Apple Hospitality REIT (NYSE:APLE) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Apple Hospitality REIT (NYSE:APLE) issued its earnings results on Wednesday. The real estate investment trust reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.01, FiscalAI reports. Apple Hospitality REIT had a net margin of 12.08% and a return on equity of 5.43%. The business had revenue of $402.55 million for the quarter, compared to the consensus estimate of $391.88 million.

Apple Hospitality REIT Stock Performance

Apple Hospitality REIT stock traded down $0.29 during mid-day trading on Thursday, reaching $16.25. The company’s stock had a trading volume of 3,254,234 shares, compared to its average volume of 3,009,878. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.54. Apple Hospitality REIT has a twelve month low of $10.85 and a twelve month high of $17.28. The business has a 50 day moving average price of $16.35 and a 200-day moving average price of $13.91. The firm has a market cap of $3.84 billion, a price-to-earnings ratio of 22.27, a PEG ratio of 3.24 and a beta of 0.88.

Apple Hospitality REIT Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Monday, August 17th. Shareholders of record on Friday, July 31st will be issued a $0.08 dividend. This represents a c) dividend on an annualized basis and a yield of 5.9%. The ex-dividend date of this dividend is Friday, July 31st. Apple Hospitality REIT’s payout ratio is currently 131.51%.

Insider Buying and Selling at Apple Hospitality REIT

In other Apple Hospitality REIT news, Chairman Glade M. Knight purchased 5,000 shares of Apple Hospitality REIT stock in a transaction dated Monday, May 11th. The shares were bought at an average cost of $13.96 per share, for a total transaction of $69,800.00. Following the transaction, the chairman owned 747,191 shares in the company, valued at $10,430,786.36. This represents a 0.67% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 6.90% of the company’s stock.

Hedge Funds Weigh In On Apple Hospitality REIT

Hedge funds and other institutional investors have recently modified their holdings of the company. NewEdge Advisors LLC boosted its stake in Apple Hospitality REIT by 295.9% during the 1st quarter. NewEdge Advisors LLC now owns 2,427 shares of the real estate investment trust’s stock valued at $31,000 after purchasing an additional 1,814 shares during the period. EverSource Wealth Advisors LLC raised its holdings in shares of Apple Hospitality REIT by 1,375.0% during the second quarter. EverSource Wealth Advisors LLC now owns 2,832 shares of the real estate investment trust’s stock valued at $33,000 after buying an additional 2,640 shares during the last quarter. Danske Bank A S acquired a new position in shares of Apple Hospitality REIT during the third quarter worth approximately $36,000. Smartleaf Asset Management LLC grew its holdings 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 buying an additional 1,872 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its position in Apple Hospitality REIT by 22.9% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 6,440 shares of the real estate investment trust’s stock valued at $75,000 after acquiring an additional 1,202 shares during the period. Institutional investors and hedge funds own 89.66% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on APLE shares. JPMorgan Chase & Co. raised their price objective on Apple Hospitality REIT from $15.00 to $16.00 and gave the company a “neutral” rating in a research report on Tuesday, July 21st. Bank of America raised their target price on Apple Hospitality REIT from $15.00 to $16.00 and gave the company a “neutral” rating in a report on Monday, July 20th. Zacks Research raised Apple Hospitality REIT from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 22nd. Wells Fargo & Company upped their price target on Apple Hospitality REIT from $15.00 to $17.00 and gave the stock an “equal weight” rating in a report on Thursday, July 23rd. Finally, LADENBURG THALM/SH SH increased their price objective on shares of Apple Hospitality REIT from $15.00 to $17.00 and gave the company a “neutral” rating in a research report on Thursday, June 18th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $16.00.

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.