Apple Hospitality REIT (NYSE:APLE) Stock Gets Price Target Increase from Wells Fargo & Company

Key Points

• Wells Fargo raised Apple Hospitality REIT’s price target to $18 from $17 while maintaining an “equal weight” rating, implying roughly 1.94% downside from the prior close.
• Analyst sentiment remains mixed but centered on “Hold”: three analysts rate the stock a Buy and seven rate it a Hold, with a consensus target price of $17.31.
• APLE shares rose 1.8% to $18.36, near their 52-week high, after the company beat quarterly estimates with $0.28 EPS and $402.55 million in revenue.

Apple Hospitality REIT (NYSE:APLE - Get Free Report) had its target price hoisted by investment analysts at Wells Fargo & Company from $17.00 to $18.00 in a note issued to investors on Monday, Benzinga reports. The firm presently has an "equal weight" rating on the real estate investment trust's stock. Wells Fargo & Company's price objective would indicate a potential downside of 1.94% from the company's previous close.

Several other equities research analysts also recently weighed in on the stock. Cantor Fitzgerald reissued an "overweight" rating on shares of Apple Hospitality REIT in a research report on Friday, August 21st. Weiss Ratings raised shares of Apple Hospitality REIT from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, August 6th. Compass Point raised shares of Apple Hospitality REIT from a "neutral" rating to a "buy" rating and increased their price target for the stock from $17.50 to $18.50 in a research report on Friday, August 7th. Bank of America lifted their price target on Apple Hospitality REIT from $15.00 to $16.00 and gave the stock a "neutral" rating in a research note on Monday, July 20th. Finally, Zacks Research downgraded Apple Hospitality REIT from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 27th. Three investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $17.31.

Apple Hospitality REIT Stock Up 1.8%

Shares of APLE stock traded up $0.32 during mid-day trading on Monday, reaching $18.36. 91,196 shares of the company were exchanged, compared to its average volume of 2,872,749. Apple Hospitality REIT has a fifty-two week low of $10.85 and a fifty-two week high of $18.44. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.73 and a current ratio of 0.73. The company has a market capitalization of $4.33 billion, a P/E ratio of 24.84, a P/E/G ratio of 3.47 and a beta of 0.92. The business's 50 day simple moving average is $16.26 and its 200 day simple moving average is $15.59.

Apple Hospitality REIT (NYSE:APLE - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The real estate investment trust reported $0.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.27 by $0.01. Apple Hospitality REIT had a net margin of 12.17% and a return on equity of 5.56%. The business had revenue of $402.55 million during the quarter, compared to analyst estimates of $391.88 million. Research analysts predict that Apple Hospitality REIT will post 1.63 earnings per share for the current year.

Hedge Funds Weigh In On Apple Hospitality REIT

Hedge funds have recently added to or reduced their stakes in the business. Compass Financial Management LLC bought a new stake in Apple Hospitality REIT during the second quarter valued at $56,000. Nykredit A S bought a new position in shares of Apple Hospitality REIT in the 2nd quarter worth about $62,000. Allworth Financial LP lifted its position in shares of Apple Hospitality REIT by 69.7% in the 2nd quarter. Allworth Financial LP now owns 3,819 shares of the real estate investment trust's stock worth $64,000 after buying an additional 1,569 shares during the last quarter. Inspire Investing LLC boosted its holdings in shares of Apple Hospitality REIT by 2,965.1% in the 1st quarter. Inspire Investing LLC now owns 3,862 shares of the real estate investment trust's stock valued at $44,000 after buying an additional 3,736 shares during the period. Finally, Palouse Capital Management Inc. boosted its holdings in shares of Apple Hospitality REIT by 21.1% in the 2nd quarter. Palouse Capital Management Inc. now owns 4,304 shares of the real estate investment trust's stock valued at $72,000 after buying an additional 750 shares during the period. Institutional investors and hedge funds own 89.66% of the company's stock.

About Apple Hospitality REIT

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.

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