Zacks Investment Research upgraded shares of Apollo Investment (NASDAQ:AINV) from a hold rating to a buy rating in a research report sent to investors on Monday, Zacks.com reports. They currently have $19.00 price target on the asset manager’s stock.
According to Zacks, “Apollo Investment Corporation is a closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company’s investment portfolio will be principally in middle-market private companies. “
A number of other research firms also recently issued reports on AINV. TheStreet raised shares of Apollo Investment from a c rating to a b- rating in a research note on Friday, June 7th. BidaskClub downgraded shares of Apollo Investment from a buy rating to a hold rating in a research note on Tuesday, June 11th. ValuEngine raised shares of Apollo Investment from a sell rating to a hold rating in a research note on Friday, May 3rd. Finally, National Securities reaffirmed a neutral rating and set a $18.00 target price on shares of Apollo Investment in a research note on Monday, May 20th. Six analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $17.67.
Apollo Investment (NASDAQ:AINV) last released its quarterly earnings results on Thursday, May 16th. The asset manager reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.02. The business had revenue of $61.41 million for the quarter, compared to the consensus estimate of $64.29 million. Apollo Investment had a net margin of 28.20% and a return on equity of 9.48%. The business’s revenue was down .1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.15 EPS. As a group, analysts anticipate that Apollo Investment will post 1.8 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, July 5th. Investors of record on Thursday, June 20th were paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 11.11%. The ex-dividend date of this dividend was Wednesday, June 19th. Apollo Investment’s payout ratio is currently 99.45%.
A number of institutional investors and hedge funds have recently made changes to their positions in AINV. Whittier Trust Co. grew its holdings in Apollo Investment by 43.7% during the 1st quarter. Whittier Trust Co. now owns 2,192 shares of the asset manager’s stock worth $33,000 after acquiring an additional 667 shares in the last quarter. Wambolt & Associates LLC grew its holdings in Apollo Investment by 1.3% during the 2nd quarter. Wambolt & Associates LLC now owns 55,871 shares of the asset manager’s stock worth $883,000 after acquiring an additional 694 shares in the last quarter. Advisory Services Network LLC grew its holdings in Apollo Investment by 13.5% during the 1st quarter. Advisory Services Network LLC now owns 6,250 shares of the asset manager’s stock worth $95,000 after acquiring an additional 744 shares in the last quarter. Garner Asset Management Corp grew its holdings in Apollo Investment by 1.0% during the 1st quarter. Garner Asset Management Corp now owns 86,288 shares of the asset manager’s stock worth $1,306,000 after acquiring an additional 816 shares in the last quarter. Finally, Zeke Capital Advisors LLC grew its holdings in Apollo Investment by 8.6% during the 1st quarter. Zeke Capital Advisors LLC now owns 12,252 shares of the asset manager’s stock worth $185,000 after acquiring an additional 973 shares in the last quarter. 41.91% of the stock is currently owned by hedge funds and other institutional investors.
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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