Apple Hospitality REIT (NYSE:APLE) Given New $18.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan raised its price target for Apple Hospitality REIT from $17 to $18 but kept a neutral rating; the target implies 8.61% downside from the share price cited in the report.
• Analyst sentiment is mixed but averages to Hold: three analysts rate APLE Buy and seven rate it Hold, with a consensus target of $17.44.
• Apple Hospitality reported quarterly EPS of $0.26, beating the $0.22 estimate, and revenue of $398.33 million, above expectations of $384.64 million.

Apple Hospitality REIT (NYSE:APLE - Get Free Report) had its target price lifted by research analysts at JPMorgan Chase & Co. from $17.00 to $18.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has a "neutral" rating on the real estate investment trust's stock. JPMorgan Chase & Co.'s target price suggests a potential downside of 8.61% from the company's current price.

APLE has been the topic of a number of other research reports. Wells Fargo & Company boosted their price target on Apple Hospitality REIT from $17.00 to $18.00 and gave the stock an "equal weight" rating in a research note on Monday, October 26th. Compass Point raised shares of Apple Hospitality REIT from a "neutral" rating to a "buy" rating and increased their price objective for the company from $17.50 to $18.50 in a research report on Friday, August 7th. Zacks Research cut shares of Apple Hospitality REIT from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 27th. Cantor Fitzgerald reissued an "overweight" rating on shares of Apple Hospitality REIT in a research report on Friday, August 21st. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of Apple Hospitality REIT in a research note on Tuesday, November 3rd. Three research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $17.44.

Apple Hospitality REIT Stock Up 4.3%

Shares of APLE stock traded up $0.81 during mid-day trading on Monday, hitting $19.70. 2,591,630 shares of the stock traded hands, compared to its average volume of 2,887,905. The stock's fifty day moving average is $16.71 and its two-hundred day moving average is $14.80. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.81 and a quick ratio of 0.81. Apple Hospitality REIT has a 52-week low of $11.31 and a 52-week high of $19.82. The stock has a market cap of $4.65 billion, a P/E ratio of 24.91, a P/E/G ratio of 2.14 and a beta of 0.93.

Apple Hospitality REIT (NYSE:APLE - Get Free Report) last posted its quarterly earnings data on Thursday, November 5th. The real estate investment trust reported $0.26 earnings per share for the quarter, topping analysts' consensus estimates of $0.22 by $0.04. Apple Hospitality REIT had a return on equity of 5.88% and a net margin of 12.62%. The firm had revenue of $398.33 million during the quarter, compared to analysts' expectations of $384.64 million. Equities analysts predict that Apple Hospitality REIT will post 1.63 EPS for the current year.

Institutional Trading of Apple Hospitality REIT

A number of hedge funds have recently modified their holdings of APLE. Bank of America Corp DE grew its position in shares of Apple Hospitality REIT by 6.0% during the 1st quarter. Bank of America Corp DE now owns 2,049,081 shares of the real estate investment trust's stock valued at $23,585,000 after acquiring an additional 115,575 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Apple Hospitality REIT in the 2nd quarter valued at about $3,952,000. Bank of New York Mellon Corp acquired a new position in Apple Hospitality REIT in the 2nd quarter worth about $26,774,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Apple Hospitality REIT in the 1st quarter worth about $3,126,000. Finally, Congress Asset Management Co. boosted its position in Apple Hospitality REIT by 21.3% during the third quarter. Congress Asset Management Co. now owns 673,795 shares of the real estate investment trust's stock worth $10,889,000 after purchasing an additional 118,238 shares in the last quarter. Hedge funds and other institutional investors own 89.66% of the company's stock.

About Apple Hospitality REIT

Apple Hospitality REIT, Inc is a real estate investment trust that owns a portfolio of hotels in the United States. Its properties primarily serve business and leisure travelers and operate in the upscale segment, including select-service and extended-stay formats.

The company's hotels are affiliated with well-known hospitality brands, including Marriott, Hilton and Hyatt. Apple Hospitality REIT owns the real estate and works with hotel operators to manage day-to-day operations.

Formed in 2007, the company is headquartered in Richmond, Virginia.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.