California Public Employees Retirement System cut its stake in Apollo Investment Corp. (NASDAQ:AINV) by 78.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 115,999 shares of the asset manager’s stock after selling 434,501 shares during the period. California Public Employees Retirement System owned 0.16% of Apollo Investment worth $1,438,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also bought and sold shares of the stock. Patriot Financial Group Insurance Agency LLC acquired a new position in shares of Apollo Investment in the fourth quarter valued at approximately $87,000. FNY Investment Advisers LLC acquired a new position in shares of Apollo Investment in the fourth quarter valued at approximately $104,000. Roosevelt Investment Group Inc. acquired a new position in Apollo Investment during the fourth quarter worth $140,000. Advisors Asset Management Inc. boosted its holdings in Apollo Investment by 1.9% during the third quarter. Advisors Asset Management Inc. now owns 616,982 shares of the asset manager’s stock worth $3,356,000 after purchasing an additional 11,405 shares during the last quarter. Finally, Concorde Asset Management LLC acquired a new position in Apollo Investment during the fourth quarter worth $165,000. 45.03% of the stock is owned by institutional investors and hedge funds.
Several research firms have issued reports on AINV. Zacks Investment Research lowered shares of Apollo Investment from a “hold” rating to a “sell” rating in a research report on Tuesday, April 9th. BidaskClub lowered shares of Apollo Investment from a “hold” rating to a “sell” rating in a research report on Tuesday, April 9th. ValuEngine lowered shares of Apollo Investment from a “hold” rating to a “sell” rating in a research report on Friday, April 5th. National Securities reissued a “neutral” rating and issued a $18.00 price objective on shares of Apollo Investment in a research report on Friday, February 8th. Finally, Citigroup raised shares of Apollo Investment from a “sell” rating to a “neutral” rating and lowered their price target for the stock from $15.00 to $14.00 in a research report on Tuesday, January 22nd. Three analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $17.40.
Apollo Investment (NASDAQ:AINV) last posted its earnings results on Wednesday, February 6th. The asset manager reported $0.45 EPS for the quarter, missing the consensus estimate of $0.46 by ($0.01). Apollo Investment had a return on equity of 9.25% and a net margin of 23.80%. The business had revenue of $64.00 million for the quarter, compared to analyst estimates of $64.31 million. During the same quarter in the prior year, the business earned $0.16 earnings per share. The firm’s quarterly revenue was down 1.1% on a year-over-year basis. On average, analysts expect that Apollo Investment Corp. will post 1.79 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Thursday, March 21st were paid a $0.45 dividend. The ex-dividend date was Wednesday, March 20th. This represents a $1.80 annualized dividend and a dividend yield of 11.79%. This is a positive change from Apollo Investment’s previous quarterly dividend of $0.15. Apollo Investment’s payout ratio is currently 98.36%.
Apollo Investment announced that its board has authorized a stock repurchase plan on Wednesday, February 6th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the asset manager to buy up to 4.5% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
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Apollo Investment Company Profile
Apollo Investment Corporation is business development company specializing in middle market companies. It provides direct equity capital, mezzanine and senior secured loans, unsecured debt, and subordinated debt and loans. It also seeks to invest in PIPES transactions. The fund may also invest in securities of public companies that are thinly traded and may acquire investments in the secondary market and structured products.
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