Apollo Global Management (NYSE:APO) Upgraded to “Buy” at Zacks Investment Research

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Zacks Investment Research upgraded shares of Apollo Global Management (NYSE:APO) from a hold rating to a buy rating in a research report sent to investors on Friday morning, Zacks.com reports. The firm currently has $35.00 target price on the financial services provider’s stock.

According to Zacks, “Apollo Management, L.P. operates as an alternative asset manager globally. The Company operates in three business segments: private equity, capital markets and real estate. It raises, invests and manages funds on behalf of pension and endowment funds, as well as other institutional and individual investors. Apollo Management, L.P. is headquartered in New York, New York. “

Other analysts have also issued research reports about the stock. JMP Securities upped their target price on shares of Apollo Global Management from $36.00 to $40.00 and gave the stock a market outperform rating in a research note on Friday, June 7th. Wells Fargo & Co boosted their price target on shares of Apollo Global Management from $38.00 to $42.00 and gave the stock an outperform rating in a report on Wednesday, July 10th. ValuEngine raised shares of Apollo Global Management from a hold rating to a buy rating in a report on Friday, April 19th. Credit Suisse Group raised shares of Apollo Global Management from a neutral rating to an outperform rating and boosted their price target for the stock from $39.00 to $42.00 in a report on Tuesday, May 21st. Finally, TheStreet raised shares of Apollo Global Management from a c rating to an a- rating in a report on Friday, May 3rd. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of Buy and a consensus target price of $39.56.

NYSE APO opened at $31.43 on Friday. Apollo Global Management has a 1 year low of $22.63 and a 1 year high of $36.49. The company has a debt-to-equity ratio of 1.07, a quick ratio of 1.46 and a current ratio of 1.46. The company has a market cap of $6.32 billion, a price-to-earnings ratio of -149.67, a price-to-earnings-growth ratio of 0.81 and a beta of 1.50. The business has a fifty day moving average price of $34.53.

Apollo Global Management (NYSE:APO) last posted its earnings results on Wednesday, July 31st. The financial services provider reported $0.56 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.58 by ($0.02). The firm had revenue of $523.30 million for the quarter, compared to analysts’ expectations of $398.72 million. During the same period last year, the firm posted $0.53 EPS. Apollo Global Management’s quarterly revenue was down 17.8% on a year-over-year basis. Equities analysts forecast that Apollo Global Management will post 2.38 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be issued a $0.50 dividend. This is an increase from Apollo Global Management’s previous quarterly dividend of $0.46. This represents a $2.00 dividend on an annualized basis and a dividend yield of 6.36%. The ex-dividend date of this dividend is Thursday, August 15th. Apollo Global Management’s payout ratio is -876.19%.

In related news, Director Pauline Richards purchased 2,720 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were bought at an average cost of $30.85 per share, with a total value of $83,912.00. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 49.50% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. TCG Advisors LP purchased a new stake in Apollo Global Management during the first quarter valued at about $26,000. Arlington Partners LLC purchased a new stake in Apollo Global Management during the second quarter valued at about $34,000. NEXT Financial Group Inc purchased a new stake in Apollo Global Management during the second quarter valued at about $54,000. Ellis Investment Partners LLC purchased a new stake in Apollo Global Management during the first quarter valued at about $60,000. Finally, Proffitt & Goodson Inc. purchased a new stake in Apollo Global Management during the first quarter valued at about $119,000. 73.38% of the stock is currently owned by institutional investors and hedge funds.

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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