Apollo Investment (NASDAQ:AINV) Upgraded to Overweight by 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.com reports. The firm currently has $13.50 price objective on the asset manager’s stock.

Apollo Investment Trading Down 1.1 %

AINV stock opened at $13.06 on Wednesday. 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. The company has a market capitalization of $829.57 million, a price-to-earnings ratio of 15.01 and a beta of 1.65. The business has a 50 day simple moving average of $11.40 and a two-hundred day simple moving average of $12.48.

Apollo Investment (NASDAQ:AINVGet Rating) last posted its earnings results on Tuesday, August 2nd. The asset manager reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.03. The firm had revenue of $53.40 million during the quarter, compared to the consensus estimate of $54.04 million. Apollo Investment had a return on equity of 9.28% and a net margin of 25.87%. During the same period in the prior year, the company earned $0.39 EPS. Research analysts anticipate that Apollo Investment will post 1.48 EPS for the current fiscal year.

Apollo Investment Cuts Dividend

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

Insider Activity

In other news, CEO Howard Widra bought 20,000 shares of the stock in a transaction dated Wednesday, August 3rd. The stock was purchased at an average cost of $13.01 per share, for a total transaction of $260,200.00. Following the transaction, the chief executive officer now owns 303,645 shares of the company’s stock, valued at $3,950,421.45. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.92% of the company’s stock.

Institutional Trading of Apollo Investment

A number of institutional investors have recently bought and sold shares of AINV. Van ECK Associates Corp lifted its position in Apollo Investment by 50.9% in the first quarter. Van ECK Associates Corp now owns 1,483,336 shares of the asset manager’s stock worth $19,610,000 after buying an additional 500,339 shares during the last quarter. Arete Wealth Advisors LLC bought a new stake in Apollo Investment in the fourth quarter worth $3,390,000. Arkadios Wealth Advisors lifted its position in Apollo Investment by 120.0% in the first quarter. Arkadios Wealth Advisors now owns 117,696 shares of the asset manager’s stock worth $1,556,000 after buying an additional 64,206 shares during the last quarter. NTB Financial Corp bought a new stake in Apollo Investment in the fourth quarter worth $686,000. Finally, Advisor Group Holdings Inc. lifted its position in Apollo Investment by 16.6% in the fourth quarter. Advisor Group Holdings Inc. now owns 318,244 shares of the asset manager’s stock worth $4,071,000 after buying an additional 45,230 shares during the last quarter. 30.83% of the stock is currently owned by institutional investors.

About Apollo Investment

(Get Rating)

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

Receive News & Ratings for Apollo Investment Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Apollo Investment and related companies with MarketBeat.com's FREE daily email newsletter.