A significant move in the financial markets has seen First National Trust Co acquire a substantial new position in Apollo Global Management Inc., signaling continued institutional confidence in the financial services giant.
According to its latest 13F filing with the Securities & Exchange Commission, First National Trust Co purchased 22,560 shares of Apollo Global Management stock during the first quarter, an investment valued at approximately $3.09 million. This strategic acquisition highlights a notable entry by the trust company into the firm’s equity.
Beyond First National Trust Co’s new stake, other major institutional investors have also significantly adjusted their portfolios. Geode Capital Management LLC, for instance, dramatically increased its holdings in Apollo Global Management by 64.6% in the fourth quarter, accumulating over 9.4 million shares worth more than $1.55 billion. Massachusetts Financial Services Co. MA further exemplified this trend with a 245.9% growth in its position, adding over 1.8 million shares.
Further reinforcing institutional interest, Price T Rowe Associates Inc. MD boosted its Apollo stake by 36.9%, now owning over 6.4 million shares. Northern Trust Corp raised its holdings by 50.0%, acquiring over 4.3 million shares, while Bessemer Group Inc. showed an astounding 200,666.6% increase, reaching over 1.2 million shares. Collectively, institutional investors now command a significant 77.06% of the company’s stock, underscoring its appeal within investment circles.
From a market perspective, Apollo Global Management’s stock recently opened at $145.45, reflecting robust financial health with a market capitalization of $83.12 billion. The company exhibits a price-to-earnings ratio of 25.47, a PEG ratio of 1.66, and a beta of 1.59, indicating its valuation and market sensitivity. Its consistent performance is further evidenced by a 50-day moving average of $140.19 and a 200-day moving average of $142.61.
In a positive development for shareholders, Apollo Global Management recently declared a quarterly dividend of $0.51 per share, paid on May 30th to investors of record on May 16th. This marks an increase from the previous $0.46 dividend, representing a $2.04 annualized dividend and a 1.40% yield. The company’s dividend payout ratio currently stands at 35.73%, suggesting a sustainable return to investors.
Recent insider trading activity also provides additional insights into the company’s dynamics. The Chief Financial Officer sold 4,000 shares of company stock on May 6th at an average price of $132.57, totaling over $530,000. This transaction, disclosed in an SEC filing, reduced the CFO’s direct ownership to 373,164 shares, though company insiders still collectively own 8.20% of the stock.
Equity analysts have closely monitored Apollo Global Management, with recent price target adjustments and ratings. Bank of America raised its target to $190.00 with a ‘buy’ rating, while Wells Fargo & Company increased its target to $173.00 with an ‘overweight’ rating. Citigroup and Barclays also issued ‘buy’ or ‘overweight’ ratings, with consensus among seventeen analysts leading to a ‘Moderate Buy’ rating and a target price of $161.00.
At its core, Apollo Global Management, Inc. operates as a leading private equity firm, specializing in a diverse range of investments across credit, private equity, infrastructure, secondaries, and real estate markets. The firm actively engages in both private and public markets, executing various investment strategies from traditional buyouts to distressed asset acquisitions and corporate restructurings, solidifying its position as a key player in global finance.
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