Ameriprise Financial Inc. Purchases New Stake in Apollo Global Management, LLC (APO)
Ameriprise Financial Inc. purchased a new position in Apollo Global Management, LLC (NYSE:APO) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 9,603 shares of the financial services provider’s stock, valued at approximately $234,000.
A number of other large investors also recently modified their holdings of APO. TCI Wealth Advisors Inc. increased its stake in shares of Apollo Global Management by 38.4% in the first quarter. TCI Wealth Advisors Inc. now owns 5,770 shares of the financial services provider’s stock worth $140,000 after buying an additional 1,601 shares in the last quarter. Advisory Services Network LLC bought a new stake in shares of Apollo Global Management during the first quarter worth about $197,000. Wedbush Securities Inc. bought a new stake in shares of Apollo Global Management during the first quarter worth about $214,000. Clear Harbor Asset Management LLC bought a new stake in shares of Apollo Global Management during the first quarter worth about $242,000. Finally, Renaissance Technologies LLC bought a new stake in shares of Apollo Global Management during the fourth quarter worth about $297,000. 74.81% of the stock is currently owned by institutional investors and hedge funds.
Shares of Apollo Global Management, LLC (NYSE APO) traded up 3.06% on Friday, hitting $29.28. The stock had a trading volume of 1,337,659 shares. Apollo Global Management, LLC has a 1-year low of $17.38 and a 1-year high of $30.75. The firm has a 50-day moving average of $28.15 and a 200 day moving average of $25.85. The company has a market capitalization of $5.68 billion, a PE ratio of 11.47 and a beta of 1.22.
Apollo Global Management (NYSE:APO) last posted its quarterly earnings results on Wednesday, August 2nd. The financial services provider reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.50 by $0.04. The business had revenue of $432.87 million during the quarter, compared to the consensus estimate of $455.29 million. Apollo Global Management had a return on equity of 59.61% and a net margin of 21.79%. The business’s revenue for the quarter was down 34.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.98 earnings per share. On average, equities analysts anticipate that Apollo Global Management, LLC will post $2.46 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Tuesday, August 22nd will be paid a $0.52 dividend. The ex-dividend date of this dividend is Friday, August 18th. This is an increase from Apollo Global Management’s previous quarterly dividend of $0.49. This represents a $2.08 annualized dividend and a yield of 7.10%. Apollo Global Management’s payout ratio is currently 76.56%.
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A number of brokerages recently issued reports on APO. Morgan Stanley increased their price target on Apollo Global Management from $26.00 to $28.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 8th. JMP Securities reaffirmed an “outperform” rating and issued a $32.00 target price on shares of Apollo Global Management in a report on Friday, August 4th. Oppenheimer Holdings, Inc. raised their target price on Apollo Global Management from $31.00 to $33.00 and gave the company an “outperform” rating in a report on Friday, July 14th. BidaskClub raised Apollo Global Management from a “buy” rating to a “strong-buy” rating in a report on Monday, July 31st. Finally, UBS AG reaffirmed a “buy” rating and issued a $32.00 target price (up previously from $30.00) on shares of Apollo Global Management in a report on Friday, August 4th. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $28.90.
In other Apollo Global Management news, major shareholder Tiger Global Management Llc purchased 73,800 shares of the stock in a transaction on Tuesday, May 23rd. The stock was acquired at an average cost of $27.41 per share, with a total value of $2,022,858.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Robert K. Kraft purchased 30,000 shares of the stock in a transaction on Thursday, August 3rd. The stock was acquired at an average cost of $28.88 per share, with a total value of $866,400.00. The disclosure for this purchase can be found here. Insiders acquired 2,078,646 shares of company stock valued at $56,518,530 over the last three months. 4.11% of the stock is currently owned by insiders.
About Apollo Global Management
Apollo Global Management, LLC (Apollo) is an alternative investment manager in private equity, credit and real estate. The Company raises, invests and manages funds on behalf of pension, endowment and sovereign wealth funds, as well as other institutional and individual investors. The Company’s segments include private equity, credit and real estate.
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