California State Teachers Retirement System Purchases 72,786,808 Shares of Apollo Global Management Inc. $APO

California State Teachers Retirement System increased its position in shares of Apollo Global Management Inc. (NYSE:APO) by 11,307.3% in the second quarter, Holdings Channel.com reports. The firm owned 73,430,521 shares of the financial services provider’s stock after purchasing an additional 72,786,808 shares during the quarter. California State Teachers Retirement System owned about 0.12% of Apollo Global Management worth $8,687,565,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in APO. Legal & General Group Plc bought a new stake in Apollo Global Management in the second quarter worth about $459,987,000. Bank of New York Mellon Corp purchased a new position in shares of Apollo Global Management during the second quarter valued at approximately $336,644,000. Boston Partners grew its stake in shares of Apollo Global Management by 106.7% during the fourth quarter. Boston Partners now owns 3,278,862 shares of the financial services provider’s stock valued at $474,384,000 after buying an additional 1,692,532 shares during the last quarter. Temasek Holdings Private Ltd grew its stake in shares of Apollo Global Management by 214.4% during the first quarter. Temasek Holdings Private Ltd now owns 2,368,162 shares of the financial services provider’s stock valued at $263,861,000 after buying an additional 1,614,813 shares during the last quarter. Finally, Deutsche Bank AG purchased a new stake in shares of Apollo Global Management in the second quarter worth approximately $172,290,000. 77.06% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CFO Martin Kelly sold 3,000 shares of the stock in a transaction on Friday, August 14th. The stock was sold at an average price of $140.84, for a total transaction of $422,520.00. Following the transaction, the chief financial officer owned 396,533 shares of the company’s stock, valued at approximately $55,847,707.72. This represents a 0.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 8.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on APO shares. Piper Sandler decreased their price target on Apollo Global Management from $157.00 to $156.00 and set an “overweight” rating for the company in a research note on Monday, July 13th. Keefe, Bruyette & Woods raised Apollo Global Management to a “hold” rating in a research report on Monday, July 20th. Weiss Ratings upgraded Apollo Global Management from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, August 21st. Wall Street Zen upgraded Apollo Global Management from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 18th. Finally, JPMorgan Chase & Co. upped their price target on shares of Apollo Global Management from $150.00 to $154.00 and gave the stock an “overweight” rating in a report on Wednesday, September 2nd. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $152.15.

Apollo Global Management Stock Down 1.3%

Shares of NYSE APO opened at $131.91 on Wednesday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.70 and a current ratio of 1.70. The firm has a market capitalization of $77.90 billion, a price-to-earnings ratio of 48.32, a PEG ratio of 1.17 and a beta of 1.52. The stock has a 50 day moving average price of $127.67 and a 200 day moving average price of $123.14. Apollo Global Management Inc. has a 52-week low of $99.56 and a 52-week high of $153.29.

Apollo Global Management (NYSE:APO) last announced its quarterly earnings data on Tuesday, August 4th. The financial services provider reported $2.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.16 by ($0.05). The firm had revenue of $5.57 billion during the quarter, compared to the consensus estimate of $5.65 billion. Apollo Global Management had a return on equity of 14.01% and a net margin of 5.22%.During the same period last year, the company earned $1.92 EPS. Sell-side analysts expect that Apollo Global Management Inc. will post 8.08 earnings per share for the current year.

Apollo Global Management Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 31st. Shareholders of record on Wednesday, August 19th were issued a $0.5625 dividend. This represents a $2.25 annualized dividend and a dividend yield of 1.7%. The ex-dividend date was Wednesday, August 19th. Apollo Global Management’s dividend payout ratio is currently 82.42%.

Apollo Global Management Profile

Apollo Global Management, Inc (NYSE: APO) is a global alternative asset manager that provides investment management and retirement services. The company serves institutional investors, businesses and individual investors through a range of strategies focused on private equity, credit, real assets and other long-term investments.

Apollo’s asset-management business invests across industries and geographies, with activities that include corporate and structured credit, private equity, infrastructure, real estate and hybrid strategies.