PVG Asset Management Corp lessened its stake in Apollo Investment Corp. (NASDAQ:AINV) by 62.3% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 34,085 shares of the asset manager’s stock after selling 56,306 shares during the quarter. PVG Asset Management Corp owned about 0.05% of Apollo Investment worth $538,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. bought a new stake in Apollo Investment in the 2nd quarter worth approximately $26,000. Arlington Partners LLC bought a new stake in Apollo Investment in the second quarter valued at $36,000. Advisory Alpha LLC bought a new stake in Apollo Investment in the first quarter valued at $38,000. BNP Paribas Arbitrage SA bought a new stake in Apollo Investment in the second quarter valued at $41,000. Finally, Advisory Services Network LLC lifted its stake in Apollo Investment by 13.5% in the first quarter. Advisory Services Network LLC now owns 6,250 shares of the asset manager’s stock valued at $95,000 after buying an additional 744 shares during the last quarter. Institutional investors and hedge funds own 41.31% of the company’s stock.
A number of research firms have issued reports on AINV. Wells Fargo & Co cut Apollo Investment from an “outperform” rating to a “market perform” rating and set a $17.00 target price on the stock. in a research note on Wednesday, August 7th. Compass Point cut Apollo Investment from a “buy” rating to a “neutral” rating and set a $17.00 price target on the stock. in a research note on Monday. TheStreet raised Apollo Investment from a “c” rating to a “b-” rating in a research note on Friday, June 7th. BidaskClub cut Apollo Investment from a “buy” rating to a “hold” rating in a research note on Tuesday, June 11th. Finally, Zacks Investment Research cut Apollo Investment from a “buy” rating to a “hold” rating in a research note on Wednesday, July 31st. Eight research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Apollo Investment presently has a consensus rating of “Hold” and a consensus target price of $17.43.
Apollo Investment (NASDAQ:AINV) last announced its quarterly earnings results on Tuesday, August 6th. The asset manager reported $0.50 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.04. The business had revenue of $66.52 million during the quarter, compared to analyst estimates of $65.60 million. Apollo Investment had a return on equity of 9.88% and a net margin of 31.99%. During the same period in the previous year, the company earned $0.45 EPS. On average, equities research analysts expect that Apollo Investment Corp. will post 1.82 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Friday, September 20th will be issued a dividend of $0.45 per share. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $1.80 annualized dividend and a dividend yield of 10.88%. Apollo Investment’s dividend payout ratio is 99.45%.
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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