Zacks Investment Research upgraded shares of Apollo Investment (NASDAQ:AINV) from a hold rating to a buy rating in a report published on Tuesday, Zacks.com reports. The brokerage currently has $17.00 price objective 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. “
Several other research firms have also recently weighed in on AINV. BidaskClub cut Apollo Investment from a hold rating to a sell rating in a research note on Saturday, October 5th. Compass Point cut Apollo Investment from a buy rating to a neutral rating and set a $17.00 target price for the company. in a research note on Monday, September 16th. Finally, Wells Fargo & Co cut Apollo Investment from an outperform rating to a market perform rating and set a $17.00 target price for the company. in a research note on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus price target of $17.14.
Apollo Investment (NASDAQ:AINV) last issued its quarterly earnings results on Tuesday, August 6th. The asset manager reported $0.50 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.04. Apollo Investment had a return on equity of 9.88% and a net margin of 31.99%. The business had revenue of $66.52 million for the quarter, compared to the consensus estimate of $65.60 million. During the same quarter in the prior year, the business posted $0.45 earnings per share. On average, sell-side analysts anticipate that Apollo Investment will post 1.82 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, October 7th. Shareholders of record on Friday, September 20th were paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 11.55%. The ex-dividend date of this dividend was Thursday, September 19th. Apollo Investment’s payout ratio is presently 99.45%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Marshall Wace LLP bought a new stake in Apollo Investment during the first quarter worth $1,669,000. LLBH Private Wealth Management LLC bought a new stake in Apollo Investment during the second quarter worth $339,000. JPMorgan Chase & Co. lifted its stake in Apollo Investment by 5.0% during the second quarter. JPMorgan Chase & Co. now owns 48,892 shares of the asset manager’s stock worth $763,000 after purchasing an additional 2,347 shares during the last quarter. Alphasimplex Group LLC bought a new position in shares of Apollo Investment in the 1st quarter valued at $1,434,000. Finally, GSA Capital Partners LLP bought a new position in shares of Apollo Investment in the 2nd quarter valued at $202,000. Hedge funds and other institutional investors own 41.31% of the company’s stock.
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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