through this link. 8.50% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on APO shares. Evercore ISI increased their target price on shares of Apollo Global Management from $128.00 to $130.00 and gave the company an “outperform” rating in a research note on Monday, July 15th. Bank of America raised shares of Apollo Global Management from a “neutral” rating to a “buy” rating and reduced their price objective for the stock from $124.00 to $123.00 in a research report on Tuesday, August 6th. Redburn Partners began coverage on Apollo Global Management in a research report on Tuesday, August 27th. They set a “buy” rating and a $153.00 target price for the company. TD Cowen increased their price target on Apollo Global Management from $146.00 to $147.00 and gave the stock a “buy” rating in a report on Monday, July 8th. Finally, Argus decreased their price target on Apollo Global Management from $135.00 to $125.00 and set a “buy” rating for the company in a research note on Tuesday, August 20th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, Apollo Global Management has a consensus rating of “Moderate Buy” and an average price target of $129.65.

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.