Apollo Global Management (NYSE:APO) Shares Gap Up Following Insider Buying Activity

Apollo Global Management LLC (NYSE:APO)’s share price gapped up before the market opened on Wednesday following insider buying activity. The stock had previously closed at $25.48, but opened at $27.48. Apollo Global Management shares last traded at $34.69, with a volume of 6,998,029 shares traded.

Specifically, major shareholder Tiger Global Management Llc sold 3,750,000 shares of the firm’s stock in a transaction dated Tuesday, January 14th. The stock was sold at an average price of $49.06, for a total value of $183,975,000.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Marc J. Rowan sold 140,976 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $46.78, for a total value of $6,594,857.28. The disclosure for this sale can be found here. Insiders sold 5,150,237 shares of company stock worth $246,584,439 in the last ninety days. Corporate insiders own 46.90% of the company’s stock.

APO has been the topic of several recent research reports. Wells Fargo & Co raised their price objective on Apollo Global Management from $53.00 to $61.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Bank of America downgraded Apollo Global Management from a “buy” rating to a “neutral” rating and decreased their target price for the company from $38.00 to $28.00 in a research note on Monday. Oppenheimer downgraded Apollo Global Management from an “outperform” rating to a “market perform” rating in a research note on Tuesday, January 14th. Deutsche Bank decreased their target price on Apollo Global Management from $47.00 to $39.00 and set a “hold” rating on the stock in a research note on Wednesday, March 18th. Finally, Morgan Stanley decreased their target price on Apollo Global Management from $53.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Friday, March 13th. Nine analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $55.57.

The firm has a 50 day moving average of $39.86 and a 200-day moving average of $42.91. The company has a market cap of $6.35 billion, a P/E ratio of 10.03, a P/E/G ratio of 0.63 and a beta of 1.61. The company has a current ratio of 1.69, a quick ratio of 1.69 and a debt-to-equity ratio of 1.15.

Apollo Global Management (NYSE:APO) last released its quarterly earnings results on Thursday, January 30th. The financial services provider reported $1.10 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.37. The business had revenue of $448.71 million during the quarter, compared to analysts’ expectations of $425.11 million. Apollo Global Management had a return on equity of 47.22% and a net margin of 31.68%. During the same quarter last year, the business posted ($1.01) EPS. Equities analysts predict that Apollo Global Management LLC will post 2.55 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Tuesday, February 11th were issued a dividend of $0.89 per share. This represents a $3.56 annualized dividend and a yield of 9.44%. The ex-dividend date was Monday, February 10th. This is a boost from Apollo Global Management’s previous quarterly dividend of $0.50. Apollo Global Management’s dividend payout ratio (DPR) is currently 131.37%.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in APO. Geode Capital Management LLC purchased a new position in Apollo Global Management during the 4th quarter valued at approximately $70,716,000. Capital World Investors grew its holdings in Apollo Global Management by 10.8% during the 4th quarter. Capital World Investors now owns 11,791,587 shares of the financial services provider’s stock valued at $562,577,000 after buying an additional 1,149,536 shares in the last quarter. Charles Schwab Investment Management Inc. purchased a new position in Apollo Global Management during the 4th quarter valued at approximately $39,180,000. Public Sector Pension Investment Board purchased a new position in Apollo Global Management during the 4th quarter valued at approximately $34,318,000. Finally, William Blair Investment Management LLC purchased a new position in Apollo Global Management during the 4th quarter valued at approximately $31,996,000. Institutional investors and hedge funds own 69.69% of the company’s stock.

About Apollo Global Management (NYSE:APO)

Apollo Global Management, LLC is a publicly owned investment manager. The firm primarily provides its services to endowment and sovereign wealth funds, as well as other institutional and individual investors. It manages client focused portfolios. The firm launches and manages hedge funds for its clients.

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