Apple Hospitality REIT (NYSE:APLE) Releases Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Key Points

• Q1 beat: Apple Hospitality REIT reported EPS of $0.12, beating the consensus by $0.01, and revenue of $337.74 million versus an estimate of $327.81 million.
• The company declared a monthly dividend of $0.08 to be paid May 15, implying a 7.3% yield, though the dividend payout ratio is a high 129.73%.
• Shares traded around $13.17 with a $3.11 billion market cap; Wall Street consensus is a Hold with a $12.64 price target (3 Buy, 5 Hold), and some recent analyst target cuts.

Apple Hospitality REIT (NYSE:APLE - Get Free Report) issued its quarterly earnings results on Monday. The real estate investment trust reported $0.12 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.01, FiscalAI reports. The firm had revenue of $337.74 million for the quarter, compared to the consensus estimate of $327.81 million. Apple Hospitality REIT had a return on equity of 5.50% and a net margin of 12.42%.

Apple Hospitality REIT Stock Performance

NYSE:APLE traded down $0.23 during mid-day trading on Monday, hitting $13.17. The stock had a trading volume of 2,829,341 shares, compared to its average volume of 3,027,685. The stock has a market capitalization of $3.11 billion, a price-to-earnings ratio of 17.79, a P/E/G ratio of 8.21 and a beta of 0.88. The company has a 50 day simple moving average of $12.26 and a 200-day simple moving average of $12.04. Apple Hospitality REIT has a 52 week low of $10.85 and a 52 week high of $13.66. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.52.

Apple Hospitality REIT Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, May 15th. Stockholders of record on Thursday, April 30th will be given a $0.08 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 7.3%. The ex-dividend date is Thursday, April 30th. Apple Hospitality REIT's dividend payout ratio (DPR) is presently 129.73%.

Institutional Trading of Apple Hospitality REIT

A number of hedge funds and other institutional investors have recently made changes to their positions in APLE. NewEdge Advisors LLC increased its position in shares of Apple Hospitality REIT by 295.9% in the first quarter. NewEdge Advisors LLC now owns 2,427 shares of the real estate investment trust's stock worth $31,000 after acquiring an additional 1,814 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in Apple Hospitality REIT by 1,375.0% in the second quarter. EverSource Wealth Advisors LLC now owns 2,832 shares of the real estate investment trust's stock valued at $33,000 after acquiring an additional 2,640 shares during the last quarter. Danske Bank A S acquired a new stake in shares of Apple Hospitality REIT in the third quarter worth $36,000. Smartleaf Asset Management LLC lifted its stake in shares of Apple Hospitality REIT by 97.5% in the second quarter. Smartleaf Asset Management LLC now owns 3,792 shares of the real estate investment trust's stock worth $45,000 after buying an additional 1,872 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its position in Apple Hospitality REIT by 22.9% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 6,440 shares of the real estate investment trust's stock worth $75,000 after acquiring an additional 1,202 shares during the period. 89.66% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on APLE. Wells Fargo & Company lowered their price target on Apple Hospitality REIT from $13.00 to $12.00 and set an "equal weight" rating for the company in a research report on Tuesday, March 24th. LADENBURG THALM/SH SH began coverage on Apple Hospitality REIT in a research report on Thursday, March 26th. They issued a "neutral" rating and a $13.00 price target for the company. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Apple Hospitality REIT in a report on Wednesday, April 22nd. Cantor Fitzgerald reissued an "overweight" rating and issued a $14.00 target price on shares of Apple Hospitality REIT in a report on Tuesday, March 3rd. Finally, Barclays lowered their price target on Apple Hospitality REIT from $14.00 to $13.00 and set an "overweight" rating on the stock in a report on Tuesday, April 7th. Three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, Apple Hospitality REIT currently has a consensus rating of "Hold" and a consensus price target of $12.64.

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.

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.