Apollo Global Management (APO) Stock Price Up 6.9% Following Insider Buying Activity
Apollo Global Management LLC (NYSE:APO)’s share price rose 6.9% during mid-day trading on Wednesday following insider buying activity. The stock traded as high as $28.02 and last traded at $28.00. Approximately 1,171,241 shares were traded during trading, an increase of 22% from the average daily volume of 961,540 shares. The stock had previously closed at $26.19.
Specifically, major shareholder Tiger Global Management Llc bought 815,000 shares of the business’s stock in a transaction on Tuesday, October 23rd. The shares were acquired at an average price of $29.26 per share, with a total value of $23,846,900.00. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director A B. Krongard bought 1,000 shares of the business’s stock in a transaction on Thursday, November 15th. The shares were acquired at an average cost of $28.24 per share, for a total transaction of $28,240.00. The disclosure for this purchase can be found here. Insiders have acquired a total of 2,056,117 shares of company stock worth $58,704,506 in the last three months. Insiders own 4.11% of the company’s stock.
A number of analysts have recently weighed in on APO shares. Goldman Sachs Group upgraded shares of Apollo Global Management from a “buy” rating to a “conviction-buy” rating in a report on Monday, October 1st. Morgan Stanley set a $42.00 price target on shares of Apollo Global Management and gave the company a “buy” rating in a report on Tuesday, August 14th. Oppenheimer set a $43.00 price target on shares of Apollo Global Management and gave the company a “buy” rating in a report on Tuesday, October 16th. Citigroup lowered their price target on shares of Apollo Global Management from $39.00 to $38.00 and set a “buy” rating on the stock in a report on Thursday, November 1st. Finally, Zacks Investment Research upgraded shares of Apollo Global Management from a “sell” rating to a “hold” rating in a report on Wednesday, October 3rd. Five research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. Apollo Global Management currently has a consensus rating of “Buy” and an average price target of $38.38.
Apollo Global Management (NYSE:APO) last released its earnings results on Wednesday, October 31st. The financial services provider reported $0.83 EPS for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.03). The company had revenue of $497.16 million during the quarter, compared to analyst estimates of $596.75 million. Apollo Global Management had a return on equity of 43.98% and a net margin of 19.45%. The firm’s revenue for the quarter was down 28.3% on a year-over-year basis. During the same quarter last year, the business earned $1.07 earnings per share. On average, research analysts expect that Apollo Global Management LLC will post 1.22 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 30th. Investors of record on Tuesday, November 20th will be paid a $0.46 dividend. The ex-dividend date of this dividend is Monday, November 19th. This is a boost from Apollo Global Management’s previous quarterly dividend of $0.43. This represents a $1.84 dividend on an annualized basis and a yield of 6.57%. Apollo Global Management’s dividend payout ratio (DPR) is 51.54%.
A number of hedge funds have recently added to or reduced their stakes in the stock. Raymond James Financial Services Advisors Inc. lifted its stake in Apollo Global Management by 6.5% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 25,592 shares of the financial services provider’s stock valued at $816,000 after acquiring an additional 1,567 shares during the period. Alps Advisors Inc. lifted its stake in Apollo Global Management by 11.6% during the 2nd quarter. Alps Advisors Inc. now owns 16,249 shares of the financial services provider’s stock valued at $544,000 after acquiring an additional 1,685 shares during the period. Prospera Financial Services Inc lifted its stake in Apollo Global Management by 7.8% during the 3rd quarter. Prospera Financial Services Inc now owns 24,290 shares of the financial services provider’s stock valued at $774,000 after acquiring an additional 1,752 shares during the period. PNC Financial Services Group Inc. lifted its stake in Apollo Global Management by 3.6% during the 2nd quarter. PNC Financial Services Group Inc. now owns 50,430 shares of the financial services provider’s stock valued at $1,608,000 after acquiring an additional 1,758 shares during the period. Finally, LLBH Private Wealth Management LLC lifted its stake in Apollo Global Management by 2.7% during the 3rd quarter. LLBH Private Wealth Management LLC now owns 69,918 shares of the financial services provider’s stock valued at $2,416,000 after acquiring an additional 1,805 shares during the period. Institutional investors own 71.75% of the company’s stock.
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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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