Apollo Global Management, LLC (APO) Upgraded to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Apollo Global Management, LLC (NYSE:APO) from a hold rating to a buy rating in a research report sent to investors on Tuesday. The firm currently has $34.00 price target 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. “

A number of other equities research analysts have also commented on the company. Morgan Stanley restated an equal weight rating and set a $30.00 price objective (up from $28.00) on shares of Apollo Global Management in a research report on Thursday, October 5th. Jefferies Group LLC restated a buy rating and set a $34.00 price objective on shares of Apollo Global Management in a research report on Tuesday, September 26th. JMP Securities restated an outperform rating and set a $32.00 price objective on shares of Apollo Global Management in a research report on Friday, August 4th. UBS AG restated a buy rating and set a $32.00 price objective (up from $30.00) on shares of Apollo Global Management in a research report on Friday, August 4th. Finally, Deutsche Bank AG raised their price objective on Apollo Global Management from $27.00 to $30.00 and gave the stock a hold rating in a research report on Thursday, August 3rd. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company’s stock. Apollo Global Management has a consensus rating of Buy and an average price target of $29.59.

Apollo Global Management (NYSE APO) opened at 30.83 on Tuesday. Apollo Global Management has a 12-month low of $17.38 and a 12-month high of $31.69. The stock has a market capitalization of $5.98 billion, a price-to-earnings ratio of 12.08 and a beta of 1.20. The firm has a 50-day moving average of $29.68 and a 200-day moving average of $27.70.

Apollo Global Management (NYSE:APO) last released its quarterly earnings results on Wednesday, August 2nd. The financial services provider reported $0.46 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.50 by ($0.04). Apollo Global Management had a net margin of 21.79% and a return on equity of 59.61%. The company had revenue of $432.87 million during the quarter, compared to analyst estimates of $455.29 million. During the same quarter last year, the business earned $0.98 EPS. The company’s revenue for the quarter was down 34.5% compared to the same quarter last year. Equities research analysts forecast that Apollo Global Management will post $2.48 earnings per share for the current fiscal year.

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In related news, insider John J. Suydam sold 53,383 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $29.07, for a total value of $1,551,843.81. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director A B. Krongard acquired 1,000 shares of the business’s stock in a transaction that occurred on Monday, August 28th. The stock was bought at an average cost of $29.28 per share, for a total transaction of $29,280.00. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 1,399,918 shares of company stock valued at $39,210,819. 4.11% of the stock is owned by corporate insiders.

Several hedge funds have recently modified their holdings of APO. Ameriprise Financial Inc. bought a new position in shares of Apollo Global Management in the 1st quarter valued at approximately $234,000. FMR LLC increased its position in Apollo Global Management by 2.8% in the 1st quarter. FMR LLC now owns 8,216,804 shares of the financial services provider’s stock worth $199,833,000 after buying an additional 223,452 shares during the period. PNC Financial Services Group Inc. increased its position in Apollo Global Management by 6.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 41,252 shares of the financial services provider’s stock worth $1,003,000 after buying an additional 2,350 shares during the period. Legal & General Group Plc increased its position in Apollo Global Management by 6.7% in the 1st quarter. Legal & General Group Plc now owns 439,743 shares of the financial services provider’s stock worth $10,688,000 after buying an additional 27,619 shares during the period. Finally, Global X Management Co. LLC bought a new position in Apollo Global Management in the 1st quarter worth approximately $161,000. 73.58% of the stock is currently owned by institutional investors and hedge funds.

About Apollo Global Management

Apollo Global Management, LLC (Apollo) is an alternative investment manager in private equity, credit and real estate. The Company raises, invests and manages funds on behalf of pension, endowment and sovereign wealth funds, as well as other institutional and individual investors. The Company’s segments include private equity, credit and real estate.

Analyst Recommendations for Apollo Global Management (NYSE:APO)

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