Apollo Global Management (NYSE:APO) Shares Gap Up After Dividend Announcement

Apollo Global Management Inc. (NYSE:APO) gapped up prior to trading on Tuesday following a dividend announcement from the company. The stock had previously closed at $123.95, but opened at $132.25. Apollo Global Management shares last traded at $132.1360, with a volume of 1,954,069 shares.

The newly announced dividend which will be paid on Friday, November 28th. Investors of record on Monday, November 17th will be given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Monday, November 17th. Apollo Global Management’s dividend payout ratio (DPR) is presently 38.13%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Keefe, Bruyette & Woods raised their price objective on Apollo Global Management from $162.00 to $173.00 and gave the stock an “outperform” rating in a research report on Wednesday. Piper Sandler reaffirmed an “overweight” rating on shares of Apollo Global Management in a research report on Tuesday, October 7th. Citigroup dropped their target price on Apollo Global Management from $170.00 to $150.00 and set a “buy” rating for the company in a research report on Monday, October 13th. Morgan Stanley dropped their target price on Apollo Global Management from $154.00 to $151.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 21st. Finally, Evercore ISI lifted their target price on Apollo Global Management from $145.00 to $155.00 and gave the company an “outperform” rating in a research report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Apollo Global Management currently has an average rating of “Moderate Buy” and a consensus price target of $162.00.

Apollo Global Management Price Performance

The stock’s 50 day moving average is $131.18 and its two-hundred day moving average is $136.19. The stock has a market capitalization of $73.87 billion, a PE ratio of 24.14, a price-to-earnings-growth ratio of 1.42 and a beta of 1.63. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.27 and a quick ratio of 1.27.

Apollo Global Management (NYSE:APO) last posted its quarterly earnings results on Tuesday, August 5th. The financial services provider reported $1.92 EPS for the quarter, topping the consensus estimate of $1.84 by $0.08. Apollo Global Management had a net margin of 13.25% and a return on equity of 13.38%. The company had revenue of $6,550,000 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter in the previous year, the business posted $1.64 EPS. As a group, sell-side analysts forecast that Apollo Global Management Inc. will post 8 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Leon D. Black sold 915,000 shares of the business’s stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $134.03, for a total transaction of $122,637,450.00. Following the completion of the sale, the insider owned 4,526,000 shares in the company, valued at $606,619,780. The trade was a 16.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Martin Kelly sold 15,500 shares of the business’s stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $145.11, for a total value of $2,249,205.00. Following the sale, the chief financial officer owned 332,399 shares of the company’s stock, valued at approximately $48,234,418.89. The trade was a 4.46% decrease in their position. The SEC filing for this sale provides additional information. 8.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Lodge Hill Capital LLC increased its position in Apollo Global Management by 38.9% during the third quarter. Lodge Hill Capital LLC now owns 392,930 shares of the financial services provider’s stock worth $52,366,000 after buying an additional 110,000 shares during the period. Public Sector Pension Investment Board increased its position in Apollo Global Management by 6.8% during the third quarter. Public Sector Pension Investment Board now owns 99,228 shares of the financial services provider’s stock worth $13,224,000 after buying an additional 6,316 shares during the period. Illinois Municipal Retirement Fund increased its position in Apollo Global Management by 9.7% during the third quarter. Illinois Municipal Retirement Fund now owns 39,750 shares of the financial services provider’s stock worth $5,297,000 after buying an additional 3,525 shares during the period. Varma Mutual Pension Insurance Co increased its position in Apollo Global Management by 21.8% during the third quarter. Varma Mutual Pension Insurance Co now owns 94,401 shares of the financial services provider’s stock worth $12,581,000 after buying an additional 16,900 shares during the period. Finally, Cornerstone Investment Partners LLC increased its position in Apollo Global Management by 23.6% during the third quarter. Cornerstone Investment Partners LLC now owns 630,520 shares of the financial services provider’s stock worth $84,029,000 after buying an additional 120,558 shares during the period. Institutional investors and hedge funds own 77.06% of the company’s stock.

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.