Chatterjee Whitney, the Chief Legal Officer of Apollo Global Management, Inc. (NYSE:APO), recently sold shares of the company in transactions valued at approximately $1,074,851. The transactions, reported on December 3, 2024, involved the sale of 4,613 shares at a weighted average price of $173.23 and 1,587 shares at a weighted average price of $173.75. The prices for these sales ranged from $172.61 to $173.90 per share. These transactions occurred as Apollo's stock trades near its 52-week high of $176.75, having delivered an impressive 90% return year-to-date. According to InvestingPro analysis, the stock currently shows signs of being slightly undervalued.
Following these transactions, Whitney holds 117,240 shares of Apollo Global Management, including vested and unvested restricted stock units (RSUs) granted under the company's 2019 Omnibus Equity Incentive Plan. The RSUs vest in installments, contingent upon continued service through the applicable vesting dates. With a market capitalization of nearly $100 billion, Apollo remains a prominent player in the financial services industry. Discover more insights about Apollo's valuation and growth prospects with InvestingPro, which offers 16 additional investment tips for this stock.
In other recent news, Apollo Global Management Inc. has made significant strides in the renewable energy sector, agreeing to purchase a 50% interest in a portfolio of solar and battery energy storage systems in Texas from TotalEnergies (EPA:TTEF). The acquisition aligns with Apollo's Clean Transition strategy and is part of a larger commitment to investing in energy transition and sustainability. The transaction is expected to finalize in the fourth quarter of 2024.
Apollo's third-quarter performance has been strong, with 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. Several financial firms have responded positively to these results, with TD Cowen maintaining its Buy rating on Apollo shares and BMO Capital Markets raising its price target from $138 to $157. Keefe, Bruyette & Woods also increased Apollo's price target to $168, primarily due to higher management fees.
Furthermore, Piper Sandler initiated coverage on Apollo, assigning an Overweight rating and a price target of $188, citing the company's strategic positioning. The firm also highlighted Apollo's ambitious growth targets, aiming for both FRE and SRE to reach $10 billion by 2029, with adjusted net income doubling to $15 per share.
These are the recent developments for Apollo Global Management, a global alternative asset manager with a diverse portfolio and a strong presence in the renewable energy market. Apollo's leadership is expected to remain stable, which, along with its strategic direction and operations, is anticipated to continue without interruption.
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