Apple Hospitality REIT (NYSE:APLE) Reaches New 12-Month High - Still a Buy?

Key Points

• Apple Hospitality REIT shares reached a new 52-week high of $18.73, while the stock’s average analyst rating remains “Hold” with an average price target of $17.31.
• The company beat quarterly expectations, reporting $0.28 in EPS versus the $0.27 consensus and revenue of $402.55 million, above the $391.88 million estimate.
• Apple Hospitality declared a monthly dividend of $0.08 per share, equivalent to an annualized $0.96 payout and a 5.1% yield; however, its dividend payout ratio is elevated at 129.73%.

Apple Hospitality REIT, Inc. (NYSE:APLE - Get Free Report)'s share price reached a new 52-week high on Wednesday. The stock traded as high as $18.73 and last traded at $18.5630, with a volume of 861,717 shares. The stock had previously closed at $18.62.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Bank of America boosted their price objective on shares of Apple Hospitality REIT from $15.00 to $16.00 and gave the company a "neutral" rating in a report on Monday, July 20th. Cantor Fitzgerald reissued an "overweight" rating on shares of Apple Hospitality REIT in a research report on Friday, August 21st. Zacks Research lowered shares of Apple Hospitality REIT from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 27th. JPMorgan Chase & Co. boosted their price target on shares of Apple Hospitality REIT from $16.00 to $17.00 and gave the company a "neutral" rating in a report on Wednesday, October 21st. Finally, Wells Fargo & Company upped their price objective on shares of Apple Hospitality REIT from $17.00 to $18.00 and gave the company an "equal weight" rating in a research report on Monday. Three investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $17.31.

Apple Hospitality REIT Price Performance

The company has a market cap of $4.41 billion, a price-to-earnings ratio of 25.22, a PEG ratio of 3.47 and a beta of 0.92. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.51. The company's fifty day moving average price is $16.37 and its two-hundred day moving average price is $14.55.

Apple Hospitality REIT (NYSE:APLE - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The real estate investment trust reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.01. The company had revenue of $402.55 million during the quarter, compared to the consensus estimate of $391.88 million. Apple Hospitality REIT had a net margin of 12.17% and a return on equity of 5.56%. On average, equities research analysts forecast that Apple Hospitality REIT, Inc. will post 1.63 EPS for the current fiscal year.

Apple Hospitality REIT Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Monday, November 16th. Shareholders of record on Friday, October 30th will be issued a dividend of $0.08 per share. This represents a $0.96 dividend on an annualized basis and a yield of 5.1%. The ex-dividend date is Friday, October 30th. Apple Hospitality REIT's dividend payout ratio is 129.73%.

Institutional Trading of Apple Hospitality REIT

Several hedge funds and other institutional investors have recently modified their holdings of the company. Bank of America Corp DE lifted its position in shares of Apple Hospitality REIT by 6.0% in the first 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 purchasing an additional 115,575 shares in the last quarter. Hsbc Holdings PLC boosted its stake in shares of Apple Hospitality REIT by 19.6% during the 4th quarter. Hsbc Holdings PLC now owns 374,968 shares of the real estate investment trust's stock worth $4,443,000 after buying an additional 61,354 shares during the last quarter. Louisiana State Employees Retirement System acquired a new position in shares of Apple Hospitality REIT during the 1st quarter worth about $1,123,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Apple Hospitality REIT in the second quarter valued at about $3,952,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Apple Hospitality REIT in the second quarter valued at about $26,774,000. Institutional investors and hedge funds own 89.66% of the company's stock.

About Apple Hospitality REIT

Apple Hospitality REIT, Inc is a self-administered and self-managed real estate investment trust that owns a portfolio of upscale, select-service hotels across the United States. The company's properties primarily operate under well-known hospitality brands affiliated with Marriott International, Hilton Worldwide Holdings and Hyatt Hotels Corporation.

Apple Hospitality's hotels provide lodging and related guest services, including accommodations, meeting facilities, food and beverage offerings, and other amenities.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.