- Apollo Global Management, Inc. (APO) has announced a 7.6% increase in its quarterly dividend, marking the eighth increase in the past five years.
- The company’s payout ratio is 28% of earnings, indicating a balance between reinvestment and shareholder returns.
- Alongside regular dividends, APO has a share repurchase program, with $2.49 billion shares remaining under the current authorization.
Apollo Global Management increases quarterly dividend by 7.6%, demonstrating its commitment to delivering shareholder value while maintaining a strong liquidity position for future growth initiatives.
Apollo Global Management Announces Dividend Increase
Apollo Global Management, Inc. (APO) has declared a quarterly cash dividend of 46 cents per share, marking a 7.6% increase from the previous payout. This dividend will be paid out on May 31 to shareholders of record as of May 17. Over the past five years, APO has increased its dividend eight times, with the most recent hike prior to this being a 7.5% increase to 43 cents per share in February 2023.
Strong Liquidity Position and Share Repurchase Program
APO maintains a solid liquidity position, with total cash and cash equivalents of $2.46 billion as of March 31, 2024, and total debt standing at $3.6 billion. The company also has a share repurchase program in place, with $2.49 billion shares remaining available under the current authorization. This program, which replaced a previous plan to repurchase up to $500 million shares, demonstrates APO’s commitment to enhancing shareholder value.
First-Quarter Earnings Update
APO’s dividend hike announcement was accompanied by its first-quarter earnings update. The company reported earnings per share of $1.72 for the first quarter of 2024, missing the Zacks Consensus Estimate of $1.81 but showing a favorable comparison to the $1.42 reported in the same quarter of the previous year. Net income attributable to common shareholders was $1.4 billion, a 38.9% increase from the prior-year quarter.
Conclusion
APO’s recent dividend increase, strong liquidity position, and share repurchase program demonstrate its commitment to delivering shareholder value. Despite missing the Zacks Consensus Estimate for the first quarter of 2024, the company’s earnings show strength in its core business, positioning it well to navigate the rapidly changing economic landscape.
