Apollo Global Management, LLC (APO) Declares $0.39 Quarterly Dividend
Apollo Global Management, LLC (NYSE:APO) announced a quarterly dividend on Thursday, November 2nd, Wall Street Journal reports. Shareholders of record on Tuesday, November 21st will be paid a dividend of 0.39 per share by the financial services provider on Thursday, November 30th. This represents a $1.56 annualized dividend and a yield of 4.94%. The ex-dividend date is Monday, November 20th.
Apollo Global Management has increased its dividend payment by an average of 64.7% per year over the last three years. Apollo Global Management has a payout ratio of 83.2% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Equities research analysts expect Apollo Global Management to earn $2.89 per share next year, which means the company should continue to be able to cover its $2.08 annual dividend with an expected future payout ratio of 72.0%.
Apollo Global Management (NYSE:APO) last issued its quarterly earnings data on Wednesday, November 1st. The financial services provider reported $1.07 EPS for the quarter, topping the Zacks’ consensus estimate of $0.56 by $0.51. The company had revenue of $645.20 million for the quarter, compared to analysts’ expectations of $467.72 million. Apollo Global Management had a return on equity of 59.61% and a net margin of 21.79%. The firm’s quarterly revenue was up 31.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.58 earnings per share.
A number of research analysts have commented on APO shares. Morgan Stanley restated an “equal weight” rating and set a $26.00 price objective (up previously from $25.00) on shares of Apollo Global Management in a research note on Monday, July 10th. Zacks Investment Research cut Apollo Global Management from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 11th. Oppenheimer Holdings, Inc. boosted their price objective on Apollo Global Management from $31.00 to $33.00 and gave the stock an “outperform” rating in a research note on Friday, July 14th. 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. Finally, BidaskClub upgraded Apollo Global Management from a “buy” rating to a “strong-buy” rating in a research note on Monday, July 31st. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $33.15.
In other Apollo Global Management news, major shareholder Tiger Global Management Llc bought 253,672 shares of the company’s stock in a transaction dated Friday, September 8th. The shares were acquired at an average cost of $28.48 per share, with a total value of $7,224,578.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John J. Suydam sold 53,383 shares of Apollo Global Management stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $29.07, for a total value of $1,551,843.81. The disclosure for this sale can be found here. Over the last ninety days, insiders have bought 294,672 shares of company stock worth $8,444,659. Corporate insiders own 4.11% of the company’s stock.
Apollo Global Management Company Profile
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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