California Public Employees Retirement System Grows Stake in Apollo Global Management Inc. $APO

California Public Employees Retirement System boosted its position in shares of Apollo Global Management Inc. (NYSE:APO) by 3.4% during the 1st quarter, HoldingsChannel reports. The firm owned 802,136 shares of the financial services provider’s stock after buying an additional 26,737 shares during the period. California Public Employees Retirement System’s holdings in Apollo Global Management were worth $89,374,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Kesler Norman & Wride LLC increased its stake in shares of Apollo Global Management by 14.4% during the first quarter. Kesler Norman & Wride LLC now owns 3,705 shares of the financial services provider’s stock valued at $413,000 after buying an additional 466 shares during the period. Main Street Group LTD bought a new stake in shares of Apollo Global Management in the first quarter valued at about $118,000. Financiere des Professionnels Fonds d investissement inc. purchased a new stake in Apollo Global Management in the first quarter worth about $2,240,000. Independent Financial Group LLC purchased a new stake in Apollo Global Management in the first quarter worth about $650,000. Finally, Westover Capital Advisors LLC grew its holdings in Apollo Global Management by 24.5% during the 1st quarter. Westover Capital Advisors LLC now owns 6,465 shares of the financial services provider’s stock worth $720,000 after acquiring an additional 1,271 shares in the last quarter. 77.06% of the stock is owned by institutional investors.

Apollo Global Management Price Performance

Shares of APO stock opened at $120.51 on Monday. The stock’s 50-day moving average is $127.52 and its 200 day moving average is $124.90. Apollo Global Management Inc. has a 1-year low of $99.56 and a 1-year high of $156.89. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.73 and a quick ratio of 1.73. The company has a market cap of $69.48 billion, a P/E ratio of 76.76, a PEG ratio of 1.04 and a beta of 1.50.

Apollo Global Management (NYSE:APO) last announced its earnings results on Wednesday, May 6th. The financial services provider reported $1.94 EPS for the quarter, topping analysts’ consensus estimates of $1.89 by $0.05. The business had revenue of $5.06 billion during the quarter, compared to the consensus estimate of $5.19 billion. Apollo Global Management had a net margin of 3.62% and a return on equity of 14.43%. The firm’s revenue was down 8.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.82 earnings per share. Research analysts predict that Apollo Global Management Inc. will post 8.23 earnings per share for the current fiscal year.

Apollo Global Management Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Tuesday, May 19th were given a $0.5625 dividend. This represents a $2.25 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Tuesday, May 19th. This is an increase from Apollo Global Management’s previous quarterly dividend of $0.51. Apollo Global Management’s payout ratio is presently 143.31%.

Insider Activity

In related news, insider John P. Zito sold 48,644 shares of the stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $130.66, for a total transaction of $6,355,825.04. Following the completion of the sale, the insider owned 3,063,696 shares of the company’s stock, valued at $400,302,519.36. This represents a 1.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 8.30% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

APO has been the topic of a number of research reports. Morgan Stanley cut their target price on shares of Apollo Global Management from $181.00 to $165.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 21st. Evercore reaffirmed an “outperform” rating on shares of Apollo Global Management in a research report on Tuesday, April 21st. The Goldman Sachs Group dropped their price objective on shares of Apollo Global Management from $169.00 to $134.00 and set a “buy” rating on the stock in a research note on Tuesday, April 7th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Apollo Global Management in a research note on Thursday, May 7th. Finally, Piper Sandler cut their price objective on shares of Apollo Global Management from $157.00 to $156.00 and set an “overweight” rating on the stock in a report on Monday, July 13th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, Apollo Global Management presently has an average rating of “Moderate Buy” and a consensus price target of $149.50.

About Apollo Global Management

Apollo Global Management, Inc (NYSE: APO) is a global alternative investment manager that specializes in private equity, credit and real assets. The firm originates, invests in and manages a broad set of strategies across distressed and opportunistic credit, direct lending, structured credit, buyouts and real estate. Apollo provides investment management and advisory services to institutional clients and individual investors through pooled funds, separate accounts and publicly listed investment vehicles.

Its private equity business pursues control and non-control investments across industries, often focusing on complex or distressed situations where operational improvement and capital solutions can create value.