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Apollo Global Management to Join S&P 500 Index, Shares Up 6.1%
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Shares of Apollo Global Management LLC (APO - Free Report) gained 6.1% in the after-market trading on Friday after the S&P Dow Jones Indices said that the company will join the S&P 500 Index. The company has been added to the S&P 500 Index in the latest quarterly weighting change, joining alternative asset manager Blackstone Inc. (BX - Free Report) . As of Sept. 30, 2024, BX total assets under management (AUM) was $1.11 trillion.
Along with APO, Workday Inc. is set to join the S&P 500 Index. In a press release, S&P Dow Jones Indices said that the two companies will replace Qorvo Inc. and Amentum Holdings Inc. The changes are set to go into effect before the opening of trading on Dec. 23.
In a statement, S&P Dow Jones Indices stated that the additions to the index "are more representative of the large-cap market space."
Notably, U.S. firms that are highly liquid, with a market capitalization of at least $18 billion and meet profitability, liquidity and share-float standards are the ones that can qualify for the S&P 500. The S&P 500 Index is rebalanced each quarter. Mostly, additions and removals to the index happen during this time. However, companies can be added or removed from the index at other points of the year like after mergers and acquisitions.
Earlier in June 2024, APO’s peer KKR & Co. Inc. (KKR - Free Report) also joined the S&P 500 Index. In the last few years, the private investment business witnessed extraordinary growth. The inclusion of KKR in the S&P 500 Index highlights the growth of the industry.
Why APO is Worth Adding to the S&P 500 Index
Apollo, with $733 billion in AUM as of Sept. 30, 2024, reflects strong growth prospects. The company’s partnerships and acquisitions will broaden its reach and capabilities, positioning it for growth.
At the Investor Day Conference held on Oct. 1, 2024, APO outlined its business strategy and financial goals for the next five years (ending 2029).
By 2029, Apollo expects to grow its total AUM to $1.5 trillion by scaling the company’s private equity business. Also, the company has set a massive new goal to double its $562 billion private lending business in five years.
With the addition of APO to the Index, its share price is expected to rise, further boosting investor confidence in the stock.
APO’s Price Performance and Zacks Rank
In the past six months, shares of APO have gained 50.8% compared with the industry’s growth of 34%.
Image: Bigstock
Apollo Global Management to Join S&P 500 Index, Shares Up 6.1%
Shares of Apollo Global Management LLC (APO - Free Report) gained 6.1% in the after-market trading on Friday after the S&P Dow Jones Indices said that the company will join the S&P 500 Index. The company has been added to the S&P 500 Index in the latest quarterly weighting change, joining alternative asset manager Blackstone Inc. (BX - Free Report) . As of Sept. 30, 2024, BX total assets under management (AUM) was $1.11 trillion.
Along with APO, Workday Inc. is set to join the S&P 500 Index. In a press release, S&P Dow Jones Indices said that the two companies will replace Qorvo Inc. and Amentum Holdings Inc. The changes are set to go into effect before the opening of trading on Dec. 23.
In a statement, S&P Dow Jones Indices stated that the additions to the index "are more representative of the large-cap market space."
Notably, U.S. firms that are highly liquid, with a market capitalization of at least $18 billion and meet profitability, liquidity and share-float standards are the ones that can qualify for the S&P 500. The S&P 500 Index is rebalanced each quarter. Mostly, additions and removals to the index happen during this time. However, companies can be added or removed from the index at other points of the year like after mergers and acquisitions.
Earlier in June 2024, APO’s peer KKR & Co. Inc. (KKR - Free Report) also joined the S&P 500 Index. In the last few years, the private investment business witnessed extraordinary growth. The inclusion of KKR in the S&P 500 Index highlights the growth of the industry.
Why APO is Worth Adding to the S&P 500 Index
Apollo, with $733 billion in AUM as of Sept. 30, 2024, reflects strong growth prospects. The company’s partnerships and acquisitions will broaden its reach and capabilities, positioning it for growth.
At the Investor Day Conference held on Oct. 1, 2024, APO outlined its business strategy and financial goals for the next five years (ending 2029).
By 2029, Apollo expects to grow its total AUM to $1.5 trillion by scaling the company’s private equity business. Also, the company has set a massive new goal to double its $562 billion private lending business in five years.
With the addition of APO to the Index, its share price is expected to rise, further boosting investor confidence in the stock.
APO’s Price Performance and Zacks Rank
In the past six months, shares of APO have gained 50.8% compared with the industry’s growth of 34%.
Currently, APO carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.