Wambolt & Associates LLC Reduces Holdings in Apollo Investment Corp. (AINV)
Wambolt & Associates LLC trimmed its holdings in shares of Apollo Investment Corp. (NASDAQ:AINV) by 4.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 55,177 shares of the asset manager’s stock after selling 2,317 shares during the period. Wambolt & Associates LLC owned 0.08% of Apollo Investment worth $839,000 as of its most recent SEC filing.
Several other large investors have also modified their holdings of AINV. Geode Capital Management LLC acquired a new stake in shares of Apollo Investment in the 4th quarter worth about $146,000. Millennium Management LLC bought a new position in Apollo Investment in the 4th quarter valued at about $585,000. First Allied Advisory Services Inc. grew its position in Apollo Investment by 29.3% in the 4th quarter. First Allied Advisory Services Inc. now owns 13,974 shares of the asset manager’s stock valued at $175,000 after buying an additional 3,164 shares in the last quarter. PVG Asset Management Corp bought a new position in Apollo Investment in the 4th quarter valued at about $2,270,000. Finally, Callodine Capital Management LP bought a new position in Apollo Investment in the 4th quarter valued at about $2,583,000. 45.03% of the stock is currently owned by institutional investors.
A number of equities analysts recently issued reports on AINV shares. Barclays set a $16.00 target price on shares of Apollo Investment and gave the company a “hold” rating in a research report on Friday, December 14th. BidaskClub cut Apollo Investment from a “hold” rating to a “sell” rating in a report on Friday, December 28th. Citigroup raised Apollo Investment from a “sell” rating to a “neutral” rating and cut their price target for the company from $15.00 to $14.00 in a report on Tuesday, January 22nd. ValuEngine raised Apollo Investment from a “sell” rating to a “hold” rating in a report on Wednesday, January 30th. Finally, National Securities reaffirmed a “neutral” rating and issued a $18.00 price target on shares of Apollo Investment in a report on Friday, February 8th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $17.50.
Apollo Investment (NASDAQ:AINV) last posted its quarterly earnings results on Wednesday, February 6th. The asset manager reported $0.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.01). Apollo Investment had a return on equity of 9.25% and a net margin of 23.80%. The company had revenue of $64.00 million during the quarter, compared to analysts’ expectations of $64.31 million. During the same period last year, the company earned $0.16 earnings per share. Apollo Investment’s revenue for the quarter was down 1.1% compared to the same quarter last year. Analysts anticipate that Apollo Investment Corp. will post 1.79 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Thursday, March 21st were given a $0.45 dividend. This is a positive change from Apollo Investment’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 11.78%. Apollo Investment’s dividend payout ratio (DPR) is currently 98.36%.
Apollo Investment announced that its Board of Directors has initiated a stock repurchase program on Wednesday, February 6th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the asset manager to buy up to 4.5% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
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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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