Apollo Investment (NASDAQ:AINV) Cut to “Hold” at Zacks Investment Research
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 analysts have also commented on the stock. TheStreet upgraded shares of Apollo Investment from a c rating to a b- rating in a report on Wednesday, February 5th. BidaskClub lowered shares of Apollo Investment from a buy rating to a hold rating in a research note on Wednesday, December 25th. ValuEngine cut shares of Apollo Investment from a hold rating to a sell rating in a research report on Tuesday, December 3rd. Wells Fargo & Co downgraded shares of Apollo Investment from an equal weight rating to an underweight rating and set a $17.00 price target for the company. in a research note on Wednesday, February 5th. Finally, Royal Bank of Canada assumed coverage on shares of Apollo Investment in a report on Tuesday, November 12th. They issued a sector perform rating and a $17.00 price objective for the company. Three equities research analysts have rated the stock with a sell rating and four have issued a hold rating to the company. The company has a consensus rating of Hold and an average target price of $17.40.
Apollo Investment (NASDAQ:AINV) last released its quarterly earnings data on Tuesday, February 4th. The asset manager reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.08. Apollo Investment had a return on equity of 10.96% and a net margin of 23.63%. The business had revenue of $68.48 million during the quarter, compared to analysts’ expectations of $71.49 million. During the same quarter last year, the business posted $0.45 EPS. The business’s revenue was up 6.9% on a year-over-year basis. Analysts expect that Apollo Investment will post 2.04 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, April 6th. Investors of record on Friday, March 20th will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Thursday, March 19th. This represents a $1.80 annualized dividend and a dividend yield of 10.44%. Apollo Investment’s dividend payout ratio is presently 99.45%.
In other news, Director Elliot Stein, Jr. sold 2,499 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $17.18, for a total value of $42,932.82. Following the sale, the director now directly owns 4,674 shares of the company’s stock, valued at approximately $80,299.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.44% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Van ECK Associates Corp lifted its position in Apollo Investment by 16.9% during the fourth quarter. Van ECK Associates Corp now owns 671,277 shares of the asset manager’s stock valued at $11,720,000 after purchasing an additional 97,089 shares in the last quarter. Sequoia Financial Advisors LLC purchased a new stake in Apollo Investment in the fourth quarter worth about $1,529,000. Virtus ETF Advisers LLC increased its position in Apollo Investment by 6.8% in the fourth quarter. Virtus ETF Advisers LLC now owns 290,500 shares of the asset manager’s stock worth $5,072,000 after buying an additional 18,622 shares in the last quarter. Raymond James & Associates increased its position in Apollo Investment by 55.6% in the fourth quarter. Raymond James & Associates now owns 62,370 shares of the asset manager’s stock worth $1,089,000 after buying an additional 22,281 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its stake in shares of Apollo Investment by 87.3% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 32,074 shares of the asset manager’s stock worth $560,000 after buying an additional 14,954 shares during the period. 39.52% of the stock is owned by institutional investors and hedge funds.
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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