Apple Hospitality REIT, Inc. $APLE Shares Purchased by T. Rowe Price Investment Management Inc.

Key Points

• T. Rowe Price Investment Management Inc. increased its stake in Apple Hospitality REIT by 1.3%, owning approximately $82.64 million worth of shares, representing 2.69% of the company.
• BMO Capital Markets downgraded Apple Hospitality REIT from an "outperform" to a "market perform" rating, lowering the target price from $14.00 to $12.00.
• The company declared a dividend of $0.08 per share to be paid on September 15, 2023, with a dividend payout ratio of 128.00%.

T. Rowe Price Investment Management Inc. grew its position in Apple Hospitality REIT, Inc. (NYSE:APLE - Free Report) by 1.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,401,005 shares of the real estate investment trust's stock after purchasing an additional 80,591 shares during the period. T. Rowe Price Investment Management Inc. owned approximately 2.69% of Apple Hospitality REIT worth $82,637,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Isthmus Partners LLC lifted its position in Apple Hospitality REIT by 0.5% during the 1st quarter. Isthmus Partners LLC now owns 200,823 shares of the real estate investment trust's stock worth $2,593,000 after acquiring an additional 919 shares in the last quarter. Versor Investments LP lifted its position 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 acquiring an additional 1,000 shares in the last quarter. Xponance Inc. lifted its position in Apple Hospitality REIT by 6.4% during the 1st quarter. Xponance Inc. now owns 17,385 shares of the real estate investment trust's stock worth $224,000 after acquiring an additional 1,044 shares in the last quarter. Oppenheimer & Co. Inc. lifted its position in Apple Hospitality REIT by 6.2% during the 1st quarter. Oppenheimer & Co. Inc. now owns 18,970 shares of the real estate investment trust's stock worth $245,000 after acquiring an additional 1,100 shares in the last quarter. Finally, PFG Investments LLC lifted its position in Apple Hospitality REIT by 9.2% during the 1st quarter. PFG Investments LLC now owns 13,216 shares of the real estate investment trust's stock worth $171,000 after acquiring an additional 1,115 shares in the last quarter. 89.66% of the stock is owned by institutional investors and hedge funds.

Apple Hospitality REIT Stock Performance

Shares of NYSE APLE traded up $0.47 during trading on Wednesday, reaching $13.20. The stock had a trading volume of 2,819,721 shares, compared to its average volume of 2,858,014. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market cap of $3.13 billion, a PE ratio of 17.60 and a beta of 1.08. Apple Hospitality REIT, Inc. has a one year low of $10.44 and a one year high of $16.50. The firm's 50 day moving average price is $12.12 and its two-hundred day moving average price is $12.49.

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

Apple Hospitality REIT Dividend Announcement

The company 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 dividend of $0.08 per share. This represents a dividend yield of 780.0%. The ex-dividend date of this dividend is Friday, August 29th. Apple Hospitality REIT's dividend payout ratio is currently 128.00%.

Analyst Upgrades and Downgrades

APLE has been the topic of several recent research reports. BMO Capital Markets lowered Apple Hospitality REIT from an "outperform" rating to a "market perform" rating and reduced their price target for the stock from $14.00 to $12.00 in a research report on Monday, June 9th. Wells Fargo & Company upped their target price on Apple Hospitality REIT from $12.00 to $13.00 and gave the company an "equal weight" rating in a research report on Wednesday. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Apple Hospitality REIT currently has a consensus rating of "Moderate Buy" and an average target price of $15.00.

Insider Activity

In other news, Chairman Glade M. Knight purchased 5,000 shares of the company's stock in a transaction that occurred on Tuesday, August 19th. The shares were acquired 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 in the company, valued at approximately $8,668,677.76. The trade was a 0.71% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 7.10% of the company's stock.

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.