Apple Hospitality REIT (NYSE:APLE) Cut to “Neutral” at Bank of America

Bank of America downgraded shares of Apple Hospitality REIT (NYSE:APLE) from a buy rating to a neutral rating in a research report report published on Tuesday, Marketbeat Ratings reports. The brokerage currently has $11.50 price target on the real estate investment trust’s stock.

Other research analysts also recently issued reports about the company. Robert W. Baird lowered their price objective on Apple Hospitality REIT from $14.00 to $13.00 and set an “outperform” rating for the company in a research note on Friday, October 3rd. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Apple Hospitality REIT in a report on Thursday, October 30th. Cantor Fitzgerald started coverage on Apple Hospitality REIT in a report on Wednesday, October 1st. They issued an “overweight” rating and a $14.00 price objective for the company. Finally, Wells Fargo & Company upgraded shares of Apple Hospitality REIT to a “hold” rating in a research note on Friday, October 3rd. Three equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $13.58.

Apple Hospitality REIT Price Performance

Shares of NYSE:APLE opened at $11.26 on Tuesday. The company has a market cap of $2.67 billion, a PE ratio of 15.01 and a beta of 1.04. Apple Hospitality REIT has a fifty-two week low of $10.44 and a fifty-two week high of $16.50. The firm has a 50-day simple moving average of $12.02 and a 200 day simple moving average of $11.99. 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 (NYSE:APLE) last issued its earnings results on Monday, November 3rd. The real estate investment trust reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.02. The company had revenue of $373.88 million during 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%. On average, sell-side analysts anticipate that Apple Hospitality REIT will post 1.6 EPS for the current year.

Apple Hospitality REIT Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Monday, November 17th. Stockholders of record on Friday, October 31st will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, October 31st. This represents a c) annualized dividend and a dividend yield of 8.5%. Apple Hospitality REIT’s dividend payout ratio (DPR) is currently 131.51%.

Insider Activity

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

Hedge Funds Weigh In On Apple Hospitality REIT

A number of institutional investors have recently bought and sold shares of APLE. Hantz Financial Services Inc. boosted its holdings in shares of Apple Hospitality REIT by 12,230.0% in the second quarter. Hantz Financial Services Inc. now owns 2,466 shares of the real estate investment trust’s stock worth $29,000 after buying an additional 2,446 shares during the period. NewEdge Advisors LLC boosted its stake in Apple Hospitality REIT by 295.9% in the 1st 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. Caitong International Asset Management Co. Ltd grew its position in Apple Hospitality REIT by 444.4% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 2,793 shares of the real estate investment trust’s stock worth $33,000 after purchasing an additional 2,280 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in 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. Finally, Cloud Capital Management LLC purchased a new stake in shares of Apple Hospitality REIT in the third quarter valued at $34,000. 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.