Bank of America Corp DE Has $23.59 Million Position in Apple Hospitality REIT, Inc. $APLE

Key Points

• Bank of America increased its Apple Hospitality REIT stake by 6% in the first quarter, holding 2.05 million shares worth approximately $23.6 million. Institutional investors collectively own 89.66% of the company.
• Analyst sentiment is moderately bullish: Apple Hospitality REIT has a consensus “Moderate Buy” rating and a $16.50 average price target, with several firms recently raising their targets to between $16 and $18.50.
• The stock opened at $15.94, while the company reported quarterly EPS of $0.28 and revenue of $402.55 million, both slightly above expectations. Apple Hospitality also paid a monthly $0.08-per-share dividend, representing an annualized yield of about 6%.

Bank of America Corp DE boosted its stake in shares of Apple Hospitality REIT, Inc. (NYSE:APLE - Free Report) by 6.0% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,049,081 shares of the real estate investment trust's stock after purchasing an additional 115,575 shares during the period. Bank of America Corp DE owned about 0.87% of Apple Hospitality REIT worth $23,585,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Royal Bank of Canada boosted its stake in shares of Apple Hospitality REIT by 2.8% during the 1st quarter. Royal Bank of Canada now owns 170,862 shares of the real estate investment trust's stock valued at $2,205,000 after buying an additional 4,712 shares during the period. AQR Capital Management LLC grew its holdings in shares of Apple Hospitality REIT by 114.3% during the 1st quarter. AQR Capital Management LLC now owns 136,046 shares of the real estate investment trust's stock valued at $1,732,000 after acquiring an additional 72,553 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased 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 worth $1,776,000 after acquiring an additional 6,788 shares during the last quarter. NewEdge Advisors LLC increased its stake in shares of Apple Hospitality REIT by 295.9% in the first quarter. NewEdge Advisors LLC now owns 2,427 shares of the real estate investment trust's stock worth $31,000 after acquiring an additional 1,814 shares during the last quarter. Finally, Jones Financial Companies Lllp raised its holdings 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 worth $280,000 after acquiring an additional 21,495 shares in the last quarter. Institutional investors and hedge funds own 89.66% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on APLE shares. Weiss Ratings raised Apple Hospitality REIT from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, August 6th. BMO Capital Markets lifted their price target on Apple Hospitality REIT from $14.00 to $16.00 and gave the company a "market perform" rating in a report on Friday, June 12th. Cantor Fitzgerald boosted their price target on Apple Hospitality REIT from $16.00 to $18.00 and gave the company an "overweight" rating in a research note on Tuesday, August 11th. Compass Point upgraded Apple Hospitality REIT from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $17.50 to $18.50 in a report on Friday, August 7th. Finally, Bank of America raised their price objective on shares of Apple Hospitality REIT from $15.00 to $16.00 and gave the company a "neutral" rating in a research report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $16.50.

Apple Hospitality REIT Stock Down 0.8%

Shares of Apple Hospitality REIT stock opened at $15.94 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 stock has a 50 day moving average price of $16.46 and a two-hundred day moving average price of $14.11. The stock has a market capitalization of $3.76 billion, a P/E ratio of 21.54, a PEG ratio of 3.07 and a beta of 0.88. Apple Hospitality REIT, Inc. has a 12-month low of $10.85 and a 12-month high of $17.28.

Apple Hospitality REIT (NYSE:APLE - Get Free Report) last announced its earnings results on Wednesday, August 5th. The real estate investment trust reported $0.28 EPS for the quarter, topping the consensus estimate of $0.27 by $0.01. Apple Hospitality REIT had a net margin of 12.17% and a return on equity of 5.56%. The firm had revenue of $402.55 million for the quarter, compared to the consensus estimate of $391.88 million. Equities analysts expect that Apple Hospitality REIT, Inc. will post 1.64 earnings per share for the current year.

Apple Hospitality REIT Announces Dividend

The firm also recently disclosed a monthly dividend, which was paid on Monday, August 17th. Investors of record on Friday, July 31st were given a dividend of $0.08 per share. This represents a c) annualized dividend and a dividend yield of 6.0%. The ex-dividend date of this dividend was Friday, July 31st. Apple Hospitality REIT's payout ratio is currently 129.73%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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