Apollo Investment Corp. (NASDAQ:AINV) announced a dividend on Wednesday, April 10th, Fidelity reports. Stockholders of record on Tuesday, April 30th will be given a dividend of 0.35 per share by the asset manager on Wednesday, May 15th. The ex-dividend date of this dividend is Monday, April 29th.
Apollo Investment has decreased its dividend payment by an average of 9.1% annually over the last three years. Apollo Investment has a dividend payout ratio of 295.1% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Apollo Investment to earn $1.87 per share next year, which means the company should continue to be able to cover its $1.80 annual dividend with an expected future payout ratio of 96.3%.
Shares of NASDAQ:AINV traded up $0.08 on Wednesday, hitting $15.54. The company had a trading volume of 2,980 shares, compared to its average volume of 290,996. Apollo Investment has a 1 year low of $12.05 and a 1 year high of $18.00. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.76. The stock has a market cap of $1.07 billion, a price-to-earnings ratio of 8.47, a P/E/G ratio of 1.64 and a beta of 1.23.
AINV has been the subject of several recent analyst reports. Zacks Investment Research cut shares of Apollo Investment from a “hold” rating to a “sell” rating in a report on Tuesday, April 9th. BidaskClub cut shares of Apollo Investment from a “hold” rating to a “sell” rating in a report on Tuesday, April 9th. ValuEngine cut shares of Apollo Investment from a “hold” rating to a “sell” rating in a report on Friday, April 5th. National Securities reaffirmed a “neutral” rating and issued a $18.00 target price on shares of Apollo Investment in a report on Friday, February 8th. Finally, Citigroup raised shares of Apollo Investment from a “sell” rating to a “neutral” rating and decreased their target price for the stock from $15.00 to $14.00 in a report on Tuesday, January 22nd. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $17.40.
Apollo Investment announced that its board has approved a stock buyback program on Wednesday, February 6th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the asset manager to purchase up to 4.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.
A hedge fund recently bought a new stake in Apollo Investment stock. Geode Capital Management LLC purchased a new position in Apollo Investment Corp. (NASDAQ:AINV) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 11,866 shares of the asset manager’s stock, valued at approximately $146,000. 45.03% of the stock is currently owned by institutional investors.
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About Apollo Investment
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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