Cantor Fitzgerald Issues Positive Forecast for Apple Hospitality REIT (NYSE:APLE) Stock Price

Key Points

• Cantor Fitzgerald raised Apple Hospitality REIT’s price target from $16 to $18 and maintained an “overweight” rating, implying approximately 14.4% upside from the reported share price.
• Analyst sentiment is broadly positive, with the REIT holding a “Moderate Buy” consensus rating and an average price target of $16.50.
• Apple Hospitality REIT exceeded quarterly expectations, reporting $0.28 in earnings per share versus a $0.27 estimate and revenue of $402.55 million against the $391.88 million consensus.

Apple Hospitality REIT (NYSE:APLE - Get Free Report) had its target price increased by equities researchers at Cantor Fitzgerald from $16.00 to $18.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has an "overweight" rating on the real estate investment trust's stock. Cantor Fitzgerald's price target points to a potential upside of 14.43% from the stock's current price.

A number of other research firms have also recently issued reports on APLE. BMO Capital Markets boosted their price objective on 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. Weiss Ratings upgraded shares of Apple Hospitality REIT from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday. Bank of America increased their price target on shares of Apple Hospitality REIT from $15.00 to $16.00 and gave the stock a "neutral" rating in a research report on Monday, July 20th. JPMorgan Chase & Co. upped their price objective on Apple Hospitality REIT from $15.00 to $16.00 and gave the company a "neutral" rating in a research note on Tuesday, July 21st. Finally, Wells Fargo & Company boosted their price target on Apple Hospitality REIT from $15.00 to $17.00 and gave the company an "equal weight" rating in a research note on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, Apple Hospitality REIT presently has a consensus rating of "Moderate Buy" and an average price target of $16.50.

Apple Hospitality REIT Price Performance

Shares of NYSE:APLE opened at $15.73 on Tuesday. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.51. The business has a 50 day moving average price of $16.42 and a 200 day moving average price of $13.98. The company has a market cap of $3.71 billion, a price-to-earnings ratio of 21.26, a PEG ratio of 3.17 and a beta of 0.88. Apple Hospitality REIT has a twelve month low of $10.85 and a twelve month high of $17.28.

Apple Hospitality REIT (NYSE:APLE - Get Free Report) last posted its quarterly earnings data 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 return on equity of 5.56% and a net margin of 12.17%.The company had revenue of $402.55 million during the quarter, compared to analysts' expectations of $391.88 million. Research analysts predict that Apple Hospitality REIT will post 1.6 earnings per share for the current year.

Hedge Funds Weigh In On Apple Hospitality REIT

Several large investors have recently made changes to their positions in the company. Palouse Capital Management Inc. raised its holdings 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 purchasing an additional 750 shares during the last quarter. Private Advisor Group LLC raised its stake in shares of Apple Hospitality REIT by 7.9% during the third quarter. Private Advisor Group LLC now owns 13,883 shares of the real estate investment trust's stock worth $167,000 after buying an additional 1,022 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in Apple Hospitality REIT by 0.4% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 240,111 shares of the real estate investment trust's stock valued at $2,764,000 after buying an additional 1,068 shares during the period. MML Investors Services LLC lifted its holdings in Apple Hospitality REIT by 1.4% in the second quarter. MML Investors Services LLC now owns 80,287 shares of the real estate investment trust's stock valued at $937,000 after buying an additional 1,100 shares during the period. Finally, Captrust Financial Advisors lifted its holdings in Apple Hospitality REIT by 9.3% in the fourth quarter. Captrust Financial Advisors now owns 13,519 shares of the real estate investment trust's stock valued at $160,000 after buying an additional 1,149 shares during the period. Institutional investors and hedge funds own 89.66% of the company's stock.

About Apple Hospitality REIT

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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