Apple Hospitality REIT, Inc. (NYSE:APLE) Declares $0.08 Monthly Dividend

Apple Hospitality REIT, Inc. (NYSE:APLE) declared a monthly dividend on Monday, November 20th, NASDAQ reports. Shareholders of record on Thursday, November 30th will be given a dividend of 0.08 per share by the real estate investment trust on Friday, December 15th. This represents a $0.96 annualized dividend and a yield of 5.80%. The ex-dividend date of this dividend is Wednesday, November 29th.

Apple Hospitality REIT has decreased its dividend by an average of 17.3% annually over the last three years and has increased its dividend annually for the last 1 consecutive years. Apple Hospitality REIT has a payout ratio of 115.7% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Apple Hospitality REIT to earn $1.63 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 58.9%.

Apple Hospitality REIT Trading Up 0.3 %

Apple Hospitality REIT stock opened at $16.55 on Tuesday. Apple Hospitality REIT has a 12-month low of $13.66 and a 12-month high of $18.22. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.07 and a quick ratio of 0.07. The stock has a market capitalization of $3.79 billion, a PE ratio of 23.64 and a beta of 1.13. The firm has a 50 day simple moving average of $15.77 and a 200-day simple moving average of $15.35.

Institutional Investors Weigh In On Apple Hospitality REIT

A number of large investors have recently made changes to their positions in the company. Acadian Asset Management LLC acquired a new stake in Apple Hospitality REIT during the 1st quarter valued at $25,000. Advisory Services Network LLC lifted its stake in Apple Hospitality REIT by 255.5% in the 1st quarter. Advisory Services Network LLC now owns 2,087 shares of the real estate investment trust’s stock worth $32,000 after acquiring an additional 1,500 shares in the last quarter. First Manhattan Co. acquired a new stake in Apple Hospitality REIT during the 1st quarter worth about $99,000. Captrust Financial Advisors purchased a new position in Apple Hospitality REIT during the 2nd quarter valued at about $84,000. Finally, First Manhattan CO. LLC. increased its holdings in shares of Apple Hospitality REIT by 29.0% in the 1st quarter. First Manhattan CO. LLC. now owns 7,125 shares of the real estate investment trust’s stock valued at $111,000 after purchasing an additional 1,600 shares during the period. Institutional investors and hedge funds own 80.53% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on APLE. Wolfe Research began coverage on Apple Hospitality REIT in a research report on Wednesday, September 27th. They set a “peer perform” rating on the stock. Oppenheimer dropped their price target on shares of Apple Hospitality REIT from $19.00 to $18.00 and set an “outperform” rating on the stock in a research report on Monday, August 7th. B. Riley reduced their price objective on shares of Apple Hospitality REIT from $19.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, August 10th. Wells Fargo & Company boosted their target price on shares of Apple Hospitality REIT from $17.00 to $18.00 and gave the stock an “overweight” rating in a report on Monday, November 13th. Finally, StockNews.com upgraded shares of Apple Hospitality REIT from a “sell” rating to a “hold” rating in a report on Sunday, November 12th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $18.20.

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, rooms-focused hotels in the United States. Apple Hospitality's portfolio consists of 220 hotels with more than 28,900 guest rooms located in 87 markets throughout 37 states as well as one property leased to third parties.