Norges Bank Makes New Investment in Apple Hospitality REIT, Inc. $APLE

Norges Bank bought a new position in Apple Hospitality REIT, Inc. (NYSE:APLE) during the fourth quarter, Holdings Channel.com reports. The institutional investor bought 3,455,684 shares of the real estate investment trust’s stock, valued at approximately $40,950,000.

Other institutional investors have also bought and sold shares of the company. NewEdge Advisors LLC lifted its stake in Apple Hospitality REIT by 295.9% in the 1st quarter. NewEdge Advisors LLC now owns 2,427 shares of the real estate investment trust’s stock worth $31,000 after purchasing an additional 1,814 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in Apple Hospitality REIT by 1,375.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,832 shares of the real estate investment trust’s stock worth $33,000 after purchasing an additional 2,640 shares in the last quarter. Danske Bank A S purchased a new position in Apple Hospitality REIT in the 3rd quarter worth approximately $36,000. Godfrey Financial Associates Inc. purchased a new position in Apple Hospitality REIT in the 4th quarter worth approximately $43,000. Finally, Smartleaf Asset Management LLC lifted its stake in Apple Hospitality REIT by 97.5% in the 2nd quarter. Smartleaf Asset Management LLC now owns 3,792 shares of the real estate investment trust’s stock worth $45,000 after purchasing an additional 1,872 shares in the last quarter. 89.66% of the stock is owned by hedge funds and other institutional investors.

Apple Hospitality REIT Stock Down 0.3%

Shares of NYSE APLE opened at $15.59 on Tuesday. The firm has a market cap of $3.68 billion, a price-to-earnings ratio of 21.35 and a beta of 0.89. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.54. Apple Hospitality REIT, Inc. has a 52-week low of $10.85 and a 52-week high of $15.81. The business’s 50 day moving average is $13.47 and its two-hundred day moving average is $12.55.

Apple Hospitality REIT (NYSE:APLE) last announced its earnings results on Monday, May 4th. The real estate investment trust reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.01. The company had revenue of $337.74 million for the quarter, compared to analyst estimates of $327.81 million. Apple Hospitality REIT had a return on equity of 5.43% and a net margin of 12.08%. Research analysts predict that Apple Hospitality REIT, Inc. will post 1.58 EPS for the current year.

Apple Hospitality REIT Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Monday, June 15th. Shareholders of record on Friday, May 29th will be given a $0.08 dividend. The ex-dividend date of this dividend is Friday, May 29th. This represents a c) dividend on an annualized basis and a yield of 6.2%. Apple Hospitality REIT’s payout ratio is presently 131.51%.

Analysts Set New Price Targets

APLE has been the topic of several analyst reports. LADENBURG THALM/SH SH initiated coverage on Apple Hospitality REIT in a report on Thursday, March 26th. They set a “neutral” rating and a $13.00 price target on the stock. Barclays lifted their price target on Apple Hospitality REIT from $13.00 to $16.00 and gave the stock an “overweight” rating in a report on Monday, June 1st. Cantor Fitzgerald lifted their price target on Apple Hospitality REIT from $14.00 to $16.00 and gave the stock an “overweight” rating in a report on Wednesday, May 13th. JPMorgan Chase & Co. initiated coverage on Apple Hospitality REIT in a report on Monday, June 1st. They set a “neutral” rating and a $15.00 price target on the stock. Finally, Wells Fargo & Company lifted their price target on Apple Hospitality REIT from $12.00 to $15.00 and gave the stock an “equal weight” rating in a report on Monday, June 1st. Three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $14.21.

Insider Transactions at Apple Hospitality REIT

In other news, Chairman Glade M. Knight bought 5,000 shares of the business’s stock in a transaction on Monday, May 11th. The shares were bought at an average price of $13.96 per share, with a total value of $69,800.00. Following the completion of the transaction, the chairman directly owned 747,191 shares in the company, valued at $10,430,786.36. This trade represents a 0.67% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 6.90% of the stock is currently owned by insiders.

Apple Hospitality REIT Company Profile

Apple Hospitality REIT (NYSE: APLE) is a publicly traded real estate investment trust that focuses on acquiring, owning and operating high-quality, upscale, select-service hotels. The company’s portfolio primarily consists of properties operated under premium franchise agreements with leading lodging brands such as Marriott, Hilton and Hyatt. Apple Hospitality REIT is self-managed and internally advised, overseeing property management, revenue optimization and asset-level operations through its in-house team of hospitality professionals.

The company’s holdings encompass over 200 hotels featuring more than 30,000 guest rooms across a diverse array of markets in the United States.