Apple Hospitality REIT, Inc. (APLE) Upgraded to “Hold” at Zacks Investment Research
Zacks Investment Research upgraded shares of Apple Hospitality REIT, Inc. (NYSE:APLE) from a sell rating to a hold rating in a research note released on Tuesday morning.
According to Zacks, “Apple Hospitality REIT, Inc. is a real estate investment trust. Its portfolio consists of hotels, guest rooms and resorts. The company operates primarily in the United States. Apple Hospitality REIT, Inc. is headquarted in Richmond, VA. “
A number of other analysts also recently weighed in on the stock. Robert W. Baird restated an outperform rating and issued a $21.00 target price on shares of Apple Hospitality REIT in a report on Tuesday, July 4th. BidaskClub downgraded shares of Apple Hospitality REIT from a sell rating to a strong sell rating in a report on Friday, July 28th. Finally, Canaccord Genuity reaffirmed 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 assigned a buy rating to the stock. The company has an average rating of Hold and a consensus target price of $20.00.
Shares of Apple Hospitality REIT (APLE) opened at 18.95 on Tuesday. The stock has a market capitalization of $4.23 billion, a price-to-earnings ratio of 23.00 and a beta of 0.61. Apple Hospitality REIT has a 52-week low of $17.32 and a 52-week high of $20.68. The firm’s 50-day moving average is $18.50 and its 200 day moving average is $18.67.
Apple Hospitality REIT (NYSE:APLE) last posted its earnings results on Monday, August 7th. The real estate investment trust reported $0.51 earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.01). Apple Hospitality REIT had a return on equity of 5.05% and a net margin of 14.97%. The business had revenue of $331.70 million during the quarter, compared to the consensus estimate of $335.94 million. During the same quarter last year, the firm earned $0.52 earnings per share. The business’s quarterly revenue was up 28.7% on a year-over-year basis. Equities analysts expect that Apple Hospitality REIT will post $1.03 EPS for the current year.
The company also recently declared a monthly dividend, which will be paid on Monday, October 16th. Investors of record on Wednesday, October 4th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Tuesday, October 3rd. This represents a $1.20 dividend on an annualized basis and a dividend yield of 6.33%. Apple Hospitality REIT’s dividend payout ratio is presently 150.00%.
In other news, Chairman Glade M. Knight purchased 20,000 shares of the company’s stock in a transaction that occurred on Friday, August 11th. The stock was purchased at an average cost of $17.62 per share, with a total value of $352,400.00. Following the purchase, the chairman now owns 10,041,357 shares in the company, valued at $176,928,710.34. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Redd Hugh purchased 5,000 shares of the company’s stock in a transaction that occurred on Monday, August 28th. The shares were purchased at an average cost of $17.83 per share, with a total value of $89,150.00. Following the completion of the purchase, the director now owns 61,495 shares in the company, valued at approximately $1,096,455.85. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 45,000 shares of company stock valued at $794,950. 6.30% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its position in Apple Hospitality REIT by 3,420.4% in the 1st quarter. BlackRock Inc. now owns 11,994,624 shares of the real estate investment trust’s stock valued at $229,099,000 after buying an additional 11,653,910 shares during the period. Vanguard Group Inc. boosted its position in Apple Hospitality REIT by 16.5% in the 1st quarter. Vanguard Group Inc. now owns 32,734,825 shares of the real estate investment trust’s stock valued at $625,236,000 after buying an additional 4,627,374 shares during the period. Dimensional Fund Advisors LP boosted its position in Apple Hospitality REIT by 155.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,540,891 shares of the real estate investment trust’s stock valued at $48,531,000 after buying an additional 1,547,960 shares during the period. Uniplan Investment Counsel Inc. purchased a new stake in Apple Hospitality REIT in the 2nd quarter valued at about $10,925,000. Finally, Nuveen Asset Management LLC boosted its position in Apple Hospitality REIT by 66.3% in the 1st quarter. Nuveen Asset Management LLC now owns 1,126,969 shares of the real estate investment trust’s stock valued at $21,525,000 after buying an additional 449,135 shares during the period. 49.18% of the stock is owned by hedge funds and other institutional investors.
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 September 13, 2017, the Company owned 237 hotels, with more than 30,000 guestrooms, diversified across the Hilton and Marriott families of brands with locations in urban, high-end suburban and developing markets across 33 states.
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