118,238 Apple Hospitality REIT, Inc. $APLE Shares Acquired by Congress Asset Management Co.

Key Points

• Congress Asset Management increased its Apple Hospitality REIT stake by 21.3% in the third quarter, acquiring 118,238 shares for a total holding of 673,795 shares valued at approximately $10.9 million. Institutional investors collectively own 89.66% of APLE.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and an average price target of $16.94, although Compass Point upgraded the stock to “Buy” with an $18.50 target.
• APLE shares recently traded at $16.05, while the company reported quarterly earnings of $0.28 per share—above estimates—and announced a monthly dividend of $0.08 per share, representing a 6.0% annualized yield.

Congress Asset Management Co. boosted its holdings in shares of Apple Hospitality REIT, Inc. (NYSE:APLE - Free Report) by 21.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 673,795 shares of the real estate investment trust's stock after acquiring an additional 118,238 shares during the period. Congress Asset Management Co. owned about 0.29% of Apple Hospitality REIT worth $10,889,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the business. Centerbridge Partners L.P. lifted its position in shares of Apple Hospitality REIT by 88.2% in the 4th 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 period. Bank of New York Mellon Corp bought a new position in shares of Apple Hospitality REIT in the 2nd quarter worth $26,774,000. Rush Island Management LP bought a new position in shares of Apple Hospitality REIT in the 1st quarter worth $17,143,000. Pacer Advisors Inc. purchased a new stake in shares of Apple Hospitality REIT during the 4th quarter worth $11,498,000. Finally, SG Americas Securities LLC lifted its stake in shares of Apple Hospitality REIT by 549.5% during the 1st quarter. SG Americas Securities LLC now owns 711,315 shares of the real estate investment trust's stock worth $8,187,000 after purchasing an additional 601,803 shares during the last quarter. Hedge funds and other institutional investors own 89.66% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on APLE shares. Zacks Research lowered Apple Hospitality REIT from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 27th. Bank of America boosted their target price on Apple Hospitality REIT from $15.00 to $16.00 and gave the stock a "neutral" rating in a research note on Monday, July 20th. BMO Capital Markets upped their target price 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. Compass Point upgraded Apple Hospitality REIT from a "neutral" rating to a "buy" rating and increased their price target for the company from $17.50 to $18.50 in a research note on Friday, August 7th. Finally, LADENBURG THALM/SH SH increased their price target on Apple Hospitality REIT from $15.00 to $17.00 and gave the company a "neutral" rating in a research note on Thursday, June 18th. Three equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Apple Hospitality REIT currently has a consensus rating of "Hold" and a consensus price target of $16.94.

Apple Hospitality REIT Price Performance

Shares of APLE opened at $16.05 on Thursday. The business's 50-day moving average is $16.04 and its two-hundred day moving average is $15.13. The company has a market capitalization of $3.79 billion, a P/E ratio of 21.70, a P/E/G ratio of 3.20 and a beta of 0.92. Apple Hospitality REIT, Inc. has a fifty-two week low of $10.85 and a fifty-two week high of $17.28. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.73 and a current ratio of 0.73.

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. The company had revenue of $402.55 million during the quarter, compared to analysts' expectations of $391.88 million. Apple Hospitality REIT had a return on equity of 5.56% and a net margin of 12.17%. Research analysts predict that Apple Hospitality REIT, Inc. will post 1.6 earnings per share for the current year.

Apple Hospitality REIT Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be paid a dividend of $0.08 per share. This represents a $0.96 annualized dividend and a dividend yield of 6.0%. The ex-dividend date of this dividend is Wednesday, September 30th. Apple Hospitality REIT's dividend payout ratio is presently 129.73%.

About Apple Hospitality REIT

Apple Hospitality REIT, Inc NYSE: APLE is a self-administered real estate investment trust focused on owning and operating upscale, select-service hotels. The company's properties primarily operate under well-known lodging brands affiliated with Marriott International, Hilton Worldwide and Hyatt Hotels Corporation.

Apple Hospitality's portfolio includes hotels serving business and leisure travelers in a range of urban, suburban and destination markets. Its properties are located across the United States, with a focus on geographically diverse markets and hotels that offer amenities such as guest rooms, meeting spaces, fitness facilities, swimming pools and limited food-and-beverage services.

The company was formed in 2007 and became publicly traded in 2015.

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