Apple Hospitality REIT (NYSE:APLE) Downgraded by Zacks Investment Research to “Sell”

Zacks Investment Research cut shares of Apple Hospitality REIT (NYSE:APLE) from a hold rating to a sell rating in a research note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “Apple Hospitality REIT, Inc. is a real estate investment trust. Its portfolio consists of hotels, guest rooms and resorts. The company operates primarily in the United States. Apple Hospitality REIT, Inc. is headquarted in Richmond, VA. “

Other research analysts also recently issued reports about the stock. Capital One Financial started coverage on shares of Apple Hospitality REIT in a research report on Tuesday, June 25th. They issued an equal weight rating and a $17.00 target price on the stock. Barclays upgraded shares of Apple Hospitality REIT from an equal weight rating to an overweight rating and set a $18.00 price target for the company in a report on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. The company presently has a consensus rating of Hold and an average target price of $18.25.

Apple Hospitality REIT stock opened at $16.38 on Wednesday. The firm’s 50 day simple moving average is $15.78 and its 200-day simple moving average is $16.03. The company has a market cap of $3.66 billion, a P/E ratio of 9.63, a price-to-earnings-growth ratio of 1.97 and a beta of 0.80. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.04 and a quick ratio of 0.04. Apple Hospitality REIT has a fifty-two week low of $13.81 and a fifty-two week high of $17.56.

Apple Hospitality REIT (NYSE:APLE) last released its earnings results on Monday, August 5th. The real estate investment trust reported $0.49 earnings per share for the quarter, hitting the consensus estimate of $0.49. The business had revenue of $341.12 million for the quarter, compared to the consensus estimate of $340.44 million. Apple Hospitality REIT had a net margin of 15.44% and a return on equity of 5.75%. The firm’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same period last year, the firm posted $0.51 earnings per share. On average, analysts expect that Apple Hospitality REIT will post 1.66 EPS for the current fiscal year.

The business also recently declared a monthly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, September 3rd were issued a dividend of $0.10 per share. This represents a $1.20 annualized dividend and a dividend yield of 7.33%. The ex-dividend date was Friday, August 30th. Apple Hospitality REIT’s dividend payout ratio is currently 69.77%.

In related news, Director Redd Hugh purchased 2,000 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The stock was acquired at an average cost of $15.55 per share, for a total transaction of $31,100.00. Following the completion of the acquisition, the director now owns 95,154 shares in the company, valued at approximately $1,479,644.70. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Glade M. Knight purchased 5,000 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The shares were bought at an average price of $15.39 per share, with a total value of $76,950.00. Following the completion of the acquisition, the insider now owns 10,133,812 shares of the company’s stock, valued at approximately $155,959,366.68. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 112,879 shares of company stock valued at $864,026. 6.50% of the stock is currently owned by corporate insiders.

Hedge funds have recently bought and sold shares of the stock. BlackRock Inc. lifted its stake in Apple Hospitality REIT by 6.5% in the first quarter. BlackRock Inc. now owns 17,555,764 shares of the real estate investment trust’s stock valued at $286,160,000 after acquiring an additional 1,063,975 shares during the last quarter. Prudential Financial Inc. lifted its stake in Apple Hospitality REIT by 8.4% in the second quarter. Prudential Financial Inc. now owns 4,786,671 shares of the real estate investment trust’s stock valued at $75,917,000 after acquiring an additional 369,771 shares during the last quarter. Schroder Investment Management Group lifted its stake in Apple Hospitality REIT by 175.0% in the second quarter. Schroder Investment Management Group now owns 4,771,948 shares of the real estate investment trust’s stock valued at $75,683,000 after acquiring an additional 3,036,672 shares during the last quarter. Renaissance Technologies LLC lifted its stake in Apple Hospitality REIT by 19.6% in the second quarter. Renaissance Technologies LLC now owns 4,076,488 shares of the real estate investment trust’s stock valued at $64,653,000 after acquiring an additional 668,400 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in Apple Hospitality REIT by 2.0% in the fourth quarter. Geode Capital Management LLC now owns 3,552,907 shares of the real estate investment trust’s stock valued at $50,663,000 after acquiring an additional 70,176 shares during the last quarter. Institutional investors and hedge funds own 59.23% of the company’s stock.

About Apple Hospitality REIT

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, select-service hotels in the United States. Apple Hospitality's portfolio consists of 241 hotels with more than 30,800 guest rooms located in 88 markets throughout 34 states.

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