Bank of America Lowers Apollo Global Management (NYSE:APO) to Neutral

Bank of America lowered shares of Apollo Global Management (NYSE:APO) from a buy rating to a neutral rating in a research note issued to investors on Monday morning, Briefing.com Automated Import reports. They currently have $28.00 price target on the financial services provider’s stock, down from their previous price target of $38.00.

Other analysts have also recently issued research reports about the stock. Deutsche Bank dropped their target price on shares of Apollo Global Management from $47.00 to $39.00 and set a hold rating for the company in a research report on Wednesday, March 18th. Wells Fargo & Co upped their target price on shares of Apollo Global Management from $53.00 to $61.00 and gave the company an overweight rating in a research report on Friday, January 17th. Oppenheimer cut shares of Apollo Global Management from an outperform rating to a market perform rating in a research report on Tuesday, January 14th. UBS Group upped their target price on shares of Apollo Global Management from $44.00 to $48.00 and gave the company a neutral rating in a research report on Tuesday, January 28th. Finally, Morgan Stanley dropped their target price on shares of Apollo Global Management from $53.00 to $44.00 and set an equal weight rating for the company in a research report on Friday, March 13th. Nine analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock has a consensus rating of Hold and a consensus price target of $55.57.

Shares of Apollo Global Management stock traded up $3.01 on Monday, hitting $37.70. 4,341,154 shares of the company’s stock traded hands, compared to its average volume of 2,925,651. The firm’s 50-day moving average price is $40.06 and its two-hundred day moving average price is $42.92. The stock has a market capitalization of $6.35 billion, a PE ratio of 10.03, a price-to-earnings-growth ratio of 0.63 and a beta of 1.61. Apollo Global Management has a one year low of $19.46 and a one year high of $52.67. The company has a debt-to-equity ratio of 1.15, a current ratio of 1.69 and a quick ratio of 1.69.

Apollo Global Management (NYSE:APO) last issued its earnings results on Thursday, January 30th. The financial services provider reported $1.10 EPS for the quarter, beating the consensus estimate of $0.73 by $0.37. The company had revenue of $448.71 million during the quarter, compared to analysts’ expectations of $425.11 million. Apollo Global Management had a net margin of 31.68% and a return on equity of 47.22%. During the same quarter in the previous year, the company posted ($1.01) EPS. On average, analysts forecast that Apollo Global Management will post 2.55 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Tuesday, February 11th were given a $0.89 dividend. The ex-dividend date was Monday, February 10th. This represents a $3.56 dividend on an annualized basis and a dividend yield of 9.44%. This is a boost from Apollo Global Management’s previous quarterly dividend of $0.50. Apollo Global Management’s dividend payout ratio is currently 131.37%.

In related news, Director Michael E. Ducey bought 2,185 shares of Apollo Global Management stock in a transaction that occurred on Friday, March 20th. The stock was purchased at an average cost of $26.99 per share, with a total value of $58,973.15. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Tiger Global Management Llc sold 3,750,000 shares of the company’s stock in a transaction on Tuesday, January 14th. The stock was sold at an average price of $49.06, for a total transaction of $183,975,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,150,237 shares of company stock valued at $246,584,439. 46.90% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Parallel Advisors LLC boosted its stake in Apollo Global Management by 91.8% in the 4th quarter. Parallel Advisors LLC now owns 537 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 257 shares during the period. Coastal Investment Advisors Inc. boosted its stake in Apollo Global Management by 102.7% in the 4th quarter. Coastal Investment Advisors Inc. now owns 975 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 494 shares during the period. Moser Wealth Advisors LLC acquired a new position in Apollo Global Management in the 4th quarter worth $48,000. Global Retirement Partners LLC acquired a new position in Apollo Global Management in the 4th quarter worth $60,000. Finally, Benjamin F. Edwards & Company Inc. acquired a new position in Apollo Global Management in the 4th quarter worth $80,000. 69.69% of the stock is owned by hedge funds and other institutional investors.

Apollo Global Management Company Profile

Apollo Global Management, LLC is a publicly owned investment manager. The firm primarily provides its services to endowment and sovereign wealth funds, as well as other institutional and individual investors. It manages client focused portfolios. The firm launches and manages hedge funds for its clients.

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Analyst Recommendations for Apollo Global Management (NYSE:APO)

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