Royal Bank of Canada Begins Coverage on Apollo Investment (NASDAQ:AINV)

Royal Bank of Canada assumed coverage on shares of Apollo Investment (NASDAQ:AINV) in a research note released on Tuesday, 24/7 WallStreet reports. The firm issued a sector perform rating and a $17.00 price target on the asset manager’s stock.

A number of other equities research analysts also recently weighed in on AINV. Compass Point downgraded Apollo Investment from a buy rating to a neutral rating and set a $17.00 price objective on the stock. in a research report on Monday, September 16th. ValuEngine raised Apollo Investment from a sell rating to a hold rating in a research report on Monday, November 4th. BidaskClub raised Apollo Investment from a sell rating to a hold rating in a research report on Saturday, October 19th. TheStreet downgraded Apollo Investment from a b- rating to a c rating in a research report on Wednesday, November 6th. Finally, Zacks Investment Research raised Apollo Investment from a sell rating to a hold rating and set a $18.00 price objective on the stock in a research report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company’s stock. Apollo Investment presently has a consensus rating of Hold and a consensus price target of $17.25.

NASDAQ:AINV traded down $0.01 during midday trading on Tuesday, hitting $16.41. 408,100 shares of the company traded hands, compared to its average volume of 444,833. Apollo Investment has a 12-month low of $12.05 and a 12-month high of $17.00. The firm’s fifty day moving average is $15.92 and its 200-day moving average is $16.09. The firm has a market capitalization of $1.09 billion, a P/E ratio of 9.07, a P/E/G ratio of 8.61 and a beta of 1.09. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 1.26.

Apollo Investment (NASDAQ:AINV) last issued its quarterly earnings data on Tuesday, November 5th. The asset manager reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.11. Apollo Investment had a return on equity of 10.39% and a net margin of 23.47%. The company had revenue of $70.32 million for the quarter, compared to the consensus estimate of $68.67 million. During the same quarter last year, the company earned $0.45 earnings per share. The firm’s revenue for the quarter was up 6.5% compared to the same quarter last year. On average, research analysts expect that Apollo Investment will post 1.92 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Friday, December 20th will be paid a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 10.97%. The ex-dividend date is Thursday, December 19th. Apollo Investment’s payout ratio is 99.45%.

Large investors have recently made changes to their positions in the company. LLBH Private Wealth Management LLC purchased a new position in shares of Apollo Investment in the second quarter worth about $339,000. JPMorgan Chase & Co. raised its stake in shares of Apollo Investment by 5.0% in the second quarter. JPMorgan Chase & Co. now owns 48,892 shares of the asset manager’s stock worth $763,000 after purchasing an additional 2,347 shares during the last quarter. GSA Capital Partners LLP purchased a new position in shares of Apollo Investment in the second quarter worth about $202,000. DNB Asset Management AS raised its stake in shares of Apollo Investment by 2.1% in the second quarter. DNB Asset Management AS now owns 64,497 shares of the asset manager’s stock worth $1,019,000 after purchasing an additional 1,300 shares during the last quarter. Finally, Ladenburg Thalmann Financial Services Inc. raised its stake in shares of Apollo Investment by 2.4% in the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 63,669 shares of the asset manager’s stock worth $1,005,000 after purchasing an additional 1,514 shares during the last quarter. Hedge funds and other institutional investors own 41.25% 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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