State of Michigan Retirement System Makes New Investment in Apollo Global Management, Inc. (NYSE:APO)

State of Michigan Retirement System purchased a new stake in Apollo Global Management, Inc. (NYSE:APO) during the fourth quarter, Holdings Channel.com reports. The firm purchased 121,300 shares of the financial services provider’s stock, valued at approximately $20,034,000.

Several other large investors have also recently made changes to their positions in the stock. Bank of New York Mellon Corp boosted its holdings in shares of Apollo Global Management by 42.1% in the 4th quarter. Bank of New York Mellon Corp now owns 2,640,758 shares of the financial services provider’s stock valued at $436,148,000 after buying an additional 782,700 shares in the last quarter. Proficio Capital Partners LLC boosted its stake in Apollo Global Management by 15,187.7% in the fourth quarter. Proficio Capital Partners LLC now owns 639,027 shares of the financial services provider’s stock valued at $105,542,000 after acquiring an additional 634,847 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Apollo Global Management by 813.6% in the fourth quarter. Principal Financial Group Inc. now owns 542,780 shares of the financial services provider’s stock worth $89,646,000 after purchasing an additional 483,369 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Apollo Global Management by 27.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,806,098 shares of the financial services provider’s stock worth $225,600,000 after purchasing an additional 383,557 shares in the last quarter. Finally, Holocene Advisors LP lifted its holdings in shares of Apollo Global Management by 530.9% during the 3rd quarter. Holocene Advisors LP now owns 402,228 shares of the financial services provider’s stock valued at $50,242,000 after purchasing an additional 338,472 shares during the last quarter. 77.06% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on APO. Barclays boosted their target price on Apollo Global Management from $174.00 to $200.00 and gave the stock an “overweight” rating in a research note on Monday, December 9th. Piper Sandler boosted their price target on Apollo Global Management from $188.00 to $202.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. Citigroup increased their price objective on shares of Apollo Global Management from $162.00 to $170.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. UBS Group raised shares of Apollo Global Management to a “hold” rating in a research report on Wednesday, November 13th. Finally, Wells Fargo & Company decreased their price target on shares of Apollo Global Management from $191.00 to $187.00 and set an “overweight” rating for the company in a report on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat, Apollo Global Management presently has an average rating of “Moderate Buy” and an average target price of $165.74.

Insider Transactions at Apollo Global Management

In related news, CFO Martin Kelly sold 5,000 shares of the stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $158.28, for a total transaction of $791,400.00. Following the sale, the chief financial officer now directly owns 377,164 shares of the company’s stock, valued at approximately $59,697,517.92. This represents a 1.31 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 8.50% of the company’s stock.

Apollo Global Management Stock Down 4.7 %

Shares of APO opened at $137.76 on Wednesday. The stock’s 50-day moving average price is $162.11 and its 200-day moving average price is $150.09. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $78.59 billion, a price-to-earnings ratio of 18.85, a PEG ratio of 1.17 and a beta of 1.63. Apollo Global Management, Inc. has a 52 week low of $95.11 and a 52 week high of $189.49.

Apollo Global Management Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Tuesday, February 18th were given a $0.4625 dividend. The ex-dividend date was Tuesday, February 18th. This represents a $1.85 annualized dividend and a yield of 1.34%. Apollo Global Management’s dividend payout ratio is presently 25.31%.

Apollo Global Management Profile

Apollo Global Management, Inc is a private equity firm specializing in investments in credit, private equity, infrastructure, secondaries and real estate markets. The firm prefers to invest in private and public 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, venture capital, turnaround, bridge, corporate restructuring, special situation, acquisition, and industry consolidation transactions.