Sun Sep 15 15:36:56 UTC 2024: ## Zions Bancorporation Boosts Stake in Apollo Global Management

**Salt Lake City, UT (MarketBeat News) -** Zions Bancorporation N.A. significantly increased its holdings in Apollo Global Management, Inc. (NYSE: APO) during the second quarter, acquiring an additional 1,420 shares, according to the bank’s recent Form 13F filing. This move represents an 882% increase in their stake, bringing their total ownership to 1,581 shares worth approximately $187,000.

Zions Bancorporation isn’t the only investor showing interest in APO. Several other large institutional investors also adjusted their positions in the financial services provider during recent quarters, including purchases by DSM Capital Partners LLC, True Wealth Design LLC, Cullen Frost Bankers Inc., and Carolinas Wealth Consulting LLC. J.Safra Asset Management Corp also boosted its stake in the company by 709.3% in the first quarter.

This heightened institutional interest underscores the overall confidence in APO’s performance. Currently, 77.06% of the company’s stock is held by hedge funds and other institutional investors.

**Director Acquires Shares**

On August 6th, Pauline Richards, a director at Apollo Global Management, purchased 2,351 shares of the company’s stock at an average price of $104.92 per share. This transaction, worth $246,666.92, brings her total ownership in the company to 85,854 shares, valued at $9,007,801.68.

**Earnings Report**

Apollo Global Management reported earnings results on August 1st, missing analysts’ expectations for the quarter. The firm reported earnings per share of $1.64, falling short of the consensus estimate of $1.67. While revenue came in at $6.02 billion, surpassing analyst estimates of $873.18 million, the earnings shortfall triggered some market jitters.

**Analyst Sentiment**

Analysts remain generally bullish on APO, despite the recent earnings miss. Deutsche Bank Aktiengesellschaft, Bank of America, Keefe, Bruyette & Woods, and Redburn Atlantic all issued positive ratings on the stock, with target prices ranging from $123.00 to $153.00. However, StockNews.com downgraded the stock to “sell” on August 8th, adding a counterpoint to the overall optimistic sentiment.

Overall, Apollo Global Management continues to attract investor interest, fueled by its strong performance and potential in the financial services industry. Despite the recent earnings miss, the company remains a focus for institutional and individual investors alike.

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