Apple Hospitality REIT (NYSE:APLE) Price Target Raised to $17.00

Apple Hospitality REIT (NYSE:APLE) had its target price increased by JPMorgan Chase & Co. from $16.00 to $17.00 in a research report report published on Wednesday,Benzinga reports. The firm currently has a neutral rating on the real estate investment trust’s stock.

Other equities analysts have also recently issued reports about the stock. Barclays upped their target price on shares of Apple Hospitality REIT from $17.00 to $18.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 13th. Bank of America increased their price target on shares of Apple Hospitality REIT from $15.00 to $16.00 and gave the company a “neutral” rating in a report on Monday, July 20th. Cantor Fitzgerald restated an “overweight” rating on shares of Apple Hospitality REIT in a report on Friday, August 21st. Weiss Ratings raised shares of Apple Hospitality REIT from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, August 6th. Finally, Zacks Research lowered shares of Apple Hospitality REIT from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 27th. Three research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Apple Hospitality REIT currently has a consensus rating of “Hold” and a consensus target price of $17.19.

Apple Hospitality REIT Stock Performance

Shares of NYSE APLE opened at $18.07 on Wednesday. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.51. The business’s 50 day moving average is $16.26 and its two-hundred day moving average is $15.56. The company has a market cap of $4.27 billion, a P/E ratio of 24.43, a P/E/G ratio of 3.49 and a beta of 0.92. Apple Hospitality REIT has a 12 month low of $10.85 and a 12 month high of $18.30.

Apple Hospitality REIT (NYSE:APLE) last issued its quarterly earnings results on Wednesday, August 5th. The real estate investment trust reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.01. The company had revenue of $402.55 million during the quarter, compared to analyst estimates of $391.88 million. Apple Hospitality REIT had a return on equity of 5.56% and a net margin of 12.17%. On average, equities analysts expect that Apple Hospitality REIT will post 1.63 EPS for the current year.

Apple Hospitality REIT Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Monday, November 16th. Stockholders of record on Friday, October 30th will be issued a dividend of $0.08 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 5.3%. The ex-dividend date of this dividend is Friday, October 30th. Apple Hospitality REIT’s dividend payout ratio (DPR) is presently 129.73%.

Hedge Funds Weigh In On Apple Hospitality REIT

Hedge funds and other institutional investors have recently modified their holdings of the stock. Palouse Capital Management Inc. increased its position in shares of Apple Hospitality REIT by 21.1% during the second quarter. Palouse Capital Management Inc. now owns 4,304 shares of the real estate investment trust’s stock worth $72,000 after acquiring an additional 750 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in Apple Hospitality REIT by 0.4% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 240,111 shares of the real estate investment trust’s stock valued at $2,764,000 after acquiring an additional 1,068 shares in the last quarter. GAMMA Investing LLC lifted its position in Apple Hospitality REIT by 15.5% in the 2nd quarter. GAMMA Investing LLC now owns 11,552 shares of the real estate investment trust’s stock valued at $194,000 after acquiring an additional 1,548 shares in the last quarter. Cetera Investment Advisers lifted its position in Apple Hospitality REIT by 3.0% in the 1st quarter. Cetera Investment Advisers now owns 54,066 shares of the real estate investment trust’s stock valued at $622,000 after acquiring an additional 1,568 shares in the last quarter. Finally, Allworth Financial LP boosted its stake in Apple Hospitality REIT by 69.7% in the 2nd quarter. Allworth Financial LP now owns 3,819 shares of the real estate investment trust’s stock worth $64,000 after purchasing an additional 1,569 shares during the period. Institutional investors own 89.66% of the company’s stock.

About Apple Hospitality REIT

Apple Hospitality REIT, Inc is a self-administered and self-managed real estate investment trust that owns a portfolio of upscale, select-service hotels across the United States. The company’s properties primarily operate under well-known hospitality brands affiliated with Marriott International, Hilton Worldwide Holdings and Hyatt Hotels Corporation.

Apple Hospitality’s hotels provide lodging and related guest services, including accommodations, meeting facilities, food and beverage offerings, and other amenities.