Apple Hospitality REIT (NYSE:APLE) Issues Quarterly Earnings Results, Misses Estimates By $0.12 EPS

Posted by Anthony Miller on May 8th, 2024

Apple Hospitality REIT (NYSE:APLE – Get Free Report) released its quarterly earnings results on Monday. The real estate investment trust reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.12), Zacks reports. The company had revenue of $329.51 million for the quarter, compared to analyst estimates of $324.68 million. Apple Hospitality REIT had a net margin of 13.21% and a return on equity of 5.54%. During the same quarter last year, the firm posted $0.34 EPS.

Apple Hospitality REIT Stock Performance

Shares of Apple Hospitality REIT stock traded down $0.10 on Wednesday, reaching $14.76. 444,679 shares of the company traded hands, compared to its average volume of 1,875,611. Apple Hospitality REIT has a 52 week low of $14.22 and a 52 week high of $17.90. The company has a 50 day moving average of $15.90 and a 200 day moving average of $16.22. The firm has a market capitalization of $3.58 billion, a PE ratio of 19.06 and a beta of 1.10. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.36 and a quick ratio of 0.36.

Apple Hospitality REIT Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th will be given a $0.08 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 6.50%. The ex-dividend date is Monday, April 29th. Apple Hospitality REIT’s payout ratio is 123.08%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded Apple Hospitality REIT from a “sell” rating to a “hold” rating in a report on Tuesday. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $18.40.

View Our Latest Stock Report on Apple Hospitality REIT

Apple Hospitality REIT Company Profile

(Get Free Report)

Apple Hospitality REIT, Inc (NYSE: APLE) is a publicly traded real estate investment trust (REIT) that owns one of the largest and most diverse portfolios of upscale, rooms-focused hotels in the United States. Apple Hospitality's portfolio consists of 223 hotels with more than 29,400 guest rooms located in 87 markets throughout 37 states as well as one property leased to third parties.