Apollo Global Management's co-president sells over $11 million in company stock

Apollo Global Management, Inc. (NYSE:APO) has reported that Co-President James C. Zelter sold a significant number of shares in the company. The recent transactions, which took place on August 23, 2024, involved the sale of company stock totaling over $11 million.

According to the details of the transactions, Zelter sold 15,609 shares at a weighted average price of $110.1899, with sales prices ranging from $110.1202 to $110.31. Additionally, 525 shares were sold at a weighted average price of $109.1306, with individual sales ranging from $109.04 to $109.19. Furthermore, 81,138 shares were sold at an average price of $110.171, within a price range of $110.00 to $110.60. Another batch of 2,728 shares was also sold at the same average price of $109.1306.

Post-transaction, Zelter directly owns 5,706,002 shares of Apollo Global Management, Inc. It should be noted that 589,000 of these shares were previously reported as indirectly held through The James C. Zelter 2023 GRAT No. 1 and have now been transferred directly to Zelter. The reported amount also includes 4,951,549 vested and unvested restricted stock units (RSUs) under the company's 2019 Omnibus Equity Incentive Plan.

In addition to his direct holdings, Zelter maintains indirect control over 784,450 shares held by The James C. Zelter 2023 GRAT No. 1 and 1,112,500 shares by Zelter APO Series LLC. Both entities are under his voting and investment control.

The substantial sale by a top executive of Apollo Global Management may capture the attention of investors and market watchers, as insider transactions are often scrutinized for indications of the company's performance and executive confidence.

The transactions were disclosed in compliance with SEC regulations, and further details of the individual sales within the reported price ranges are available upon request from the issuer or the Securities and Exchange Commission staff.

In other recent news, media and marketing solutions company Gannett Co., Inc. has announced a significant debt refinancing plan with Apollo managed funds. The new senior secured credit facility, totaling up to $900 million, aims to extend debt maturities and reduce the dilutive effect of convertible notes. The transactions are expected to conclude in the fall, subject to necessary approvals and standard closing conditions.

Simultaneously, Apollo Global Management has been the subject of several analyst adjustments. Argus reduced Apollo's stock target from $135 to $125, citing higher funding costs and lower growth. However, BofA Securities upgraded Apollo's stock from Neutral to Buy, adjusting the price target to $123. Citi also revised its price target for Apollo, lowering it to $135 from $140, while maintaining a Buy rating.

TD Cowen lowered Apollo's price target from $147 to $137, maintaining a Buy rating. The adjustment was due to concerns about the guidance for Apollo's insurance division, Strategic Risk Enterprise. Lastly, BMO Capital reduced its price target for Apollo to $123 from $125, while maintaining an Outperform rating. Despite the minor adjustment, BMO Capital's assessment reflects an optimistic view on Apollo's financial health and market position. These are the recent developments for Apollo Global Management and Gannett Co., Inc.

InvestingPro Insights

As Apollo Global Management, Inc. (NYSE:APO) navigates through a period marked by significant insider transactions, investors are keen to understand the broader financial context in which these sales are occurring. A closer look at the company's financial health and market performance through real-time data from InvestingPro may provide valuable insights.

An InvestingPro Tip highlights that Apollo has been a prominent player in the Financial Services industry, which could be a reassuring factor for investors considering the company's long-term position in the market. Additionally, the company has demonstrated a commitment to its shareholders by maintaining dividend payments for 14 consecutive years, a testament to its financial stability and management's confidence in ongoing profitability.

InvestingPro Data reveals that Apollo Global Management holds a market capitalization of $63.88 billion, with a P/E ratio standing at 12.03, which is slightly adjusted to 12.41 when considering the last twelve months as of Q2 2024. The company's Price / Book ratio is reported at 4.59 for the same period, indicating a high valuation relative to the company's book value. Moreover, the company's revenue for the last twelve months as of Q2 2024 is $25.96 billion, although it has experienced a decline of 2.78% in revenue growth during this period.

For investors looking to delve deeper into Apollo's performance and potential, InvestingPro offers a comprehensive list of additional tips. Currently, there are 11 more InvestingPro Tips available on the platform that can provide further clarity on Apollo's financial landscape and investment potential. These tips include insights into earnings revisions, sales forecasts, and stock volatility, among others.

As the company's next earnings date approaches on October 30, 2024, investors may benefit from these insights to better understand the implications of insider transactions and the company's future prospects. The additional InvestingPro Tips, found at https://www.investing.com/pro/APO, offer a more nuanced view that could be crucial for making informed investment decisions.

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