State of Michigan Retirement System Decreases Stock Holdings in Apollo Global Management, Inc. (NYSE:APO)

State of Michigan Retirement System lessened its position in shares of Apollo Global Management, Inc. (NYSE:APO) by 43.0% during the 1st quarter, Holdings Channel reports. The institutional investor owned 665,000 shares of the financial services provider’s stock after selling 500,658 shares during the quarter. State of Michigan Retirement System’s holdings in Apollo Global Management were worth $74,779,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Vaughan Nelson Investment Management L.P. raised its position in shares of Apollo Global Management by 100.7% during the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 371,619 shares of the financial services provider’s stock valued at $41,790,000 after buying an additional 186,413 shares during the period. Park Place Capital Corp raised its position in shares of Apollo Global Management by 5.4% during the 1st quarter. Park Place Capital Corp now owns 9,080 shares of the financial services provider’s stock valued at $1,021,000 after buying an additional 469 shares during the period. O ROURKE & COMPANY Inc raised its position in shares of Apollo Global Management by 2.8% during the 1st quarter. O ROURKE & COMPANY Inc now owns 26,868 shares of the financial services provider’s stock valued at $3,021,000 after buying an additional 742 shares during the period. Claro Advisors LLC purchased a new stake in Apollo Global Management in the first quarter valued at approximately $210,000. Finally, CCG Wealth Management LLC purchased a new stake in Apollo Global Management in the first quarter valued at approximately $327,000. Hedge funds and other institutional investors own 77.06% of the company’s stock.

Insiders Place Their Bets

In other Apollo Global Management news, CFO Martin Kelly sold 30,000 shares of the stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $111.29, for a total transaction of $3,338,700.00. Following the transaction, the chief financial officer now owns 359,445 shares of the company’s stock, valued at $40,002,634.05. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 8.50% of the stock is currently owned by insiders.

Apollo Global Management Price Performance

Shares of APO stock traded up $1.29 during trading hours on Tuesday, hitting $120.03. The company’s stock had a trading volume of 2,426,401 shares, compared to its average volume of 2,437,470. The business has a fifty day moving average of $114.50 and a 200-day moving average of $108.27. The stock has a market cap of $68.20 billion, a price-to-earnings ratio of 13.15, a P/E/G ratio of 0.98 and a beta of 1.59. Apollo Global Management, Inc. has a twelve month low of $73.77 and a twelve month high of $120.18. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 0.37.

Apollo Global Management (NYSE:APO) last posted its quarterly earnings results on Thursday, May 2nd. The financial services provider reported $1.50 earnings per share for the quarter, missing analysts’ consensus estimates of $1.71 by ($0.21). The company had revenue of $839.00 million for the quarter, compared to analysts’ expectations of $827.33 million. Apollo Global Management had a return on equity of 19.12% and a net margin of 16.27%. As a group, equities research analysts anticipate that Apollo Global Management, Inc. will post 7.14 EPS for the current year.

Apollo Global Management Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Friday, May 17th were paid a dividend of $0.463 per share. The ex-dividend date of this dividend was Thursday, May 16th. This represents a $1.85 dividend on an annualized basis and a yield of 1.54%. This is an increase from Apollo Global Management’s previous quarterly dividend of $0.43. Apollo Global Management’s dividend payout ratio (DPR) is currently 20.49%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on APO shares. JMP Securities reissued a “market perform” rating on shares of Apollo Global Management in a research report on Tuesday, April 9th. JPMorgan Chase & Co. boosted their price target on shares of Apollo Global Management from $122.00 to $123.00 and gave the company an “overweight” rating in a research report on Wednesday, April 24th. StockNews.com raised shares of Apollo Global Management from a “sell” rating to a “hold” rating in a report on Thursday, June 27th. Evercore ISI upped their target price on shares of Apollo Global Management from $120.00 to $128.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. Finally, BMO Capital Markets increased their price target on shares of Apollo Global Management from $111.00 to $122.00 and gave the stock an “outperform” rating in a report on Friday, April 5th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $115.62.

Apollo Global Management Profile

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.