Apollo Investment (NASDAQ:AINV) Lifted to Overweight at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Apollo Investment (NASDAQ:AINVGet Rating) from an equal weight rating to an overweight rating in a research note released on Wednesday, MarketBeat reports. They currently have $13.50 price target on the asset manager’s stock.

Apollo Investment Stock Performance

Shares of Apollo Investment stock opened at $13.06 on Wednesday. The stock has a market cap of $829.57 million, a price-to-earnings ratio of 15.01 and a beta of 1.65. The firm’s 50-day moving average is $11.40 and its 200 day moving average is $12.48. Apollo Investment has a 1 year low of $10.01 and a 1 year high of $14.00. The company has a debt-to-equity ratio of 1.62, a current ratio of 1.56 and a quick ratio of 1.60.

Apollo Investment (NASDAQ:AINVGet Rating) last announced its quarterly earnings results on Tuesday, August 2nd. The asset manager reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.03. Apollo Investment had a net margin of 25.87% and a return on equity of 9.28%. The company had revenue of $53.40 million for the quarter, compared to analysts’ expectations of $54.04 million. During the same quarter in the previous year, the business posted $0.39 EPS. Sell-side analysts anticipate that Apollo Investment will post 1.48 EPS for the current fiscal year.

Apollo Investment Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 11th. Shareholders of record on Tuesday, September 20th will be given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 9.80%. The ex-dividend date of this dividend is Monday, September 19th. Apollo Investment’s dividend payout ratio (DPR) is 142.53%.

Insiders Place Their Bets

In other Apollo Investment news, CEO Howard Widra bought 20,000 shares of the firm’s stock in a transaction on Wednesday, August 3rd. The stock was acquired at an average price of $13.01 per share, with a total value of $260,200.00. Following the transaction, the chief executive officer now owns 303,645 shares in the company, valued at $3,950,421.45. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.92% of the stock is owned by insiders.

Institutional Investors Weigh In On Apollo Investment

Hedge funds and other institutional investors have recently made changes to their positions in the business. First Horizon Advisors Inc. increased its position in shares of Apollo Investment by 146.3% during the 4th quarter. First Horizon Advisors Inc. now owns 2,037 shares of the asset manager’s stock valued at $26,000 after purchasing an additional 1,210 shares during the last quarter. Parkside Financial Bank & Trust purchased a new stake in shares of Apollo Investment during the 1st quarter valued at about $41,000. UMB Bank N A MO purchased a new stake in shares of Apollo Investment during the 4th quarter valued at about $60,000. IHT Wealth Management LLC purchased a new stake in shares of Apollo Investment during the 1st quarter valued at about $136,000. Finally, Coastal Bridge Advisors LLC purchased a new stake in shares of Apollo Investment during the 2nd quarter valued at about $113,000. Hedge funds and other institutional investors own 30.83% of the company’s stock.

About Apollo Investment

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Apollo Investment Corporation is business development company and a closed-end, externally managed, non-diversified management investment company. It is elected to be treated as a business development company (BDC) under the Investment Company Act of 1940 (the 1940 Act) specializing in private equity investments in leveraged buyouts, acquisitions, recapitalizations, growth capital, refinancing and private middle market companies.

Further Reading

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