Apollo Global Management, LLC (APO) Forecasted to Earn Q3 2017 Earnings of $0.58 Per Share
Apollo Global Management, LLC (NYSE:APO) – Research analysts at Jefferies Group dropped their Q3 2017 earnings per share estimates for Apollo Global Management in a report issued on Thursday. Jefferies Group analyst G. O’hara now anticipates that the financial services provider will post earnings per share of $0.58 for the quarter, down from their prior estimate of $0.65. Jefferies Group has a “Buy” rating on the stock. Jefferies Group also issued estimates for Apollo Global Management’s Q4 2017 earnings at $0.57 EPS and FY2018 earnings at $3.03 EPS.
Apollo Global Management (NYSE:APO) last issued its quarterly earnings results on Wednesday, August 2nd. The financial services provider reported $0.46 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.50 by $0.04. Apollo Global Management had a return on equity of 61.50% and a net margin of 21.79%. The company had revenue of $432.87 million for the quarter, compared to analyst estimates of $455.29 million. During the same period in the prior year, the business earned $0.98 earnings per share. Apollo Global Management’s revenue for the quarter was down 34.5% compared to the same quarter last year. ILLEGAL ACTIVITY WARNING: “Apollo Global Management, LLC (APO) Forecasted to Earn Q3 2017 Earnings of $0.58 Per Share” was originally posted by American Banking News and is owned by of American Banking News. If you are accessing this story on another domain, it was stolen and republished in violation of international copyright and trademark legislation. The legal version of this story can be viewed at https://www.americanbankingnews.com/2017/08/07/apollo-global-management-llc-apo-forecasted-to-earn-q3-2017-earnings-of-0-58-per-share.html.
APO has been the subject of a number of other reports. Zacks Investment Research downgraded Apollo Global Management from a “buy” rating to a “hold” rating in a research note on Friday, April 21st. Keefe, Bruyette & Woods restated a “buy” rating and set a $33.00 price objective on shares of Apollo Global Management in a research note on Friday, July 14th. BidaskClub downgraded Apollo Global Management from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, June 27th. JMP Securities restated an “outperform” rating and set a $32.00 price objective on shares of Apollo Global Management in a research note on Friday. Finally, Morgan Stanley restated an “equal weight” rating and set a $26.00 price objective (up from $25.00) on shares of Apollo Global Management in a research note on Monday, July 10th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $28.41.
Shares of Apollo Global Management (APO) opened at 29.00 on Monday. Apollo Global Management has a one year low of $17.23 and a one year high of $29.20. The company’s 50 day moving average price is $27.30 and its 200 day moving average price is $25.16. The firm has a market capitalization of $5.53 billion, a P/E ratio of 11.35 and a beta of 1.22.
Several hedge funds have recently made changes to their positions in APO. Skandinaviska Enskilda Banken AB publ purchased a new stake in shares of Apollo Global Management during the first quarter valued at $52,393,000. Bank of Montreal Can purchased a new stake in shares of Apollo Global Management during the second quarter valued at $54,333,000. Bank of America Corp DE raised its stake in shares of Apollo Global Management by 66.0% in the first quarter. Bank of America Corp DE now owns 4,612,397 shares of the financial services provider’s stock valued at $112,173,000 after buying an additional 1,833,690 shares during the period. Massachusetts Financial Services Co. MA raised its stake in shares of Apollo Global Management by 29.9% in the first quarter. Massachusetts Financial Services Co. MA now owns 3,070,745 shares of the financial services provider’s stock valued at $74,681,000 after buying an additional 707,416 shares during the period. Finally, Renaissance Technologies LLC raised its stake in shares of Apollo Global Management by 4,255.2% in the first quarter. Renaissance Technologies LLC now owns 667,832 shares of the financial services provider’s stock valued at $16,242,000 after buying an additional 652,498 shares during the period. Institutional investors and hedge funds own 75.47% of the company’s stock.
In other news, major shareholder Tiger Global Management Llc acquired 431,500 shares of the business’s stock in a transaction dated Tuesday, May 9th. The stock was acquired at an average price of $26.86 per share, for a total transaction of $11,590,090.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert K. Kraft acquired 30,000 shares of the business’s stock in a transaction dated Thursday, August 3rd. The stock was purchased at an average price of $28.88 per share, with a total value of $866,400.00. The disclosure for this purchase can be found here. Insiders have acquired a total of 3,662,418 shares of company stock valued at $98,549,333 in the last quarter. 4.11% of the stock is currently owned by insiders.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Tuesday, August 22nd will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 7.17%. The ex-dividend date is Friday, August 18th. This is a positive change from Apollo Global Management’s previous quarterly dividend of $0.49. Apollo Global Management’s payout ratio is 76.56%.
About Apollo Global Management
Apollo Global Management, LLC (Apollo) is an alternative investment manager in private equity, credit and real estate. The Company raises, invests and manages funds on behalf of pension, endowment and sovereign wealth funds, as well as other institutional and individual investors. The Company’s segments include private equity, credit and real estate.
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