Apple Hospitality REIT (NYSE:APLE) Stock Price Target Raised at JPMorgan Chase & Co.

Key Points

• JPMorgan raised Apple Hospitality REIT’s price target from $16 to $17 while maintaining a “neutral” rating, implying 6.36% downside from the prior close.
• APLE shares rose 1.9% to $18.16, near their 12-month high of $18.17. Analysts overall assign the stock a “Hold” rating, with an average price target of $17.19.
• The REIT exceeded quarterly expectations, reporting $0.28 in earnings per share versus a $0.27 consensus estimate and revenue of $402.55 million against expectations of $391.88 million.

Apple Hospitality REIT (NYSE:APLE - Get Free Report) had its price objective upped by research analysts at JPMorgan Chase & Co. from $16.00 to $17.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has a "neutral" rating on the real estate investment trust's stock. JPMorgan Chase & Co.'s target price points to a potential downside of 6.36% from the stock's previous close.

APLE has been the topic of several other reports. Compass Point upgraded shares of Apple Hospitality REIT from a "neutral" rating to a "buy" rating and boosted their target price for the company from $17.50 to $18.50 in a report on Friday, August 7th. Cantor Fitzgerald restated an "overweight" rating on shares of Apple Hospitality REIT in a report on Friday, August 21st. Zacks Research downgraded shares of Apple Hospitality REIT from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 27th. Wells Fargo & Company lifted their price target on shares of Apple Hospitality REIT from $15.00 to $17.00 and gave the company an "equal weight" rating in a research report on Thursday, July 23rd. Finally, Bank of America upped their price objective on Apple Hospitality REIT from $15.00 to $16.00 and gave the company a "neutral" rating in a report on Monday, July 20th. Three investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $17.19.

Apple Hospitality REIT Trading Up 1.9%

Shares of NYSE APLE traded up $0.34 during trading on Wednesday, hitting $18.16. 549,398 shares of the company were exchanged, compared to its average volume of 2,875,970. Apple Hospitality REIT has a 12-month low of $10.85 and a 12-month high of $18.17. 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 fifty day moving average price of $16.13 and a 200-day moving average price of $15.45. The firm has a market capitalization of $4.29 billion, a PE ratio of 24.66, a P/E/G ratio of 3.37 and a beta of 0.92.

Apple Hospitality REIT (NYSE:APLE - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The real estate investment trust reported $0.28 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $402.55 million for the quarter, compared to analysts' expectations of $391.88 million. As a group, equities research analysts expect that Apple Hospitality REIT will post 1.60 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Inspire Investing LLC raised its stake in Apple Hospitality REIT by 2,965.1% during the 1st quarter. Inspire Investing LLC now owns 3,862 shares of the real estate investment trust's stock worth $44,000 after acquiring an additional 3,736 shares in the last quarter. Compass Financial Management LLC acquired a new position in shares of Apple Hospitality REIT in the second quarter valued at approximately $56,000. Nykredit A S acquired a new position in Apple Hospitality REIT in the 2nd quarter valued at $62,000. Allworth Financial LP raised its position in Apple Hospitality REIT by 69.7% during 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. Finally, Palouse Capital Management Inc. raised its position in Apple Hospitality REIT by 21.1% during the 2nd quarter. Palouse Capital Management Inc. now owns 4,304 shares of the real estate investment trust's stock worth $72,000 after buying an additional 750 shares during the last quarter. 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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