Apple Hospitality REIT (NYSE:APLE) Hits New 52-Week High on Earnings Beat

Apple Hospitality REIT, Inc. (NYSE:APLE) hit a new 52-week high on Friday following a better than expected earnings announcement. The company traded as high as $18.98 and last traded at $18.8530, with a volume of 3,739,718 shares traded. The stock had previously closed at $18.15.

The real estate investment trust reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.04. Apple Hospitality REIT had a net margin of 12.17% and a return on equity of 5.56%. The company had revenue of $398.33 million during the quarter, compared to analysts’ expectations of $384.64 million.

Apple Hospitality REIT Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Monday, November 16th. Stockholders of record on Friday, October 30th will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, October 30th. This represents a $0.96 annualized dividend and a dividend yield of 5.1%. Apple Hospitality REIT’s dividend payout ratio (DPR) is currently 129.73%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on APLE. JPMorgan Chase & Co. upped their price target on shares of Apple Hospitality REIT from $16.00 to $17.00 and gave the stock a “neutral” rating in a report on Wednesday, October 21st. Compass Point raised Apple Hospitality REIT from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $17.50 to $18.50 in a report on Friday, August 7th. Wells Fargo & Company upped their price objective on Apple Hospitality REIT from $17.00 to $18.00 and gave the stock an “equal weight” rating in a research report on Monday, October 26th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Apple Hospitality REIT in a research note on Tuesday. Finally, Zacks Research cut Apple Hospitality REIT from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 27th. Three analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $17.31.

Hedge Funds Weigh In On Apple Hospitality REIT

Several large investors have recently modified their holdings of APLE. Bank of New York Mellon Corp bought a new stake in shares of Apple Hospitality REIT in the second quarter worth $26,774,000. Rush Island Management LP bought a new position in Apple Hospitality REIT during the 1st quarter worth $17,143,000. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Apple Hospitality REIT during the 1st quarter worth $3,126,000. Public Employees Retirement System of Ohio acquired a new position in Apple Hospitality REIT during the 2nd quarter worth about $4,215,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Apple Hospitality REIT during the 2nd quarter worth about $3,952,000. Institutional investors own 89.66% of the company’s stock.

Apple Hospitality REIT Price Performance

The business has a 50-day simple moving average of $16.67 and a 200 day simple moving average of $14.77. The stock has a market cap of $4.45 billion, a P/E ratio of 25.48, a price-to-earnings-growth ratio of 2.14 and a beta of 0.93. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.51.

Apple Hospitality REIT Company Profile

Apple Hospitality REIT, Inc is a self-administered and self-managed real estate investment trust that owns a portfolio of upscale, select-service hotels across the United States. The company’s properties primarily operate under well-known hospitality brands affiliated with Marriott International, Hilton Worldwide Holdings and Hyatt Hotels Corporation.

Apple Hospitality’s hotels provide lodging and related guest services, including accommodations, meeting facilities, food and beverage offerings, and other amenities.