Norges Bank Makes New Investment in Apple Hospitality REIT, Inc. $APLE

Key Points

• Norges Bank initiated a new position in Apple Hospitality REIT, buying 3,455,684 shares valued at about $40.95 million and ending the quarter with roughly 1.46% of the company.
• Apple Hospitality REIT reported better-than-expected quarterly results, earning $0.12 per share versus the $0.11 estimate and posting revenue of $337.74 million, above forecasts.
• The REIT announced a monthly dividend of $0.08 per share, implying an annualized yield of about 6.2%; meanwhile, analysts’ consensus rating remains Hold with a $14.21 target price.

Norges Bank acquired a new position in Apple Hospitality REIT, Inc. (NYSE:APLE - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 3,455,684 shares of the real estate investment trust's stock, valued at approximately $40,950,000. Norges Bank owned approximately 1.46% of Apple Hospitality REIT at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. NewEdge Advisors LLC boosted its position in Apple Hospitality REIT by 295.9% in the 1st quarter. NewEdge Advisors LLC now owns 2,427 shares of the real estate investment trust's stock worth $31,000 after purchasing an additional 1,814 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in Apple Hospitality REIT by 1,375.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,832 shares of the real estate investment trust's stock worth $33,000 after purchasing an additional 2,640 shares in the last quarter. Danske Bank A S purchased a new stake in Apple Hospitality REIT in the 3rd quarter worth approximately $36,000. Godfrey Financial Associates Inc. purchased a new stake in Apple Hospitality REIT in the 4th quarter worth approximately $43,000. Finally, Smartleaf Asset Management LLC boosted its position in Apple Hospitality REIT by 97.5% in the 2nd quarter. Smartleaf Asset Management LLC now owns 3,792 shares of the real estate investment trust's stock worth $45,000 after purchasing an additional 1,872 shares in the last quarter. Hedge funds and other institutional investors own 89.66% of the company's stock.

Apple Hospitality REIT Trading Down 0.3%

Shares of Apple Hospitality REIT stock opened at $15.59 on Tuesday. The firm has a market capitalization of $3.68 billion, a PE ratio of 21.35 and a beta of 0.89. Apple Hospitality REIT, Inc. has a twelve month low of $10.85 and a twelve month high of $15.81. The firm's 50-day moving average price is $13.47 and its 200 day moving average price is $12.55. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.54.

Apple Hospitality REIT (NYSE:APLE - Get Free Report) last issued its quarterly earnings results on Monday, May 4th. The real estate investment trust reported $0.12 earnings per share for the quarter, beating analysts' consensus estimates of $0.11 by $0.01. The firm had revenue of $337.74 million for the quarter, compared to analyst estimates of $327.81 million. Apple Hospitality REIT had a net margin of 12.08% and a return on equity of 5.43%. On average, sell-side analysts predict that Apple Hospitality REIT, Inc. will post 1.58 EPS for the current fiscal year.

Apple Hospitality REIT Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Monday, June 15th. Shareholders of record on Friday, May 29th will be issued a $0.08 dividend. The ex-dividend date is Friday, May 29th. This represents a c) dividend on an annualized basis and a yield of 6.2%. Apple Hospitality REIT's dividend payout ratio (DPR) is presently 131.51%.

Wall Street Analysts Forecast Growth

Several research firms have commented on APLE. Wells Fargo & Company upped their price objective on Apple Hospitality REIT from $12.00 to $15.00 and gave the stock an "equal weight" rating in a research report on Monday, June 1st. Weiss Ratings raised shares of Apple Hospitality REIT from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, May 28th. Cantor Fitzgerald increased their target price on shares of Apple Hospitality REIT from $14.00 to $16.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 13th. LADENBURG THALM/SH SH began coverage on shares of Apple Hospitality REIT in a research note on Thursday, March 26th. They set a "neutral" rating and a $13.00 target price on the stock. Finally, Barclays increased their target price on shares of Apple Hospitality REIT from $13.00 to $16.00 and gave the stock an "overweight" rating in a research note on Monday, June 1st. Three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $14.21.

Insiders Place Their Bets

In other news, Chairman Glade M. Knight acquired 5,000 shares of the firm's stock in a transaction on Monday, May 11th. The shares were bought at an average price of $13.96 per share, for a total transaction of $69,800.00. Following the acquisition, the chairman owned 747,191 shares of the company's stock, valued at approximately $10,430,786.36. This trade represents a 0.67% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 6.90% of the company's stock.

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.

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