Apple Hospitality REIT, Inc. (APLE) Announces $0.10 Monthly Dividend
Apple Hospitality REIT, Inc. (NYSE:APLE) announced a monthly dividend on Friday, September 22nd, Zacks reports. Investors of record on Wednesday, October 4th will be paid a dividend of 0.10 per share by the real estate investment trust on Monday, October 16th. This represents a $1.20 dividend on an annualized basis and a yield of 6.40%. The ex-dividend date of this dividend is Tuesday, October 3rd.
Apple Hospitality REIT has a payout ratio of 69.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect Apple Hospitality REIT to earn $1.75 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 68.6%.
Shares of Apple Hospitality REIT (NYSE:APLE) opened at 18.78 on Thursday. The company has a market capitalization of $4.19 billion, a PE ratio of 22.79 and a beta of 0.60. Apple Hospitality REIT has a one year low of $17.32 and a one year high of $20.68. The company’s 50-day moving average is $18.17 and its 200-day moving average is $18.68.
Apple Hospitality REIT (NYSE:APLE) last posted its quarterly earnings results on Monday, August 7th. The real estate investment trust reported $0.51 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.52 by ($0.01). The business had revenue of $331.70 million for the quarter, compared to the consensus estimate of $335.94 million. Apple Hospitality REIT had a return on equity of 5.05% and a net margin of 14.97%. The company’s quarterly revenue was up 28.7% on a year-over-year basis. During the same period last year, the firm earned $0.52 earnings per share. Equities analysts predict that Apple Hospitality REIT will post $1.03 earnings per share for the current year.
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In other news, Chairman Glade M. Knight acquired 20,000 shares of the firm’s stock in a transaction that occurred on Friday, August 11th. The stock was purchased at an average price of $17.62 per share, for a total transaction of $352,400.00. Following the completion of the acquisition, the chairman now owns 10,041,357 shares in the company, valued at $176,928,710.34. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Redd Hugh acquired 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were purchased at an average price of $17.96 per share, with a total value of $35,920.00. Following the acquisition, the director now owns 59,495 shares of the company’s stock, valued at approximately $1,068,530.20. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 45,000 shares of company stock valued at $794,950. 6.30% of the stock is currently owned by insiders.
An institutional investor recently raised its position in Apple Hospitality REIT stock. The Manufacturers Life Insurance Company boosted its position in shares of Apple Hospitality REIT, Inc. (NYSE:APLE) by 7.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 7,069 shares of the real estate investment trust’s stock after purchasing an additional 494 shares during the quarter. The Manufacturers Life Insurance Company ‘s holdings in Apple Hospitality REIT were worth $132,000 as of its most recent SEC filing. 49.18% of the stock is currently owned by institutional investors and hedge funds.
APLE has been the subject of a number of recent research reports. Zacks Investment Research raised shares of Apple Hospitality REIT from a “sell” rating to a “hold” rating in a research note on Thursday, June 1st. BidaskClub raised shares of Apple Hospitality REIT from a “sell” rating to a “hold” rating in a research note on Saturday, June 17th. Robert W. Baird reissued an “outperform” rating and set a $21.00 price target on shares of Apple Hospitality REIT in a research note on Tuesday, July 4th. Finally, Canaccord Genuity reissued a “hold” rating and set a $19.00 price target (down from $20.00) on shares of Apple Hospitality REIT in a research note on Friday, August 11th. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Apple Hospitality REIT currently has a consensus rating of “Hold” and a consensus price target of $20.75.
Apple Hospitality REIT Company Profile
Apple Hospitality REIT, Inc is a hospitality real estate investment trust. The Company invests in real estate, primarily in the lodging sector, in the United States. As of December 31, 2016, the Company owned 235 hotels with an aggregate of 30,073 rooms located in urban, suburban and developing markets throughout 33 states.
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