Assetmark Inc. Trims Stake in Apollo Global Management, Inc. (NYSE:APO)

Assetmark Inc. reduced its position in Apollo Global Management, Inc. (NYSE:APO) by 4.2% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 70,872 shares of the financial services provider’s stock after selling 3,092 shares during the period. Assetmark Inc.’s holdings in Apollo Global Management were worth $6,605,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. FMR LLC lifted its holdings in shares of Apollo Global Management by 18.9% in the 3rd quarter. FMR LLC now owns 9,948,454 shares of the financial services provider’s stock valued at $892,973,000 after purchasing an additional 1,584,201 shares during the last quarter. Norges Bank purchased a new stake in shares of Apollo Global Management in the 4th quarter valued at about $586,016,000. Mariner LLC lifted its holdings in shares of Apollo Global Management by 0.3% in the 3rd quarter. Mariner LLC now owns 3,648,342 shares of the financial services provider’s stock valued at $327,475,000 after purchasing an additional 9,962 shares during the last quarter. Northern Trust Corp increased its position in Apollo Global Management by 2.5% in the 3rd quarter. Northern Trust Corp now owns 2,968,775 shares of the financial services provider’s stock valued at $266,477,000 after acquiring an additional 72,111 shares during the period. Finally, William Blair Investment Management LLC increased its position in Apollo Global Management by 11.2% in the 3rd quarter. William Blair Investment Management LLC now owns 1,902,972 shares of the financial services provider’s stock valued at $170,811,000 after acquiring an additional 191,881 shares during the period. 77.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Jefferies Financial Group dropped their price target on Apollo Global Management from $119.00 to $117.00 and set a “hold” rating on the stock in a research report on Thursday, May 9th. Evercore ISI boosted their price target on Apollo Global Management from $120.00 to $128.00 and gave the company an “outperform” rating in a research report on Friday, May 3rd. Barclays dropped their price target on Apollo Global Management from $133.00 to $131.00 and set an “overweight” rating on the stock in a research report on Friday, May 3rd. JPMorgan Chase & Co. boosted their price target on Apollo Global Management from $122.00 to $123.00 and gave the company an “overweight” rating in a research report on Wednesday, April 24th. Finally, BMO Capital Markets boosted their price target on Apollo Global Management from $111.00 to $122.00 and gave the company an “outperform” rating in a research report on Friday, April 5th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $115.62.

Apollo Global Management Stock Performance

APO opened at $113.32 on Thursday. The stock has a market cap of $64.38 billion, a P/E ratio of 12.61, a P/E/G ratio of 0.94 and a beta of 1.61. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.60 and a quick ratio of 1.60. The stock’s 50 day simple moving average is $111.73 and its 200 day simple moving average is $102.80. Apollo Global Management, Inc. has a 1-year low of $62.63 and a 1-year high of $117.15.

Apollo Global Management Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 17th will be issued a $0.463 dividend. The ex-dividend date is Thursday, May 16th. This represents a $1.85 dividend on an annualized basis and a dividend yield of 1.63%. This is a boost from Apollo Global Management’s previous quarterly dividend of $0.43. Apollo Global Management’s dividend payout ratio is currently 20.49%.

Insider Buying and Selling

In related news, CFO Martin Kelly sold 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $111.29, for a total value of $3,338,700.00. Following the sale, the chief financial officer now owns 359,445 shares in the company, valued at approximately $40,002,634.05. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Apollo Global Management news, CFO Martin Kelly sold 30,000 shares of the stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $111.29, for a total transaction of $3,338,700.00. Following the sale, the chief financial officer now owns 359,445 shares in the company, valued at approximately $40,002,634.05. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Leon D. Black sold 450,000 shares of the stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $110.71, for a total value of $49,819,500.00. Following the sale, the insider now owns 42,604,773 shares in the company, valued at approximately $4,716,774,418.83. The disclosure for this sale can be found here. Insiders have sold a total of 780,000 shares of company stock worth $86,611,200 in the last quarter. Company insiders own 8.50% 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 and real estate 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 capital, turnaround, bridge, corporate restructuring, special situation, acquisition, and industry consolidation transactions.