Price T Rowe Associates Inc. MD Lowers Stake in Apple Hospitality REIT, Inc. $APLE

Key Points

• Price T Rowe Associates Inc. MD reduced its holdings in Apple Hospitality REIT by 42.5%, selling over 3.5 million shares, which now leaves the firm owning approximately 4.7 million shares valued at $61.16 million.
• BMO Capital Markets downgraded Apple Hospitality REIT from "outperform" to "market perform", lowering its price target from $14.00 to $12.00, while analysts maintain a consensus rating of "Moderate Buy" with a target price of $15.75.
• Apple Hospitality REIT announced a $0.08 dividend to be paid on September 15th, 2023, with an ex-dividend date of August 29th, reflecting a dividend yield of 780.0%.

Price T Rowe Associates Inc. MD cut its holdings in Apple Hospitality REIT, Inc. (NYSE:APLE - Free Report) by 42.5% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,737,665 shares of the real estate investment trust's stock after selling 3,501,396 shares during the period. Price T Rowe Associates Inc. MD owned about 1.99% of Apple Hospitality REIT worth $61,164,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Versant Capital Management Inc boosted its position in Apple Hospitality REIT by 569.5% during the first quarter. Versant Capital Management Inc now owns 2,805 shares of the real estate investment trust's stock valued at $36,000 after purchasing an additional 2,386 shares in the last quarter. Quarry LP grew its position in Apple Hospitality REIT by 128.1% during the fourth quarter. Quarry LP now owns 3,118 shares of the real estate investment trust's stock valued at $48,000 after buying an additional 1,751 shares during the period. GF Fund Management CO. LTD. acquired a new stake in Apple Hospitality REIT during the fourth quarter valued at $64,000. Blue Trust Inc. grew its position in Apple Hospitality REIT by 16.9% during the first quarter. Blue Trust Inc. now owns 9,934 shares of the real estate investment trust's stock valued at $128,000 after buying an additional 1,438 shares during the period. Finally, Headlands Technologies LLC acquired a new stake in Apple Hospitality REIT during the first quarter valued at $137,000. Institutional investors own 89.66% of the company's stock.

Insider Transactions at Apple Hospitality REIT

In other Apple Hospitality REIT news, Chairman Glade M. Knight acquired 5,000 shares of the stock in a transaction on Tuesday, August 19th. The shares were bought at an average cost of $12.29 per share, with a total value of $61,450.00. Following the transaction, the chairman owned 705,344 shares of the company's stock, valued at approximately $8,668,677.76. This trade represents a 0.71% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 7.10% of the company's stock.

Apple Hospitality REIT Stock Down 0.6%

NYSE:APLE traded down $0.08 during trading hours on Monday, hitting $13.07. The company's stock had a trading volume of 3,816,053 shares, compared to its average volume of 3,149,229. Apple Hospitality REIT, Inc. has a 52-week low of $10.44 and a 52-week high of $16.50. The stock has a market capitalization of $3.10 billion, a P/E ratio of 17.42 and a beta of 1.05. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.51. The stock has a fifty day moving average of $12.24 and a 200-day moving average of $12.41.

Apple Hospitality REIT (NYSE:APLE - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The real estate investment trust reported $0.47 earnings per share for the quarter, meeting analysts' consensus estimates of $0.47. Apple Hospitality REIT had a net margin of 12.71% and a return on equity of 5.58%. The firm had revenue of $384.37 million during the quarter, compared to analysts' expectations of $381.37 million. On average, equities analysts forecast that Apple Hospitality REIT, Inc. will post 1.6 earnings per share for the current year.

Apple Hospitality REIT Announces Dividend

The business also recently declared a aug 25 dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be given a $0.08 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a yield of 735.0%. Apple Hospitality REIT's payout ratio is 128.00%.

Wall Street Analysts Forecast Growth

APLE has been the subject of a number of research analyst reports. Wells Fargo & Company upped their price objective on shares of Apple Hospitality REIT from $12.00 to $13.00 and gave the stock an "equal weight" rating in a research report on Wednesday, August 27th. BMO Capital Markets downgraded shares of Apple Hospitality REIT from an "outperform" rating to a "market perform" rating and reduced their target price for the stock from $14.00 to $12.00 in a research note on Monday, June 9th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $15.00.

Apple Hospitality REIT Profile

Apple Hospitality REIT, Inc NYSE: APLE is a publicly traded real estate investment trust (REIT) that owns one of the largest and most diverse portfolios of upscale, rooms-focused hotels in the United States. Apple Hospitality's portfolio consists of 223 hotels with more than 29,400 guest rooms located in 87 markets throughout 37 states as well as one property leased to third parties.