Royal Bank of Canada Cuts Apollo Tactical Income Fund (NYSE:AIF) Price Target to $52.00

Apollo Tactical Income Fund (NYSE:AIF) had its price target trimmed by Royal Bank of Canada from $55.00 to $52.00 in a report published on Friday morning, Benzinga reports. The firm currently has a sector perform rating on the stock.

Separately, BMO Capital Markets reiterated a market perform rating and issued a $53.00 price target (down previously from $68.00) on shares of Apollo Tactical Income Fund in a report on Friday.

Apollo Tactical Income Fund Trading Up 0.5 %

Apollo Tactical Income Fund stock opened at $12.85 on Friday. Apollo Tactical Income Fund has a twelve month low of $11.77 and a twelve month high of $13.70. The company has a 50 day moving average of $13.04 and a 200-day moving average of $12.77.

Apollo Tactical Income Fund Increases Dividend

The business also recently announced a monthly dividend, which was paid on Tuesday, October 31st. Investors of record on Tuesday, October 24th were given a $0.125 dividend. The ex-dividend date of this dividend was Monday, October 23rd. This represents a $1.50 dividend on an annualized basis and a dividend yield of 11.67%. This is an increase from Apollo Tactical Income Fund’s previous monthly dividend of $0.12.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of AIF. JPMorgan Chase & Co. bought a new stake in shares of Apollo Tactical Income Fund during the 1st quarter worth approximately $29,000. FinTrust Capital Advisors LLC bought a new position in shares of Apollo Tactical Income Fund in the third quarter valued at $35,000. Captrust Financial Advisors bought a new position in shares of Apollo Tactical Income Fund in the second quarter valued at $49,000. GPS Wealth Strategies Group LLC bought a new position in shares of Apollo Tactical Income Fund in the second quarter valued at $55,000. Finally, Apollo Management Holdings L.P. bought a new position in shares of Apollo Tactical Income Fund in the first quarter valued at $63,000.

Apollo Tactical Income Fund Company Profile

Apollo Tactical Income Fund Inc is a closed-ended fixed income fund launched and managed by Apollo Credit Management, LLC. The fund invests in fixed income markets. It primarily invests in senior secured loans including floating rate senior loans, high yield corporate bonds, and other credit instruments of varying maturities made to companies whose debt is typically rated below investment grade.