Apple Hospitality REIT (NYSE:APLE) Hits New 52-Week High - Time to Buy?

Key Points

• Apple Hospitality REIT shares reached a new 52-week high of $17.42 and recently traded near $17.38, above the $17.06 analyst consensus price target.
• Analyst sentiment remains mixed: three analysts rate the stock a Buy and seven rate it a Hold, resulting in a consensus Hold rating. Compass Point upgraded the shares to Buy and raised its target to $18.50.
• The REIT exceeded quarterly earnings and revenue estimates and pays a monthly dividend equivalent to a 5.6% annualized yield, though its 129.73% payout ratio exceeds reported earnings.

Apple Hospitality REIT, Inc. (NYSE:APLE - Get Free Report)'s share price reached a new 52-week high on Friday. The company traded as high as $17.42 and last traded at $17.3750, with a volume of 293,666 shares trading hands. The stock had previously closed at $16.86.

Analyst Ratings Changes

A number of equities research analysts recently commented on APLE shares. Compass Point raised shares of Apple Hospitality REIT from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $17.50 to $18.50 in a report on Friday, August 7th. Cantor Fitzgerald reissued an "overweight" rating on shares of Apple Hospitality REIT in a research report on Friday, August 21st. Bank of America raised their target price on Apple Hospitality REIT from $15.00 to $16.00 and gave the stock a "neutral" rating in a research report on Monday, July 20th. Zacks Research lowered Apple Hospitality REIT from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 27th. Finally, LADENBURG THALM/SH SH boosted their target price on Apple Hospitality REIT from $15.00 to $17.00 and gave the company a "neutral" rating in a research note on Thursday, June 18th. Three investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $17.06.

Apple Hospitality REIT Price Performance

The firm has a market cap of $4.08 billion, a P/E ratio of 23.41, a PEG ratio of 3.21 and a beta of 0.92. The business's fifty day simple moving average is $16.03 and its 200-day simple moving average is $15.32. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.51.

Apple Hospitality REIT (NYSE:APLE - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The real estate investment trust reported $0.28 EPS for the quarter, topping analysts' consensus estimates of $0.27 by $0.01. The firm had revenue of $402.55 million during the quarter, compared to analyst estimates of $391.88 million. Apple Hospitality REIT had a return on equity of 5.56% and a net margin of 12.17%. As a group, analysts forecast that Apple Hospitality REIT, Inc. will post 1.60 EPS for the current fiscal year.

Apple Hospitality REIT Announces Dividend

The company also recently disclosed a monthly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were given a $0.08 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 5.6%. The ex-dividend date was Wednesday, September 30th. Apple Hospitality REIT's dividend payout ratio (DPR) is 129.73%.

Institutional Trading of Apple Hospitality REIT

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Centerbridge Partners L.P. increased its holdings in shares of Apple Hospitality REIT by 88.2% in the fourth quarter. Centerbridge Partners L.P. now owns 4,229,785 shares of the real estate investment trust's stock worth $50,123,000 after purchasing an additional 1,982,000 shares during the period. Dimensional Fund Advisors LP increased its stake in Apple Hospitality REIT by 1.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,254,332 shares of the real estate investment trust's stock worth $37,458,000 after acquiring an additional 56,555 shares during the last quarter. Bank of New York Mellon Corp bought a new position in Apple Hospitality REIT in the 2nd quarter worth about $26,774,000. Bank of America Corp DE increased its stake in Apple Hospitality REIT by 6.0% in the 1st quarter. Bank of America Corp DE now owns 2,049,081 shares of the real estate investment trust's stock worth $23,585,000 after acquiring an additional 115,575 shares during the last quarter. Finally, Rush Island Management LP purchased a new stake in shares of Apple Hospitality REIT in the 1st quarter valued at about $17,143,000. Institutional investors own 89.66% of the company's stock.

About Apple Hospitality REIT

Apple Hospitality REIT, Inc NYSE: APLE is a self-administered real estate investment trust focused on owning and operating upscale, select-service hotels. The company's properties primarily operate under well-known lodging brands affiliated with Marriott International, Hilton Worldwide and Hyatt Hotels Corporation.

Apple Hospitality's portfolio includes hotels serving business and leisure travelers in a range of urban, suburban and destination markets. Its properties are located across the United States, with a focus on geographically diverse markets and hotels that offer amenities such as guest rooms, meeting spaces, fitness facilities, swimming pools and limited food-and-beverage services.

The company was formed in 2007 and became publicly traded in 2015.

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