Apple Hospitality REIT (NYSE:APLE) Posts Earnings Results, Beats Expectations By $0.02 EPS

Apple Hospitality REIT (NYSE:APLE) posted its earnings results on Monday. The real estate investment trust reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.02, Zacks reports. The company had revenue of $373.88 million for the quarter, compared to the consensus estimate of $371.94 million. Apple Hospitality REIT had a return on equity of 5.58% and a net margin of 12.71%.

Apple Hospitality REIT Trading Up 0.6%

Apple Hospitality REIT stock traded up $0.07 during midday trading on Wednesday, reaching $11.24. The stock had a trading volume of 646,030 shares, compared to its average volume of 2,864,317. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.51. Apple Hospitality REIT has a 52-week low of $10.44 and a 52-week high of $16.50. The firm has a market cap of $2.66 billion, a price-to-earnings ratio of 14.97 and a beta of 1.02. The company has a fifty day moving average of $12.09 and a 200 day moving average of $12.00.

Apple Hospitality REIT Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Monday, November 17th. Shareholders of record on Friday, October 31st will be given a dividend of $0.08 per share. The ex-dividend date is Friday, October 31st. This represents a c) dividend on an annualized basis and a yield of 8.5%. Apple Hospitality REIT’s dividend payout ratio is 128.00%.

Insiders Place Their Bets

In other news, Chairman Glade M. Knight acquired 5,000 shares of Apple Hospitality REIT stock in a transaction that occurred on Tuesday, August 19th. The shares were bought at an average cost of $12.29 per share, with a total value of $61,450.00. Following the transaction, the chairman directly owned 705,344 shares of the company’s stock, valued at $8,668,677.76. This trade represents a 0.71% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. 7.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Apple Hospitality REIT

Several hedge funds and other institutional investors have recently modified their holdings of the business. Bank of America Corp DE raised its holdings in shares of Apple Hospitality REIT by 42.6% in the second quarter. Bank of America Corp DE now owns 1,904,629 shares of the real estate investment trust’s stock worth $22,227,000 after buying an additional 569,109 shares during the period. Ameriprise Financial Inc. raised its holdings in shares of Apple Hospitality REIT by 26.7% in the second quarter. Ameriprise Financial Inc. now owns 1,781,420 shares of the real estate investment trust’s stock worth $20,789,000 after buying an additional 374,979 shares during the period. Invesco Ltd. raised its holdings in shares of Apple Hospitality REIT by 23.0% in the second quarter. Invesco Ltd. now owns 1,558,632 shares of the real estate investment trust’s stock worth $18,189,000 after buying an additional 291,431 shares during the period. Balyasny Asset Management L.P. raised its holdings in shares of Apple Hospitality REIT by 13.2% in the second quarter. Balyasny Asset Management L.P. now owns 1,345,862 shares of the real estate investment trust’s stock worth $15,706,000 after buying an additional 156,714 shares during the period. Finally, Public Sector Pension Investment Board raised its holdings in shares of Apple Hospitality REIT by 6.1% in the second quarter. Public Sector Pension Investment Board now owns 877,444 shares of the real estate investment trust’s stock worth $10,240,000 after buying an additional 50,520 shares during the period. 89.66% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on APLE shares. Wells Fargo & Company upgraded Apple Hospitality REIT to a “hold” rating in a research report on Friday, October 3rd. Weiss Ratings reiterated a “hold (c-)” rating on shares of Apple Hospitality REIT in a research report on Thursday, October 30th. Bank of America downgraded Apple Hospitality REIT from a “buy” rating to a “neutral” rating and set a $11.50 target price on the stock. in a research report on Tuesday. Robert W. Baird decreased their price objective on Apple Hospitality REIT from $14.00 to $13.00 and set an “outperform” rating on the stock in a research report on Friday, October 3rd. Finally, Cantor Fitzgerald assumed coverage on Apple Hospitality REIT in a research report on Wednesday, October 1st. They set an “overweight” rating and a $14.00 price objective on the stock. Three investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $13.58.

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.