Wolverine Asset Management LLC Boosts Stake in Apple Hospitality REIT, Inc. $APLE

Key Points

• Wolverine Asset Management LLC raised its stake in Apple Hospitality REIT (APLE) by 50.3% in Q4 to 319,553 shares (about $3.79M), and other institutions including UBS also notably increased positions, leaving institutional ownership around 89.66%.
• Apple Hospitality slightly beat expectations for the quarter, reporting $0.12 EPS vs. $0.11 expected and revenue of $337.7M vs. $327.8M forecast.
• The company announced a monthly dividend of $0.08 (annualized 7.3% yield), but the payout ratio is high at roughly 129.7%, indicating potential sustainability concerns.

Wolverine Asset Management LLC raised its holdings in shares of Apple Hospitality REIT, Inc. (NYSE:APLE - Free Report) by 50.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 319,553 shares of the real estate investment trust's stock after buying an additional 106,946 shares during the quarter. Wolverine Asset Management LLC owned about 0.14% of Apple Hospitality REIT worth $3,787,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Strs Ohio grew its position in Apple Hospitality REIT by 1.9% during the fourth quarter. Strs Ohio now owns 997,934 shares of the real estate investment trust's stock worth $11,826,000 after buying an additional 18,600 shares in the last quarter. Danske Bank A S grew its position in Apple Hospitality REIT by 43.3% during the fourth quarter. Danske Bank A S now owns 4,300 shares of the real estate investment trust's stock worth $51,000 after buying an additional 1,300 shares in the last quarter. M&T Bank Corp grew its position in Apple Hospitality REIT by 121.2% during the fourth quarter. M&T Bank Corp now owns 31,863 shares of the real estate investment trust's stock worth $378,000 after buying an additional 17,460 shares in the last quarter. UBS Group AG grew its position in Apple Hospitality REIT by 60.8% during the fourth quarter. UBS Group AG now owns 4,721,481 shares of the real estate investment trust's stock worth $55,950,000 after buying an additional 1,786,018 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in Apple Hospitality REIT by 2.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 175,955 shares of the real estate investment trust's stock worth $2,085,000 after buying an additional 3,878 shares in the last quarter. 89.66% of the stock is currently owned by hedge funds and other institutional investors.

Apple Hospitality REIT Price Performance

APLE opened at $13.17 on Tuesday. The stock has a 50-day moving average price of $12.26 and a 200-day moving average price of $12.04. Apple Hospitality REIT, Inc. has a 12-month low of $10.85 and a 12-month high of $13.66. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $3.11 billion, a P/E ratio of 17.79, a PEG ratio of 8.21 and a beta of 0.88.

Apple Hospitality REIT (NYSE:APLE - Get Free Report) last posted its quarterly earnings data on Monday, May 4th. The real estate investment trust reported $0.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.11 by $0.01. Apple Hospitality REIT had a return on equity of 5.50% and a net margin of 12.42%.The firm had revenue of $337.74 million during the quarter, compared to analysts' expectations of $327.81 million. Equities analysts predict that Apple Hospitality REIT, Inc. will post 1.51 earnings per share for the current fiscal year.

Apple Hospitality REIT Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Friday, May 15th. Stockholders of record on Thursday, April 30th will be issued a $0.08 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 7.3%. The ex-dividend date is Thursday, April 30th. Apple Hospitality REIT's dividend payout ratio is presently 129.73%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. LADENBURG THALM/SH SH assumed coverage on Apple Hospitality REIT in a research report on Thursday, March 26th. They set a "neutral" rating and a $13.00 target price for the company. Barclays reduced their target price on Apple Hospitality REIT from $14.00 to $13.00 and set an "overweight" rating for the company in a research report on Tuesday, April 7th. Weiss Ratings restated a "hold (c)" rating on shares of Apple Hospitality REIT in a research report on Wednesday, April 22nd. Wells Fargo & Company cut their price objective on Apple Hospitality REIT from $13.00 to $12.00 and set an "equal weight" rating for the company in a report on Tuesday, March 24th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $14.00 price objective on shares of Apple Hospitality REIT in a report on Tuesday, March 3rd. Three analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $12.64.

About Apple Hospitality REIT

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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