State of Michigan Retirement System Sells 500,658 Shares of Apollo Global Management, Inc. (NYSE:APO)

State of Michigan Retirement System reduced its position in Apollo Global Management, Inc. (NYSE:APO) by 43.0% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 665,000 shares of the financial services provider’s stock after selling 500,658 shares during the period. State of Michigan Retirement System owned 0.12% of Apollo Global Management worth $74,779,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in APO. Sugarloaf Wealth Management LLC purchased a new position in Apollo Global Management during the 4th quarter valued at about $31,000. DSM Capital Partners LLC purchased a new position in Apollo Global Management during the 4th quarter valued at about $31,000. Blue Trust Inc. grew its holdings in Apollo Global Management by 151.4% during the 4th quarter. Blue Trust Inc. now owns 367 shares of the financial services provider’s stock valued at $33,000 after buying an additional 221 shares in the last quarter. True Wealth Design LLC purchased a new position in Apollo Global Management during the 4th quarter valued at about $33,000. Finally, CVA Family Office LLC purchased a new position in Apollo Global Management during the 4th quarter valued at about $34,000. 77.06% of the stock is currently owned by institutional investors.

Apollo Global Management Price Performance

APO traded up $1.29 during midday trading on Tuesday, hitting $120.03. The stock had a trading volume of 2,426,401 shares, compared to its average volume of 2,437,470. The company has a market cap of $68.20 billion, a P/E ratio of 13.15, a price-to-earnings-growth ratio of 0.98 and a beta of 1.59. The business has a fifty day moving average of $114.50 and a 200 day moving average of $108.27. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.60 and a current ratio of 1.60. Apollo Global Management, Inc. has a 1 year low of $73.77 and a 1 year high of $120.18.

Apollo Global Management (NYSE:APO) last announced its quarterly earnings data on Thursday, May 2nd. The financial services provider reported $1.50 earnings per share for the quarter, missing the consensus estimate of $1.71 by ($0.21). Apollo Global Management had a net margin of 16.27% and a return on equity of 19.12%. The company had revenue of $839.00 million during the quarter, compared to the consensus estimate of $827.33 million. As a group, equities analysts forecast that Apollo Global Management, Inc. will post 7.14 earnings per share for the current fiscal year.

Apollo Global Management Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Friday, May 17th were given a $0.463 dividend. The ex-dividend date was Thursday, May 16th. This represents a $1.85 annualized dividend and a yield of 1.54%. This is an increase from Apollo Global Management’s previous quarterly dividend of $0.43. Apollo Global Management’s payout ratio is presently 20.49%.

Analyst Ratings Changes

APO has been the subject of a number of recent analyst reports. JMP Securities reaffirmed a “market perform” rating on shares of Apollo Global Management in a report on Tuesday, April 9th. StockNews.com raised Apollo Global Management from a “sell” rating to a “hold” rating in a report on Thursday, June 27th. Jefferies Financial Group cut their price objective on Apollo Global Management from $119.00 to $117.00 and set a “hold” rating for the company in a report on Thursday, May 9th. BMO Capital Markets boosted their price objective on Apollo Global Management from $111.00 to $122.00 and gave the stock an “outperform” rating in a report on Friday, April 5th. Finally, Barclays cut their price objective on Apollo Global Management from $133.00 to $131.00 and set an “overweight” rating for the company in a report on Friday, May 3rd. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Apollo Global Management currently has an average rating of “Moderate Buy” and a consensus price target of $115.62.

Insider Buying and Selling at Apollo Global Management

In related news, CFO Martin Kelly sold 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The stock was 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 in the company, valued at $40,002,634.05. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 8.50% 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 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.