Apple Hospitality REIT (NYSE:APLE) Hits New 52-Week High Following Earnings Beat

Apple Hospitality REIT, Inc. (NYSE:APLE)’s share price reached a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report. The stock traded as high as $17.28 and last traded at $16.7970, with a volume of 274477 shares trading hands. The stock had previously closed at $16.55.

The real estate investment trust reported $0.28 EPS for the quarter, beating the consensus estimate of $0.27 by $0.01. The company had revenue of $402.55 million for the quarter, compared to the consensus estimate of $391.88 million. Apple Hospitality REIT had a net margin of 12.08% and a return on equity of 5.43%.

Apple Hospitality REIT Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, August 17th. Shareholders of record on Friday, July 31st will be paid a dividend of $0.08 per share. This represents a c) annualized dividend and a yield of 5.8%. The ex-dividend date is Friday, July 31st. Apple Hospitality REIT’s dividend payout ratio (DPR) is currently 131.51%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on APLE shares. Zacks Research raised Apple Hospitality REIT from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 22nd. JPMorgan Chase & Co. lifted their price target on shares of Apple Hospitality REIT from $15.00 to $16.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 21st. BMO Capital Markets increased their price objective on shares of Apple Hospitality REIT from $14.00 to $16.00 and gave the company a “market perform” rating in a research report on Friday, June 12th. Barclays restated an “equal weight” rating and issued a $17.00 target price (up from $16.00) on shares of Apple Hospitality REIT in a report on Tuesday, July 21st. Finally, Bank of America increased their price target on Apple Hospitality REIT from $15.00 to $16.00 and gave the company a “neutral” rating in a report on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $16.00.

Insider Activity

In related news, Chairman Glade M. Knight acquired 5,000 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The stock was bought at an average cost of $13.96 per share, for a total transaction of $69,800.00. Following the purchase, the chairman owned 747,191 shares in the company, valued at $10,430,786.36. The trade was a 0.67% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 6.90% of the company’s stock.

Hedge Funds Weigh In On Apple Hospitality REIT

Several large investors have recently added to or reduced their stakes in the company. NewEdge Advisors LLC boosted its position in shares of Apple Hospitality REIT by 295.9% in the first 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 during the period. EverSource Wealth Advisors LLC raised its position in shares of Apple Hospitality REIT by 1,375.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,832 shares of the real estate investment trust’s stock valued at $33,000 after purchasing an additional 2,640 shares during the period. Danske Bank A S bought a new stake in shares of Apple Hospitality REIT during the 3rd quarter valued at $36,000. Godfrey Financial Associates Inc. purchased a new position in shares of Apple Hospitality REIT during the 4th quarter valued at $43,000. Finally, Inspire Investing LLC lifted its stake in shares of Apple Hospitality REIT by 2,965.1% during the 1st quarter. Inspire Investing LLC now owns 3,862 shares of the real estate investment trust’s stock valued at $44,000 after buying an additional 3,736 shares in the last quarter. Hedge funds and other institutional investors own 89.66% of the company’s stock.

Apple Hospitality REIT Price Performance

The company has a market cap of $3.93 billion, a P/E ratio of 22.76, a P/E/G ratio of 3.24 and a beta of 0.88. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.80 and a current ratio of 0.80. The firm’s fifty day moving average is $16.35 and its two-hundred day moving average is $13.91.

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.