BidaskClub Upgrades Apollo Investment (AINV) to “Buy”
A number of other brokerages have also recently commented on AINV. National Securities reiterated a neutral rating and issued a $18.00 target price on shares of Apollo Investment in a research report on Monday. Zacks Investment Research cut shares of Apollo Investment from a hold rating to a sell rating in a research report on Thursday, May 16th. ValuEngine upgraded shares of Apollo Investment from a sell rating to a hold rating in a research report on Friday, May 3rd. Finally, Citigroup upgraded shares of Apollo Investment from a sell rating to a neutral rating and reduced their target price for the company from $15.00 to $14.00 in a research report on Tuesday, January 22nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company. The company currently has an average rating of Hold and an average price target of $17.40.
NASDAQ:AINV opened at $15.98 on Wednesday. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.86. The firm has a market cap of $1.10 billion, a price-to-earnings ratio of 8.75, a P/E/G ratio of 1.75 and a beta of 1.22. Apollo Investment has a fifty-two week low of $12.05 and a fifty-two week high of $18.00.
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Thursday, June 20th will be given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 11.26%. The ex-dividend date of this dividend is Wednesday, June 19th. Apollo Investment’s dividend payout ratio (DPR) is 99.45%.
Apollo Investment announced that its Board of Directors has approved a share buyback plan on Wednesday, February 6th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the asset manager to repurchase up to 4.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
Several hedge funds and other institutional investors have recently modified their holdings of AINV. Wells Fargo & Company MN raised its position in shares of Apollo Investment by 26.1% in the first quarter. Wells Fargo & Company MN now owns 1,901,653 shares of the asset manager’s stock valued at $28,791,000 after buying an additional 393,440 shares during the last quarter. Callodine Capital Management LP acquired a new stake in shares of Apollo Investment in the fourth quarter valued at about $2,583,000. PVG Asset Management Corp acquired a new stake in shares of Apollo Investment in the fourth quarter valued at about $2,270,000. Confluence Investment Management LLC raised its position in shares of Apollo Investment by 70.4% in the first quarter. Confluence Investment Management LLC now owns 427,019 shares of the asset manager’s stock valued at $6,465,000 after buying an additional 176,374 shares during the last quarter. Finally, Telemus Capital LLC grew its holdings in shares of Apollo Investment by 26.9% in the first quarter. Telemus Capital LLC now owns 571,756 shares of the asset manager’s stock valued at $8,656,000 after purchasing an additional 121,326 shares during the period. Institutional investors and hedge funds own 43.75% of the company’s stock.
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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