Apple Hospitality REIT, Inc. $APLE Shares Sold by Price T Rowe Associates Inc. MD

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 trimmed its holdings in Apple Hospitality REIT, Inc. (NYSE:APLE - Free Report) by 42.5% in the first quarter, according to its most recent 13F filing with the Securities and 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 quarter. Price T Rowe Associates Inc. MD owned 1.99% of Apple Hospitality REIT worth $61,164,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Martingale Asset Management L P lifted its holdings in Apple Hospitality REIT by 108.0% in the 1st quarter. Martingale Asset Management L P now owns 198,961 shares of the real estate investment trust's stock valued at $2,569,000 after acquiring an additional 103,319 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its holdings in Apple Hospitality REIT by 1.3% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 6,401,005 shares of the real estate investment trust's stock worth $82,637,000 after buying an additional 80,591 shares during the period. Capital Fund Management S.A. acquired a new stake in Apple Hospitality REIT during the 1st quarter worth about $2,412,000. Hsbc Holdings PLC raised its holdings in Apple Hospitality REIT by 56.0% during the 1st quarter. Hsbc Holdings PLC now owns 274,032 shares of the real estate investment trust's stock worth $3,526,000 after buying an additional 98,343 shares during the period. Finally, Versor Investments LP raised its holdings in Apple Hospitality REIT by 3.6% during the 1st quarter. Versor Investments LP now owns 29,000 shares of the real estate investment trust's stock worth $374,000 after buying an additional 1,000 shares during the period. 89.66% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, BMO Capital Markets downgraded Apple Hospitality REIT from an "outperform" rating to a "market perform" rating and cut their price objective for the stock from $14.00 to $12.00 in a report on Monday, June 9th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Apple Hospitality REIT currently has a consensus rating of "Moderate Buy" and a consensus target price of $15.75.

Insider Buying and Selling at Apple Hospitality REIT

In other Apple Hospitality REIT news, Chairman Glade M. Knight bought 5,000 shares of the company's stock in a transaction dated Tuesday, August 19th. The shares were bought at an average price of $12.29 per share, for a total transaction of $61,450.00. Following the acquisition, the chairman directly 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 ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 7.10% of the stock is owned by corporate insiders.

Apple Hospitality REIT Price Performance

Shares of APLE opened at $12.73 on Wednesday. The company has a market capitalization of $3.02 billion, a price-to-earnings ratio of 16.97 and a beta of 1.08. Apple Hospitality REIT, Inc. has a fifty-two week low of $10.44 and a fifty-two week high of $16.50. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.78 and a quick ratio of 0.78. The business's 50-day moving average is $12.12 and its 200-day moving average is $12.49.

Apple Hospitality REIT (NYSE:APLE - Get Free Report) last issued its 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. The company had revenue of $384.37 million for the quarter, compared to the consensus estimate of $381.37 million. Apple Hospitality REIT had a return on equity of 5.58% and a net margin of 12.71%. Equities research analysts expect that Apple Hospitality REIT, Inc. will post 1.6 EPS for the current fiscal year.

Apple Hospitality REIT Dividend Announcement

The firm also recently announced a aug 25 dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be issued a $0.08 dividend. The ex-dividend date is Friday, August 29th. This represents a dividend yield of 780.0%. Apple Hospitality REIT's dividend payout ratio is currently 128.00%.

About Apple Hospitality REIT

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.

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