Apple Hospitality REIT (NYSE:APLE) Reaches New 52-Week High on Analyst Upgrade

Apple Hospitality REIT, Inc. (NYSE:APLE) shares hit a new 52-week high 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 changing hands. The stock had previously closed at $17.82.

Other equities research analysts also recently issued research reports about the stock. Compass Point raised shares of Apple Hospitality REIT from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $17.50 to $18.50 in a research report on Friday, August 7th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Apple Hospitality REIT in a research report on Friday, August 21st. Barclays boosted 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 Tuesday, October 13th. Zacks Research lowered shares of Apple Hospitality REIT from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 27th. Finally, Weiss Ratings upgraded Apple Hospitality REIT from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, August 6th. Three equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, Apple Hospitality REIT currently has a consensus rating of “Hold” and a consensus target price of $17.19.

Hedge Funds Weigh In On Apple Hospitality REIT

Several hedge funds have recently made changes to their positions in APLE. Dimensional Fund Advisors LP raised its holdings in shares of Apple Hospitality REIT by 1.8% in the first quarter. Dimensional Fund Advisors LP now owns 3,254,332 shares of the real estate investment trust’s stock valued at $37,458,000 after purchasing an additional 56,555 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Apple Hospitality REIT in the second quarter worth $26,774,000. 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. Rush Island Management LP acquired a new position in Apple Hospitality REIT during the first quarter worth $17,143,000. Finally, Principal Financial Group Inc. boosted its holdings in Apple Hospitality REIT by 2.0% during the first quarter. Principal Financial Group Inc. now owns 1,069,472 shares of the real estate investment trust’s stock worth $12,310,000 after purchasing an additional 20,691 shares during the last quarter. 89.66% of the stock is owned by institutional investors.

Apple Hospitality REIT Price Performance

The firm has a market cap of $4.30 billion, a price-to-earnings ratio of 24.60, a PEG ratio of 3.56 and a beta of 0.92. The company’s fifty day moving average is $16.22 and its 200 day moving average is $15.54. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.51.

Apple Hospitality REIT (NYSE:APLE) last issued its quarterly earnings results on Wednesday, August 5th. The real estate investment trust reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.01. Apple Hospitality REIT had a net margin of 12.17% and a return on equity of 5.56%. The firm had revenue of $402.55 million for the quarter, compared to analyst estimates of $391.88 million. On average, equities research analysts predict that Apple Hospitality REIT, Inc. will post 1.60 EPS for the current year.

Apple Hospitality REIT Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Monday, November 16th. Stockholders of record on Friday, October 30th will be issued a $0.08 dividend. The ex-dividend date is Friday, October 30th. This represents a $0.96 annualized dividend and a dividend yield of 5.3%. Apple Hospitality REIT’s dividend payout ratio (DPR) is presently 129.73%.

Apple Hospitality REIT Company Profile

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.