TCW Group Inc. Trims Holdings in Apollo Global Management, Inc. (NYSE:APO)

TCW Group Inc. reduced its position in Apollo Global Management, Inc. (NYSE:APO) by 5.4% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 455,739 shares of the financial services provider’s stock after selling 26,190 shares during the period. TCW Group Inc.’s holdings in Apollo Global Management were worth $42,477,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Sugarloaf Wealth Management LLC bought a new position in Apollo Global Management in the 4th quarter worth $31,000. CVA Family Office LLC bought a new stake in Apollo Global Management during the fourth quarter valued at about $34,000. Blue Trust Inc. raised its holdings in Apollo Global Management by 151.4% during the fourth quarter. Blue Trust Inc. now owns 367 shares of the financial services provider’s stock valued at $33,000 after acquiring an additional 221 shares during the period. Vestmark Advisory Solutions Inc. bought a new stake in Apollo Global Management during the fourth quarter valued at about $36,000. Finally, Hanseatic Management Services Inc. bought a new stake in Apollo Global Management during the third quarter valued at about $39,000. 77.06% of the stock is currently owned by hedge funds and other institutional investors.

Apollo Global Management Price Performance

Shares of APO traded down $0.96 during mid-day trading on Thursday, hitting $112.88. 1,260,191 shares of the company were exchanged, compared to its average volume of 2,283,788. Apollo Global Management, Inc. has a 1-year low of $62.63 and a 1-year high of $117.15. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.60 and a current ratio of 1.60. The company has a 50 day moving average of $111.73 and a 200-day moving average of $102.80. The stock has a market cap of $64.13 billion, a price-to-earnings ratio of 12.56, a price-to-earnings-growth ratio of 0.94 and a beta of 1.61.

Apollo Global Management Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 17th will be issued a $0.463 dividend. This is an increase from Apollo Global Management’s previous quarterly dividend of $0.43. The ex-dividend date is Thursday, May 16th. This represents a $1.85 dividend on an annualized basis and a yield of 1.64%. Apollo Global Management’s dividend payout ratio is presently 20.49%.

Insider Transactions at Apollo Global Management

In other news, insider Leon D. Black sold 450,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $110.71, for a total transaction of $49,819,500.00. Following the completion of the sale, the insider now owns 42,604,773 shares in the company, valued at approximately $4,716,774,418.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Martin Kelly sold 30,000 shares of the stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $111.29, for a total transaction of $3,338,700.00. Following the completion of the transaction, the chief financial officer now owns 359,445 shares of the company’s stock, valued at approximately $40,002,634.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Leon D. Black sold 450,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $110.71, for a total transaction of $49,819,500.00. Following the completion of the transaction, the insider now directly owns 42,604,773 shares of the company’s stock, valued at approximately $4,716,774,418.83. The disclosure for this sale can be found here. Insiders sold 780,000 shares of company stock worth $86,611,200 in the last 90 days. Insiders own 8.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on APO. Morgan Stanley raised their price target on Apollo Global Management from $94.00 to $99.00 and gave the company an “equal weight” rating in a report on Wednesday, January 24th. Jefferies Financial Group decreased their price target on Apollo Global Management from $119.00 to $117.00 and set a “hold” rating on the stock in a report on Thursday, May 9th. Keefe, Bruyette & Woods lifted their target price on Apollo Global Management from $122.00 to $131.00 and gave the stock an “outperform” rating in a report on Thursday, March 7th. Wells Fargo & Company lifted their target price on Apollo Global Management from $110.00 to $118.00 and gave the stock an “overweight” rating in a report on Friday, February 9th. Finally, Evercore ISI lifted their target price on Apollo Global Management from $120.00 to $128.00 and gave the stock an “outperform” rating in a report on Friday, May 3rd. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $115.62.

About Apollo Global Management

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.