Harbor Asset Planning Invests $103,000 in Apollo Global Management

Harbor Asset Planning Inc. recently disclosed an investment of approximately $103,000 in Apollo Global Management Inc. (NYSE: APO) as part of its portfolio adjustments during the second quarter of 2023. The firm acquired 726 shares of the financial services provider, reflecting a strategic positioning within the asset management sector.

Several prominent hedge funds have also adjusted their stakes in Apollo Global Management. Vanguard Group Inc. increased its holdings by 2.0% in the first quarter, acquiring an additional 893,428 shares, bringing its total ownership to 46,028,812 shares, valued at around $6.3 billion. Similarly, Goldman Sachs Group Inc. raised its stake by 24.6%, now holding 3,581,732 shares worth approximately $490 million after purchasing an additional 706,181 shares.

Charles Schwab Investment Management Inc. also expanded its position by 3.9%, acquiring an additional 112,736 shares to hold 3,013,298 shares valued at around $412 million. Other notable changes include Boston Partners, which entered a new position valued at about $370 million, and Allen Investment Management LLC, which increased its holdings by 14.4% to own 2,641,043 shares now worth approximately $361 million. Overall, institutional investors and hedge funds hold a substantial 77.06% of Apollo Global Management’s stock.

Analyst Ratings and Price Performance

Recent assessments from various brokerages indicate a mixed sentiment towards Apollo Global Management’s stock. BMO Capital Markets initiated coverage with a “market perform” rating and a target price of $132.00. Meanwhile, Piper Sandler reiterated an “overweight” rating. Conversely, Wall Street Zen downgraded the stock from “hold” to “sell.” Wells Fargo & Company raised its target price from $160.00 to $173.00, maintaining an “overweight” rating.

Currently, Apollo Global Management holds an average rating of “Moderate Buy” with an average price target of $161.14. As of last Friday, shares were trading at $120.86, having a fifty-day simple moving average of $134.68 and a 200-day moving average of $135.85. The company’s market capitalization stands at $69.14 billion, with a price-to-earnings ratio of 22.59.

Recent Financial Results and Dividend Actions

On August 5, 2023, Apollo Global Management reported quarterly earnings of $1.92 per share, surpassing analysts’ consensus estimates of $1.84. The company achieved a net margin of 13.25% and a return on equity of 13.38%. Revenue for the quarter reached $6.55 billion, significantly higher than the expected $1.01 billion.

Apollo Global Management also declared a quarterly dividend of $0.51 per share, which was paid on August 29, 2023, to shareholders who were on record as of August 18, 2023. This dividend represents an annualized figure of $2.04, yielding 1.7%. The company’s current payout ratio is 38.13%.

Insider trading activity has also been noteworthy. Chief Financial Officer Martin Kelly sold 15,500 shares on August 12, 2023, at an average price of $145.11, amounting to a total of $2.25 million. Following this sale, he retained 332,399 shares valued at approximately $48.23 million. Additionally, insider Whitney Chatterjee sold 4,500 shares on August 6, 2023, for a total transaction of $657,135.

In the past 90 days, insiders have sold a total of 935,000 shares valued at around $125.54 million, indicating a shift in ownership dynamics, with insiders retaining 8.20% of the stock.

About Apollo Global Management

Apollo Global Management, Inc. is a prominent private equity firm specializing in various investment strategies including credit, private equity, infrastructure, and real estate. The firm seeks opportunities in both private and public markets, engaging in traditional buyouts, distressed asset acquisitions, and corporate restructuring, among other transactions.

For those interested in further information on Apollo Global Management and current hedge fund positions, HoldingsChannel.com provides updates on the latest 13F filings and insider trades.