T. Rowe Price Investment Management Inc. Has $82.64 Million Stake in Apple Hospitality REIT, Inc. $APLE

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. boosted its holdings in Apple Hospitality REIT, Inc. (NYSE:APLE - Free Report) by 1.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 6,401,005 shares of the real estate investment trust's stock after buying an additional 80,591 shares during the quarter. T. Rowe Price Investment Management Inc. owned 2.69% of Apple Hospitality REIT worth $82,637,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Versant Capital Management Inc boosted its position in Apple Hospitality REIT by 569.5% during the first quarter. Versant Capital Management Inc now owns 2,805 shares of the real estate investment trust's stock valued at $36,000 after purchasing an additional 2,386 shares during the last quarter. Quarry LP lifted its position in shares of Apple Hospitality REIT by 128.1% during the 4th quarter. Quarry LP now owns 3,118 shares of the real estate investment trust's stock worth $48,000 after purchasing an additional 1,751 shares during the last quarter. GF Fund Management CO. LTD. bought a new stake in shares of Apple Hospitality REIT in the fourth quarter valued at approximately $64,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in Apple Hospitality REIT in the 4th quarter worth $92,000. Finally, Blue Trust Inc. raised its holdings in Apple Hospitality REIT by 16.9% in the 1st quarter. Blue Trust Inc. now owns 9,934 shares of the real estate investment trust's stock valued at $128,000 after acquiring an additional 1,438 shares in the last quarter. Institutional investors and hedge funds own 89.66% of the company's stock.

Wall Street Analysts Forecast Growth

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

Insider Activity at Apple Hospitality REIT

In related news, Chairman Glade M. Knight purchased 5,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 19th. The shares were acquired at an average price of $12.29 per share, for a total transaction of $61,450.00. Following the purchase, the chairman owned 705,344 shares in the company, valued at approximately $8,668,677.76. This represents a 0.71% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 7.10% of the company's stock.

Apple Hospitality REIT Stock Down 0.8%

Shares of APLE stock traded down $0.11 during trading on Thursday, reaching $13.07. The company's stock had a trading volume of 796,949 shares, compared to its average volume of 2,851,871. Apple Hospitality REIT, Inc. has a one year low of $10.44 and a one year high of $16.50. The business has a fifty day moving average price of $12.15 and a 200-day moving average price of $12.49. The company has a market cap of $3.10 billion, a price-to-earnings ratio of 17.43 and a beta of 1.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.51.

Apple Hospitality REIT (NYSE:APLE - Get Free Report) last released its earnings results on Wednesday, August 6th. The real estate investment trust reported $0.47 earnings per share (EPS) for the quarter, hitting 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%. Analysts anticipate that Apple Hospitality REIT, Inc. will post 1.6 earnings per share for the current year.

Apple Hospitality REIT Dividend Announcement

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

Apple Hospitality REIT Company 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.