Leon D. Black, a significant shareholder of Apollo Global Management, Inc. (NYSE:APO), recently sold a substantial number of shares in the investment firm. According to the latest filings, Black disposed of shares worth approximately $173.5 million over several transactions conducted between December 2 and December 4. The sale comes as Apollo, now a $98.9 billion market cap company, trades near its 52-week high of $176.75. According to InvestingPro analysis, the stock appears slightly undervalued based on its Fair Value metrics.
The transactions involved the sale of common stock at prices ranging from $173.0107 to $175.4146 per share. Following these sales, Black retains a direct ownership of 35,104,773 shares, while an additional portion is held indirectly by his spouse.
These sales were executed in multiple transactions, each at varying prices within the specified range. The transactions are part of Black's ongoing management of his investment portfolio in Apollo Global Management, a firm he has been closely associated with for years.
In other recent news, Apollo Global Management Inc. has made significant strides in the renewable energy sector, acquiring a 50% stake in a portfolio of solar and battery energy storage systems in Texas from TotalEnergies (EPA:TTEF). The deal includes approximately 2 GW of assets within the Electric Reliability Council of Texas market. This move aligns with Apollo's Clean Transition strategy, as the firm has invested about $40 billion in energy transition and sustainability over the past five years.
In terms of financial performance, Apollo reported record Fee Related Earnings (FRE) of $531 million, robust spread-related earnings (SRE) of $856 million, and an adjusted net income of $1.1 billion in the recent quarter. The company aims for both FRE and SRE to reach $10 billion by 2029, with adjusted net income doubling to $15 per share.
Several analyst firms have provided their insights on Apollo's performance. TD Cowen maintained its Buy rating on Apollo's shares, while BMO Capital Markets and Keefe, Bruyette & Woods increased Apollo's price target. Piper Sandler initiated coverage on Apollo, assigning an Overweight rating, citing the company's strategic positioning.
These are recent developments that reflect Apollo's ongoing commitment to investing in the energy transition and its strides towards its financial objectives. Apollo's leadership is expected to remain stable, which is a positive signal for investors and stakeholders.
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