Apple Hospitality REIT (NYSE:APLE) Reaches New 12-Month High After Analyst Upgrade

Apple Hospitality REIT, Inc. (NYSE:APLE) shares reached a new 52-week high during mid-day trading on Thursday after JPMorgan Chase & Co. raised their price target on the stock from $16.00 to $17.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. Apple Hospitality REIT traded as high as $18.30 and last traded at $18.1750, with a volume of 3,686,194 shares traded. The stock had previously closed at $17.82.

A number of other analysts have also weighed in on the stock. Compass Point upgraded shares of Apple Hospitality REIT from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $17.50 to $18.50 in a research note on Friday, August 7th. Barclays boosted 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 report on Tuesday, October 13th. Wells Fargo & Company boosted their target price on shares of Apple Hospitality REIT from $15.00 to $17.00 and gave the company an “equal weight” rating in a research report on Thursday, July 23rd. Zacks Research lowered shares of Apple Hospitality REIT from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 27th. Finally, Bank of America increased their price target on Apple Hospitality REIT from $15.00 to $16.00 and gave the stock a “neutral” rating in a research report on Monday, July 20th. Three investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $17.19.

Institutional Investors Weigh In On Apple Hospitality REIT

A number of institutional investors have recently added to or reduced their stakes in APLE. Dimensional Fund Advisors LP increased its holdings in Apple Hospitality REIT by 1.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,254,332 shares of the real estate investment trust’s stock worth $37,458,000 after acquiring an additional 56,555 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Apple Hospitality REIT during the second quarter worth about $26,774,000. Bank of America Corp DE increased its stake in shares of Apple Hospitality REIT by 6.0% during the first quarter. Bank of America Corp DE now owns 2,049,081 shares of the real estate investment trust’s stock worth $23,585,000 after purchasing an additional 115,575 shares in the last quarter. Rush Island Management LP purchased a new stake in shares of Apple Hospitality REIT during the first quarter worth about $17,143,000. Finally, Principal Financial Group Inc. raised its position in shares of Apple Hospitality REIT by 2.0% during the 1st quarter. Principal Financial Group Inc. now owns 1,069,472 shares of the real estate investment trust’s stock worth $12,310,000 after purchasing an additional 20,691 shares during the last quarter. Institutional investors and hedge funds own 89.66% of the company’s stock.

Apple Hospitality REIT Stock Performance

The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.51. The firm’s 50-day moving average is $16.26 and its two-hundred day moving average is $15.56. The stock has a market cap of $4.27 billion, a price-to-earnings ratio of 24.43, a P/E/G ratio of 3.49 and a beta of 0.92.

Apple Hospitality REIT (NYSE:APLE) last posted its quarterly earnings data on Wednesday, August 5th. The real estate investment trust reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.01. Apple Hospitality REIT had a return on equity of 5.56% and a net margin of 12.17%. The company had revenue of $402.55 million for the quarter, compared to analysts’ expectations of $391.88 million. As a group, sell-side analysts expect that Apple Hospitality REIT, Inc. will post 1.63 earnings per share for the current year.

Apple Hospitality REIT Dividend Announcement

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

Apple Hospitality REIT Company Profile

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.