A number of research firms have changed their ratings and price targets for Apollo Investment Corporation (NASDAQ: AINV):

  • 8/9/2017 – Apollo Investment Corporation had its “underperform” rating reaffirmed by analysts at Bank of America Corporation. They now have a $6.00 price target on the stock, up previously from $5.50.
  • 8/9/2017 – Apollo Investment Corporation had its “neutral” rating reaffirmed by analysts at National Securities. They now have a $6.00 price target on the stock. They wrote, “• AINV reported NII/share of $0.15 for fiscal 1Q18, a penny shy of our estimate but covering the dividend. The portfolio at fair value had decent growth of 4% Q/Q with the company originating $330 million in investments.

    • Non-accruals at amortized cost declined to $46.4 million or 1.9% of the portfolio from $183.1 million or 7.0% of the portfolio at amortized cost. We expect the company will have less non-accruals going forward and additionally will likely reduce concentration risk in the portfolio courtesy of co-investment being utilized more, in our opinion.

    • Apollo also has verticals largely uncorrelated to traditional middle market lending such as aviation leasing, asset-based lending (ABL), and life sciences. These specialties should generate good deal flow with pricing that is impacted less overall than middle market lending alone.

    • The market is likely to take a “show me” approach as Apollo continues to shift focus into what it seems are its core strategies. As a result of past NAV declines and dividend cuts, shares will be discounted until the company develops a track record of no or few non-accruals, leading to NAV stability and predictably high economic returns, in our opinion.

    • We are revising our fiscal 2018 NII/share estimate to $0.65 from $0.65 and are maintaining our fiscal 2019 NII/share estimate of $0.66.

  • 8/8/2017 – Apollo Investment Corporation was upgraded by analysts at Zacks Investment Research from a “sell” rating to a “hold” rating. 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. “
  • 8/2/2017 – Apollo Investment Corporation was downgraded by analysts at Zacks Investment Research from a “hold” rating to a “sell” rating. 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. “
  • 7/25/2017 – Apollo Investment Corporation was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating.
  • 7/19/2017 – Apollo Investment Corporation was upgraded by analysts at Zacks Investment Research from a “sell” rating to a “hold” rating. 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. “
  • 7/14/2017 – Apollo Investment Corporation had its “buy” rating reaffirmed by analysts at Jefferies Group LLC. They now have a $7.00 price target on the stock.

Apollo Investment Corporation (NASDAQ AINV) traded down 0.394% during mid-day trading on Thursday, hitting $6.315. 319,222 shares of the stock were exchanged. Apollo Investment Corporation has a one year low of $5.65 and a one year high of $6.82. The company has a 50-day moving average price of $6.37 and a 200-day moving average price of $6.37.

Apollo Investment Corporation (NASDAQ:AINV) last announced its quarterly earnings results on Friday, August 4th. The asset manager reported $0.15 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.15. The business had revenue of $66.70 million during the quarter, compared to the consensus estimate of $65.19 million. Apollo Investment Corporation had a net margin of 33.04% and a return on equity of 9.75%. The business’s revenue was down 12.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.17 EPS. On average, analysts predict that Apollo Investment Corporation will post $0.64 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 5th. Stockholders of record on Thursday, September 21st will be issued a $0.15 dividend. The ex-dividend date is Wednesday, September 20th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 9.46%. Apollo Investment Corporation’s dividend payout ratio is presently 150.00%.

Apollo Investment Corporation is a closed-end, externally managed, non-diversified management investment company. The Company’s investment objective is to generate current income and capital appreciation. It invests primarily in various forms of debt investments, including secured and unsecured debt, loan investments and/or equity in private middle-market companies.

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