Apple Hospitality REIT (NYSE:APLE) Price Target Raised to $16.00

Key Points

• JPMorgan raised its price target on Apple Hospitality REIT to $16 from $15, while keeping a neutral rating. The new target still implies about 5.13% downside from the current share price.
• Other analysts have also recently adjusted their views, with several lifting targets to the $15–$17 range. Overall, Apple Hospitality REIT has a Hold consensus rating and an average target price of $15.75.
• The company reported better-than-expected quarterly results, posting EPS of $0.12 versus the $0.11 estimate and revenue of $337.74 million versus expectations. Shares recently traded near $16.86, close to the stock’s 52-week high of $17.09.

Apple Hospitality REIT (NYSE:APLE - Get Free Report) had its price objective increased by JPMorgan Chase & Co. from $15.00 to $16.00 in a report released on Tuesday,Benzinga reports. The firm presently has a "neutral" rating on the real estate investment trust's stock. JPMorgan Chase & Co.'s price target indicates a potential downside of 5.13% from the company's current price.

A number of other equities research analysts also recently issued reports on the company. Wells Fargo & Company boosted their price target on Apple Hospitality REIT from $12.00 to $15.00 and gave the company an "equal weight" rating in a research note on Monday, June 1st. Cantor Fitzgerald increased their price objective on shares of Apple Hospitality REIT from $14.00 to $16.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 13th. LADENBURG THALM/SH SH raised their price objective on shares of Apple Hospitality REIT from $15.00 to $17.00 and gave the stock a "neutral" rating in a report on Thursday, June 18th. BMO Capital Markets boosted their target price on shares of Apple Hospitality REIT from $14.00 to $16.00 and gave the company a "market perform" rating in a research report on Friday, June 12th. Finally, Weiss Ratings raised shares of Apple Hospitality REIT from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, May 28th. Two research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, Apple Hospitality REIT has a consensus rating of "Hold" and an average target price of $15.75.

Apple Hospitality REIT Stock Performance

NYSE:APLE traded down $0.04 during trading hours on Tuesday, reaching $16.86. The company had a trading volume of 562,611 shares, compared to its average volume of 2,977,333. The firm has a market cap of $3.98 billion, a price-to-earnings ratio of 23.09, a PEG ratio of 8.22 and a beta of 0.87. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.54. The firm's 50 day moving average price is $15.76 and its 200-day moving average price is $13.53. Apple Hospitality REIT has a 52 week low of $10.85 and a 52 week high of $17.09.

Apple Hospitality REIT (NYSE:APLE - Get Free Report) last released its quarterly earnings results on Monday, May 4th. The real estate investment trust reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.01. The firm had revenue of $337.74 million for the quarter, compared to analysts' expectations of $327.81 million. Apple Hospitality REIT had a return on equity of 5.43% and a net margin of 12.08%. On average, analysts forecast that Apple Hospitality REIT will post 1.58 EPS for the current year.

Insider Transactions at Apple Hospitality REIT

In other Apple Hospitality REIT news, Chairman Glade M. Knight purchased 5,000 shares of the firm's stock in a transaction on Monday, May 11th. The shares were acquired at an average cost of $13.96 per share, with a total value of $69,800.00. Following the completion of the acquisition, the chairman directly owned 747,191 shares in the company, valued at $10,430,786.36. The trade was a 0.67% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 6.90% of the company's stock.

Institutional Trading of Apple Hospitality REIT

Several institutional investors have recently made changes to their positions in the business. Norges Bank bought a new position in shares of Apple Hospitality REIT during the 4th quarter valued at about $40,950,000. Centerbridge Partners L.P. increased its holdings in shares of Apple Hospitality REIT by 88.2% in the fourth quarter. Centerbridge Partners L.P. now owns 4,229,785 shares of the real estate investment trust's stock worth $50,123,000 after purchasing an additional 1,982,000 shares during the last quarter. UBS Group AG increased its holdings in shares of Apple Hospitality REIT by 60.8% in the fourth quarter. UBS Group AG now owns 4,721,481 shares of the real estate investment trust's stock worth $55,950,000 after purchasing an additional 1,786,018 shares during the last quarter. Rush Island Management LP purchased a new stake in shares of Apple Hospitality REIT in the first quarter worth about $17,143,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in shares of Apple Hospitality REIT in the fourth quarter worth about $13,361,000. Hedge funds and other institutional investors own 89.66% of the company's stock.

Apple Hospitality REIT Company Profile

Apple Hospitality REIT NYSE: APLE is a publicly traded real estate investment trust that focuses on acquiring, owning and operating high-quality, upscale, select-service hotels. The company's portfolio primarily consists of properties operated under premium franchise agreements with leading lodging brands such as Marriott, Hilton and Hyatt. Apple Hospitality REIT is self-managed and internally advised, overseeing property management, revenue optimization and asset-level operations through its in-house team of hospitality professionals.

The company's holdings encompass over 200 hotels featuring more than 30,000 guest rooms across a diverse array of markets in the United States.

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