Apollo Global Management (NYSE:APO) Trading Down 3.9% – Here’s Why

Apollo Global Management, Inc. (NYSE:APO)’s share price was down 3.9% on Wednesday . The company traded as low as $160.89 and last traded at $161.68. Approximately 1,387,683 shares were traded during mid-day trading, a decline of 48% from the average daily volume of 2,657,546 shares. The stock had previously closed at $168.25.

Analysts Set New Price Targets

APO has been the subject of a number of research reports. Argus reduced their price target on shares of Apollo Global Management from $135.00 to $125.00 and set a “buy” rating for the company in a report on Tuesday, August 20th. Redburn Partners assumed coverage on Apollo Global Management in a research note on Tuesday, August 27th. They issued a “buy” rating and a $153.00 target price for the company. Evercore ISI increased their target price on Apollo Global Management from $150.00 to $174.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Morgan Stanley upped their price objective on Apollo Global Management from $111.00 to $137.00 and gave the stock an “equal weight” rating in a report on Thursday, October 10th. Finally, Piper Sandler began coverage on Apollo Global Management in a research report on Tuesday. They set an “overweight” rating and a $188.00 target price for the company. One analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $155.05.

Apollo Global Management Price Performance

The business’s 50-day simple moving average is $139.82 and its two-hundred day simple moving average is $123.50. The stock has a market cap of $91.61 billion, a price-to-earnings ratio of 17.58, a price-to-earnings-growth ratio of 1.69 and a beta of 1.59. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.44 and a quick ratio of 1.44.

Apollo Global Management Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Monday, November 18th will be given a $0.463 dividend. This represents a $1.85 dividend on an annualized basis and a yield of 1.14%. This is an increase from Apollo Global Management’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend is Monday, November 18th. Apollo Global Management’s dividend payout ratio is presently 19.33%.

Institutional Investors Weigh In On Apollo Global Management

Hedge funds have recently added to or reduced their stakes in the company. Curated Wealth Partners LLC boosted its holdings in Apollo Global Management by 200.3% in the 2nd quarter. Curated Wealth Partners LLC now owns 2,362,535 shares of the financial services provider’s stock worth $278,945,000 after buying an additional 4,717,661 shares during the period. Capital Research Global Investors raised its stake in Apollo Global Management by 40.3% in the first quarter. Capital Research Global Investors now owns 4,738,565 shares of the financial services provider’s stock valued at $532,852,000 after buying an additional 1,360,525 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new position in shares of Apollo Global Management in the second quarter worth about $62,972,000. 1832 Asset Management L.P. raised its position in Apollo Global Management by 66.0% during the first quarter. 1832 Asset Management L.P. now owns 1,257,460 shares of the financial services provider’s stock valued at $141,401,000 after acquiring an additional 499,930 shares in the last quarter. Finally, Marshall Wace LLP lifted its position in shares of Apollo Global Management by 74.5% during the 2nd quarter. Marshall Wace LLP now owns 955,673 shares of the financial services provider’s stock valued at $112,836,000 after buying an additional 408,105 shares in the last quarter. Institutional investors 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.