Apple Hospitality REIT (NYSE:APLE) Upgraded at Zacks Research

Key Points

• Zacks Research upgraded Apple Hospitality REIT from hold to strong-buy, though the broader analyst view remains cautious with a consensus rating of Hold and an average price target of $16.00.
• The company recently beat expectations on its latest quarterly results, posting $0.12 EPS versus the $0.11 estimate and revenue of $337.74 million versus $327.81 million expected.
• Apple Hospitality REIT’s stock opened at $16.62, near its 12-month high of $17.13, while chairman Glade M. Knight also disclosed a purchase of 5,000 shares, signaling insider confidence.

Apple Hospitality REIT (NYSE:APLE - Get Free Report) was upgraded by stock analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research note issued to investors on Wednesday,Zacks.com reports.

Several other equities research analysts have also issued reports on the stock. LADENBURG THALM/SH SH lifted their target price on shares of Apple Hospitality REIT from $15.00 to $17.00 and gave the company a "neutral" rating in a research report on Thursday, June 18th. BMO Capital Markets lifted their target price on shares of Apple Hospitality REIT from $14.00 to $16.00 and gave the stock a "market perform" rating in a research report on Friday, June 12th. Cantor Fitzgerald upped their price target on shares of Apple Hospitality REIT from $14.00 to $16.00 and gave the company an "overweight" rating in a research report on Wednesday, May 13th. Barclays reaffirmed an "equal weight" rating and set a $17.00 price objective (up from $16.00) on shares of Apple Hospitality REIT in a research note on Tuesday. Finally, JPMorgan Chase & Co. lifted their price objective on Apple Hospitality REIT from $15.00 to $16.00 and gave the stock a "neutral" rating in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $16.00.

Apple Hospitality REIT Stock Performance

NYSE APLE opened at $16.62 on Wednesday. The company's 50 day moving average is $15.94 and its 200-day moving average is $13.63. Apple Hospitality REIT has a 12-month low of $10.85 and a 12-month high of $17.13. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.54. The firm has a market cap of $3.92 billion, a P/E ratio of 22.76, a price-to-earnings-growth ratio of 3.32 and a beta of 0.87.

Apple Hospitality REIT (NYSE:APLE - Get Free Report) last released its quarterly earnings data on Monday, May 4th. The real estate investment trust reported $0.12 EPS for the quarter, topping the consensus estimate of $0.11 by $0.01. The company had revenue of $337.74 million during the quarter, compared to the consensus estimate of $327.81 million. Apple Hospitality REIT had a net margin of 12.08% and a return on equity of 5.43%. Sell-side analysts predict that Apple Hospitality REIT will post 1.6 earnings per share for the current year.

Insider Activity

In other Apple Hospitality REIT news, Chairman Glade M. Knight bought 5,000 shares of the firm's stock in a transaction that occurred on Monday, May 11th. The stock was bought at an average price of $13.96 per share, for a total transaction 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 document filed with the SEC, which is available at this hyperlink. Company insiders own 6.90% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Royal Bank of Canada boosted its stake in shares of Apple Hospitality REIT by 2.8% in the 1st quarter. Royal Bank of Canada now owns 170,862 shares of the real estate investment trust's stock worth $2,205,000 after buying an additional 4,712 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of Apple Hospitality REIT by 114.3% in the 1st quarter. AQR Capital Management LLC now owns 136,046 shares of the real estate investment trust's stock worth $1,732,000 after purchasing an additional 72,553 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Apple Hospitality REIT by 5.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 137,557 shares of the real estate investment trust's stock valued at $1,776,000 after acquiring an additional 6,788 shares during the period. NewEdge Advisors LLC raised its position in Apple Hospitality REIT by 295.9% in the 1st quarter. NewEdge Advisors LLC now owns 2,427 shares of the real estate investment trust's stock worth $31,000 after purchasing an additional 1,814 shares during the period. Finally, Jones Financial Companies Lllp boosted its position in shares of Apple Hospitality REIT by 10,235.7% during the first quarter. Jones Financial Companies Lllp now owns 21,705 shares of the real estate investment trust's stock valued at $280,000 after buying an additional 21,495 shares during the period. 89.66% of the stock is owned by hedge funds and other institutional investors.

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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