Wells Fargo & Company Lowers Apple Hospitality REIT (NYSE:APLE) Price Target to $16.00

Apple Hospitality REIT (NYSE:APLE) had its target price reduced by Wells Fargo & Company from $17.00 to $16.00 in a research note released on Tuesday morning,Benzinga reports. They currently have an equal weight rating on the real estate investment trust’s stock.

APLE has been the subject of several other research reports. StockNews.com raised Apple Hospitality REIT from a “sell” rating to a “hold” rating in a research note on Friday, November 22nd. BMO Capital Markets started coverage on Apple Hospitality REIT in a research note on Monday, December 9th. They issued an “outperform” rating and a $18.00 target price for the company. Bank of America raised Apple Hospitality REIT from a “neutral” rating to a “buy” rating and boosted their target price for the company from $16.00 to $17.00 in a research note on Monday, January 27th. Finally, Oppenheimer reissued an “outperform” rating and issued a $18.00 target price (up previously from $17.00) on shares of Apple Hospitality REIT in a research note on Friday, November 8th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Apple Hospitality REIT has a consensus rating of “Moderate Buy” and an average price target of $16.80.

Apple Hospitality REIT Trading Down 0.7 %

Shares of APLE stock opened at $15.26 on Tuesday. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 0.03. The business has a 50-day moving average price of $15.32 and a two-hundred day moving average price of $15.10. Apple Hospitality REIT has a 12-month low of $13.60 and a 12-month high of $16.99. The firm has a market cap of $3.66 billion, a P/E ratio of 17.95 and a beta of 1.13.

Apple Hospitality REIT Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Monday, March 17th. Investors of record on Friday, February 28th will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, February 28th. This represents a $0.96 dividend on an annualized basis and a yield of 6.29%. Apple Hospitality REIT’s dividend payout ratio is presently 112.94%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of APLE. Price T Rowe Associates Inc. MD increased its holdings in Apple Hospitality REIT by 27.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 8,239,061 shares of the real estate investment trust’s stock valued at $126,472,000 after purchasing an additional 1,761,996 shares during the period. Norges Bank purchased a new position in Apple Hospitality REIT during the 4th quarter valued at about $21,099,000. Victory Capital Management Inc. increased its holdings in Apple Hospitality REIT by 11.9% during the 3rd quarter. Victory Capital Management Inc. now owns 6,737,959 shares of the real estate investment trust’s stock valued at $100,059,000 after purchasing an additional 718,844 shares during the period. ExodusPoint Capital Management LP increased its holdings in Apple Hospitality REIT by 126.8% during the 4th quarter. ExodusPoint Capital Management LP now owns 899,842 shares of the real estate investment trust’s stock valued at $13,813,000 after purchasing an additional 503,114 shares during the period. Finally, Woodline Partners LP purchased a new position in Apple Hospitality REIT during the 4th quarter valued at about $5,898,000. Hedge funds and other institutional investors own 89.66% of the company’s stock.

Apple Hospitality REIT Company Profile

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.