10 Best Financial Stocks To Buy According to Hedge Funds

07. Apollo Global Management, Inc. (NYSE:APO)

Number of Hedge Fund Holders: 81

In recent developments, Apollo Global Management, Inc. (NYSE:APO) announced the results of its 2024 Annual Meeting of Stockholders, confirming the re-election of all sixteen director nominees for a one-year term expiring in 2025. Re-elected board members include Marc Beilinson, James Belardi, Jessica Bibliowicz, Walter Clayton, Michael Ducey, Kerry Murphy Healey, Mitra Hormozi, Pamela Joyner, Scott Kleinman, A.B. Krongard, Pauline Richards, Marc Rowan, David Simon, Lynn Swann, Patrick Toomey, and James Zelter. Additionally, stockholders ratified Deloitte & Touche LLP as the independent public accounting firm for 2024. Apollo Global Management, Inc. (NYSE:APO) is negotiating with Sony Pictures Entertainment to acquire Paramount Global for $26 billion and is also considering a joint acquisition of DXC Technology with Kyndryl Holdings.

In the first quarter of 2024, the number of hedge funds with stakes in Apollo Global Management, Inc. (NYSE:APO) increased to 81 from 77 in the previous quarter, according to Insider Monkey’s database. The combined value of these stakes is approximately $5.21 billion. Chase Coleman And Feroz Dewan’s Tiger Global Management LLC emerged as the largest stakeholder among these hedge funds during this period.

Baron FinTech Fund stated the following regarding Apollo Global Management, Inc. (NYSE:APO) in its first quarter 2024 investor letter:

“Shares of alternative asset manager Apollo Global Management, Inc. (NYSE:APO) outperformed after the company reported strong financial results and gave a positive outlook on growth over the next several years. In the most recent quarter, assets under management increased 19% and earnings per share increased 27%. Despite a more dovish interest rate outlook, management maintained 2024 financial guidance, which calls for 15% to 20% growth in fee-related earnings and double-digit growth in spread-related earnings. Fundraising remains strong, which supports management’s goal of more than doubling the pace of capital deployment over the next five years. Management remains bullish on private credit due to growth opportunities across fixed income replacement, retirement accounts, and high-net-worth investors.”