NewEdge Wealth LLC Sells 5,908 Shares of Apollo Global Management, Inc. (NYSE:APO)

NewEdge Wealth LLC reduced its stake in Apollo Global Management, Inc. (NYSE:APO) by 8.7% during the fourth quarter, HoldingsChannel reports. The firm owned 62,027 shares of the financial services provider’s stock after selling 5,908 shares during the quarter. NewEdge Wealth LLC’s holdings in Apollo Global Management were worth $10,244,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Bank of New York Mellon Corp boosted its position in Apollo Global Management by 42.1% in the fourth quarter. Bank of New York Mellon Corp now owns 2,640,758 shares of the financial services provider’s stock valued at $436,148,000 after buying an additional 782,700 shares in the last quarter. Principal Financial Group Inc. lifted its stake in shares of Apollo Global Management by 813.6% in the 4th quarter. Principal Financial Group Inc. now owns 542,780 shares of the financial services provider’s stock valued at $89,646,000 after acquiring an additional 483,369 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Apollo Global Management by 27.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,806,098 shares of the financial services provider’s stock valued at $225,600,000 after acquiring an additional 383,557 shares in the last quarter. Holocene Advisors LP grew its position in Apollo Global Management by 530.9% during the 3rd quarter. Holocene Advisors LP now owns 402,228 shares of the financial services provider’s stock worth $50,242,000 after acquiring an additional 338,472 shares during the last quarter. Finally, New York State Teachers Retirement System bought a new stake in Apollo Global Management during the 4th quarter worth $50,601,000. 77.06% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Apollo Global Management news, CFO Martin Kelly sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $172.61, for a total value of $863,050.00. Following the completion of the sale, the chief financial officer now owns 320,564 shares of the company’s stock, valued at approximately $55,332,552.04. This trade represents a 1.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Leon D. Black sold 133,400 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $174.16, for a total value of $23,232,944.00. Following the transaction, the insider now directly owns 35,471,373 shares in the company, valued at $6,177,694,321.68. The trade was a 0.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 201,600 shares of company stock worth $34,977,528. 8.50% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts have recently commented on APO shares. The Goldman Sachs Group lifted their price target on Apollo Global Management from $161.00 to $178.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Evercore ISI raised their price objective on shares of Apollo Global Management from $150.00 to $174.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Barclays boosted their target price on shares of Apollo Global Management from $174.00 to $200.00 and gave the stock an “overweight” rating in a report on Monday, December 9th. Piper Sandler upped their price target on shares of Apollo Global Management from $188.00 to $202.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. Finally, Morgan Stanley lifted their price target on shares of Apollo Global Management from $169.00 to $170.00 and gave the stock an “equal weight” rating in a report on Tuesday, February 11th. One investment 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. According to MarketBeat.com, Apollo Global Management currently has a consensus rating of “Moderate Buy” and a consensus target price of $165.74.

Apollo Global Management Price Performance

Apollo Global Management stock opened at $147.45 on Thursday. The stock has a market capitalization of $83.43 billion, a price-to-earnings ratio of 20.17, a PEG ratio of 1.17 and a beta of 1.63. Apollo Global Management, Inc. has a 52-week low of $95.11 and a 52-week high of $189.49. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.44 and a current ratio of 1.44. The stock’s 50 day moving average price is $164.28 and its two-hundred day moving average price is $148.74.

Apollo Global Management Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Tuesday, February 18th will be paid a dividend of $0.4625 per share. This represents a $1.85 annualized dividend and a yield of 1.25%. The ex-dividend date is Tuesday, February 18th. Apollo Global Management’s dividend payout ratio is presently 25.31%.

Apollo Global Management Company Profile

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.