Apollo Investment Corporation (NASDAQ: AINV) recently received a number of ratings updates from brokerages and research firms:

  • 11/7/2017 – Apollo Investment Corporation had its “neutral” rating reaffirmed by analysts at National Securities. They now have a $6.00 price target on the stock. They wrote, “• In fiscal 2Q18, Apollo posted NII/share of $0.16/share, matching both our estimate and consensus estimates. The company had strong originations during the quarter of $250.7 million contrasted with $333.4 million of dispositions for net contraction of $82.7 million. Given management had guided towards some lower balance sheet leverage in the short-term, we expect net portfolio contraction in fiscal 2H18 before we model steady growth and increased balance sheet leverage through fiscal 2019.

    • Apollo continues to build out its core strategy, which as of 9/30/17 comprised 73% of the portfolio at fair value. Since the new strategy was announced last year, AINV has originated over a billion dollars into its core strategies, 38% of which was co-invested across the broader Apollo platform. As a reminder, the core strategies include traditional middle market sponsor loans, ABL (asset-based lending), life sciences lending, and lender finance.

    • Despite the positive shift in the portfolio composition with regards to the largely uncorrelated core strategies, we note that AINV finished fiscal 2Q18 with 6.9% of the portfolio at fair value in oil and gas, with one of the three companies on non-accrual. Additionally, 8.2% of the portfolio at fair value was in renewables. We continue to think Apollo is not out of the woods yet and note that our $6 target is a very modest 10% discount to our fiscal 4Q19 NAV/share estimate of $6.67.

    • We are revising our fiscal 2018 NII/share estimate to $0.63 from $0.65 and our fiscal 2019 NII/share estimate to $0.67 from $0.66. “
  • 11/7/2017 – Apollo Investment Corporation was upgraded by analysts at Raymond James Financial, Inc. from a “market perform” rating to an “outperform” rating. They now have a $7.00 price target on the stock.
  • 11/3/2017 – Apollo Investment Corporation was upgraded by analysts at Compass Point from a “neutral” rating to a “buy” rating.
  • 11/3/2017 – Apollo Investment Corporation had its “buy” rating reaffirmed by analysts at SunTrust Banks, Inc..
  • 11/2/2017 – Apollo Investment Corporation is now covered by analysts at Compass Point. They set a “neutral” rating and a $6.25 price target on the stock.
  • 11/1/2017 – Apollo Investment Corporation had its price target lowered by analysts at J P Morgan Chase & Co from $6.50 to $6.00. They now have a “neutral” rating on the stock.
  • 10/5/2017 – Apollo Investment Corporation was given a new $7.00 price target on by analysts at Keefe, Bruyette & Woods. They now have a “hold” rating on the stock.
  • 9/22/2017 – Apollo Investment Corporation had its “buy” rating reaffirmed by analysts at Jefferies Group LLC. They now have a $7.00 price target on the stock.

Apollo Investment Corporation (NASDAQ AINV) traded down $0.01 during trading on Wednesday, hitting $6.07. The stock had a trading volume of 405,400 shares, compared to its average volume of 882,705. Apollo Investment Corporation has a 1-year low of $5.69 and a 1-year high of $6.82. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 0.59. The stock has a market capitalization of $1,328.13, a price-to-earnings ratio of 9.35, a P/E/G ratio of 1.95 and a beta of 0.93.

Apollo Investment Corporation (NASDAQ:AINV) last posted its quarterly earnings data on Friday, November 3rd. The asset manager reported $0.16 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.16. Apollo Investment Corporation had a return on equity of 9.51% and a net margin of 29.87%. The business had revenue of $66.46 million for the quarter, compared to analyst estimates of $67.75 million. During the same quarter in the prior year, the company earned $0.18 earnings per share. The company’s revenue was down 3.7% on a year-over-year basis. equities research analysts expect that Apollo Investment Corporation will post 0.63 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 5th. Stockholders of record on Thursday, December 21st will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 9.88%. The ex-dividend date is Wednesday, December 20th. Apollo Investment Corporation’s dividend payout ratio is currently 166.67%.

Apollo Investment Corporation is a closed-end, externally managed, non-diversified management investment company. The Company’s investment objective is to generate current income and capital appreciation. It invests primarily in various forms of debt investments, including secured and unsecured debt, loan investments and/or equity in private middle-market companies.

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