Apple Hospitality REIT (NYSE:APLE) Sets New 52-Week High After Analyst Upgrade

Key Points

• Apple Hospitality REIT shares reached a new 52-week high, trading as high as $18.30 after JPMorgan raised its price target from $16 to $17 while maintaining a neutral rating.
• Analyst sentiment remains mixed: the stock has three Buy ratings and seven Holds, with a consensus rating of Hold and an average price target of $17.19. Institutional investors own approximately 89.66% of the shares.
• The company reported quarterly EPS of $0.28, exceeding estimates, and announced a monthly dividend of $0.08 per share, equivalent to an annualized yield of about 5.3%.

Shares of Apple Hospitality REIT, Inc. (NYSE:APLE - Get Free Report) hit a new 52-week high during trading on Thursday after JPMorgan Chase & Co. raised their price target on the stock from $16.00 to $17.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. Apple Hospitality REIT traded as high as $18.30 and last traded at $18.1750, with a volume of 3,686,194 shares trading hands. The stock had previously closed at $17.82.

APLE has been the subject of several other research reports. Wells Fargo & Company upped their target price on shares of Apple Hospitality REIT from $15.00 to $17.00 and gave the stock an "equal weight" rating in a report on Thursday, July 23rd. Bank of America raised their price target on Apple Hospitality REIT from $15.00 to $16.00 and gave the company a "neutral" rating in a report on Monday, July 20th. Barclays raised their price target on Apple Hospitality REIT from $17.00 to $18.00 and gave the company an "equal weight" rating in a report on Tuesday, October 13th. Compass Point upgraded Apple Hospitality REIT from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $17.50 to $18.50 in a research report on Friday, August 7th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Apple Hospitality REIT in a research note on Friday, August 21st. Three investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $17.19.

Hedge Funds Weigh In On Apple Hospitality REIT

Several institutional investors have recently bought and sold shares of APLE. Nisa Investment Advisors LLC lifted its stake in Apple Hospitality REIT by 38.0% in the 3rd quarter. Nisa Investment Advisors LLC now owns 21,764 shares of the real estate investment trust's stock worth $353,000 after purchasing an additional 5,998 shares in the last quarter. CWA Asset Management Group LLC boosted its holdings in shares of Apple Hospitality REIT by 7.1% during the 3rd quarter. CWA Asset Management Group LLC now owns 115,947 shares of the real estate investment trust's stock valued at $1,874,000 after purchasing an additional 7,692 shares during the last quarter. Columbus Macro LLC boosted its holdings in shares of Apple Hospitality REIT by 6.0% during the 3rd quarter. Columbus Macro LLC now owns 408,915 shares of the real estate investment trust's stock valued at $6,608,000 after purchasing an additional 23,069 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Apple Hospitality REIT by 26.5% during the 3rd quarter. GAMMA Investing LLC now owns 14,613 shares of the real estate investment trust's stock valued at $236,000 after purchasing an additional 3,061 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its position in shares of Apple Hospitality REIT by 35.3% during the third quarter. Farther Finance Advisors LLC now owns 6,949 shares of the real estate investment trust's stock valued at $112,000 after purchasing an additional 1,813 shares in the last quarter. 89.66% of the stock is owned by hedge funds and other institutional investors.

Apple Hospitality REIT Trading Up 2.0%

The stock has a market cap of $4.29 billion, a PE ratio of 24.56, a price-to-earnings-growth ratio of 3.49 and a beta of 0.92. The stock has a 50-day moving average price of $16.18 and a two-hundred day moving average price of $15.49. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.73 and a quick ratio of 0.73.

Apple Hospitality REIT (NYSE:APLE - Get Free Report) last issued its earnings results 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. Apple Hospitality REIT had a return on equity of 5.56% and a net margin of 12.17%. The firm had revenue of $402.55 million for the quarter, compared to analysts' expectations of $391.88 million. Sell-side analysts forecast that Apple Hospitality REIT, Inc. will post 1.60 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 Monday, November 16th. Shareholders of record on Friday, October 30th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Friday, October 30th. This represents a $0.96 dividend on an annualized basis and a yield of 5.3%. Apple Hospitality REIT's payout ratio is presently 129.73%.

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.

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