Sound Income Strategies LLC Buys 175,872 Shares of Apple Hospitality REIT, Inc. $APLE

Key Points

• Sound Income Strategies LLC increased its stake in Apple Hospitality REIT by 17.3%, acquiring an additional 175,872 shares, bringing its total ownership to approximately 1.19 million shares valued at about $13.9 million.
• Analysts have mixed views on the stock, with BMO Capital Markets lowering its rating and target price from $14.00 to $12.00, while Wells Fargo raised theirs from $12.00 to $13.00, indicating a consensus rating of "Moderate Buy".
• Apple Hospitality REIT is set to pay a dividend of $0.08 on October 15th, with an ex-dividend date of September 30th, reflecting a yield of 758.0%, although the payout ratio stands at 128.00%.

Sound Income Strategies LLC lifted its stake in shares of Apple Hospitality REIT, Inc. (NYSE:APLE - Free Report) by 17.3% in the second quarter, according to its most recent filing with the SEC. The fund owned 1,192,688 shares of the real estate investment trust's stock after acquiring an additional 175,872 shares during the period. Sound Income Strategies LLC owned approximately 0.50% of Apple Hospitality REIT worth $13,919,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Signaturefd LLC lifted its holdings in shares of Apple Hospitality REIT by 14.9% during the 2nd quarter. Signaturefd LLC now owns 7,058 shares of the real estate investment trust's stock worth $82,000 after acquiring an additional 913 shares during the last quarter. State of Alaska Department of Revenue lifted its holdings in shares of Apple Hospitality REIT by 2.5% during the 2nd quarter. State of Alaska Department of Revenue now owns 240,056 shares of the real estate investment trust's stock worth $2,799,000 after acquiring an additional 5,969 shares during the last quarter. Dakota Wealth Management raised its position in Apple Hospitality REIT by 53.8% in the 2nd quarter. Dakota Wealth Management now owns 336,255 shares of the real estate investment trust's stock worth $3,924,000 after purchasing an additional 117,601 shares during the period. Public Employees Retirement System of Ohio raised its position in Apple Hospitality REIT by 0.4% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 350,631 shares of the real estate investment trust's stock worth $4,092,000 after purchasing an additional 1,499 shares during the period. Finally, Fifth Third Bancorp raised its position in Apple Hospitality REIT by 37.8% in the 2nd quarter. Fifth Third Bancorp now owns 7,009 shares of the real estate investment trust's stock worth $82,000 after purchasing an additional 1,922 shares during the period. 89.66% of the stock is owned by institutional investors.

Insider Activity

In other news, Chairman Glade M. Knight acquired 5,000 shares of the firm's stock in a transaction on Tuesday, August 19th. The shares were purchased at an average price of $12.29 per share, for a total transaction of $61,450.00. Following the completion of the transaction, the chairman owned 705,344 shares of the company's stock, valued at $8,668,677.76. The trade was a 0.71% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 7.10% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on APLE shares. BMO Capital Markets cut shares of Apple Hospitality REIT from an "outperform" rating to a "market perform" rating and decreased their target price for the stock from $14.00 to $12.00 in a research report on Monday, June 9th. Wells Fargo & Company lifted their target price 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. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $15.00.

Apple Hospitality REIT Price Performance

APLE stock opened at $12.03 on Monday. The firm's 50-day moving average price is $12.41 and its two-hundred day moving average price is $12.14. Apple Hospitality REIT, Inc. has a 12-month low of $10.44 and a 12-month high of $16.50. The stock has a market capitalization of $2.85 billion, a price-to-earnings ratio of 16.04 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.

Apple Hospitality REIT (NYSE:APLE - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The real estate investment trust reported $0.47 earnings per share (EPS) 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 for the quarter, compared to analysts' expectations of $381.37 million. As a group, equities 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 disclosed a oct 25 dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be given a $0.08 dividend. The ex-dividend date is Tuesday, September 30th. This represents a dividend yield of 758.0%. Apple Hospitality REIT's payout ratio is presently 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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