Apollo Investment Corp. (NASDAQ:AINV) declared a quarterly dividend on Wednesday, February 6th, Zacks reports. Stockholders of record on Thursday, March 21st will be given a dividend of 0.45 per share by the asset manager on Friday, April 5th. This represents a $1.80 annualized dividend and a dividend yield of 11.46%. The ex-dividend date is Wednesday, March 20th. This is a boost from Apollo Investment’s previous quarterly dividend of $0.15.
Apollo Investment has decreased its dividend by an average of 9.1% per year over the last three years. Apollo Investment has a dividend payout ratio of 295.1% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Apollo Investment to earn $1.87 per share next year, which means the company should continue to be able to cover its $1.80 annual dividend with an expected future payout ratio of 96.3%.
NASDAQ AINV opened at $15.70 on Friday. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.76. Apollo Investment has a one year low of $12.05 and a one year high of $18.00. The company has a market capitalization of $1.08 billion, a PE ratio of 8.58, a price-to-earnings-growth ratio of 1.74 and a beta of 1.23.
Apollo Investment declared that its board has approved a stock 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 buy up to 4.5% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.
A hedge fund recently bought a new stake in Apollo Investment stock. Geode Capital Management LLC acquired a new position in shares of Apollo Investment Corp. (NASDAQ:AINV) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 11,866 shares of the asset manager’s stock, valued at approximately $146,000. 45.03% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages recently issued reports on AINV. Raymond James lifted their price target on shares of Apollo Investment from $7.00 to $21.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 4th. Barclays lifted their price target on shares of Apollo Investment from $6.00 to $18.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 4th. ValuEngine downgraded shares of Apollo Investment from a “hold” rating to a “sell” rating in a research note on Wednesday, December 5th. BidaskClub downgraded shares of Apollo Investment from a “buy” rating to a “hold” rating in a research note on Saturday, December 8th. Finally, Citigroup upgraded shares of Apollo Investment from a “sell” rating to a “neutral” rating and decreased their price target for the stock from $15.00 to $14.00 in a research note on Tuesday, January 22nd. One analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $17.50.
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.
Featured Story: Buy-Side Analysts
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.