Econ Financial Services Corp Takes $374,000 Position in Apple Hospitality REIT, Inc. (NYSE:APLE)

Econ Financial Services Corp purchased a new position in shares of Apple Hospitality REIT, Inc. (NYSE:APLE) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm purchased 24,374 shares of the real estate investment trust’s stock, valued at approximately $374,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Bank of Montreal Can increased its stake in shares of Apple Hospitality REIT by 4.0% in the second quarter. Bank of Montreal Can now owns 59,828 shares of the real estate investment trust’s stock worth $870,000 after buying an additional 2,278 shares during the period. The Manufacturers Life Insurance Company raised its stake in shares of Apple Hospitality REIT by 8.2% during the second quarter. The Manufacturers Life Insurance Company now owns 134,738 shares of the real estate investment trust’s stock valued at $1,959,000 after acquiring an additional 10,167 shares during the last quarter. Algert Global LLC purchased a new stake in shares of Apple Hospitality REIT during the second quarter worth about $337,000. Truist Financial Corp grew its stake in shares of Apple Hospitality REIT by 8.2% in the second quarter. Truist Financial Corp now owns 77,165 shares of the real estate investment trust’s stock worth $1,122,000 after purchasing an additional 5,856 shares during the last quarter. Finally, Sanctuary Advisors LLC purchased a new position in Apple Hospitality REIT during the 2nd quarter valued at about $348,000. 89.66% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

APLE has been the subject of a number of research analyst reports. StockNews.com raised Apple Hospitality REIT from a “sell” rating to a “hold” rating in a research note on Friday, November 22nd. Oppenheimer reaffirmed an “outperform” rating and set a $18.00 target price (up previously from $17.00) on shares of Apple Hospitality REIT in a research note on Friday, November 8th. Bank of America raised shares of Apple Hospitality REIT from a “neutral” rating to a “buy” rating and increased their price target for the stock from $16.00 to $17.00 in a research note on Monday, January 27th. Finally, BMO Capital Markets assumed coverage on Apple Hospitality REIT in a research report on Monday, December 9th. They set an “outperform” rating and a $18.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $16.60.

Apple Hospitality REIT Price Performance

Shares of NYSE APLE opened at $15.41 on Wednesday. The company has a 50 day simple moving average of $15.50 and a two-hundred day simple moving average of $15.06. Apple Hospitality REIT, Inc. has a fifty-two week low of $13.60 and a fifty-two week high of $16.99. The company has a market capitalization of $3.70 billion, a price-to-earnings ratio of 18.12 and a beta of 1.13. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.04 and a current ratio of 0.04.

Apple Hospitality REIT (NYSE:APLE) last announced its quarterly earnings data on Monday, November 4th. The real estate investment trust reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.22). Apple Hospitality REIT had a net margin of 14.53% and a return on equity of 6.17%. The company had revenue of $378.84 million for the quarter, compared to analysts’ expectations of $377.56 million. During the same quarter in the previous year, the firm posted $0.45 EPS. Analysts expect that Apple Hospitality REIT, Inc. will post 1.6 EPS for the current fiscal year.

Apple Hospitality REIT Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Tuesday, February 18th. Stockholders of record on Friday, January 31st will be paid a $0.08 dividend. The ex-dividend date of this dividend is Friday, January 31st. This represents a $0.96 annualized dividend and a dividend yield of 6.23%. Apple Hospitality REIT’s dividend payout ratio is presently 112.94%.

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 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.