Apple Hospitality REIT (NYSE:APLE) Reaches New 12-Month High – Here’s What Happened

Apple Hospitality REIT, Inc. (NYSE:APLE)’s stock price hit a new 52-week high during trading on Wednesday . The company traded as high as $16.38 and last traded at $16.3650, with a volume of 2513359 shares. The stock had previously closed at $16.15.

Wall Street Analysts Forecast Growth

APLE has been the topic of a number of research analyst reports. Weiss Ratings raised shares of Apple Hospitality REIT from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, May 28th. LADENBURG THALM/SH SH initiated coverage on shares of Apple Hospitality REIT in a report on Thursday, March 26th. They issued a “neutral” rating and a $13.00 price target on the stock. Barclays increased their price target on shares of Apple Hospitality REIT from $13.00 to $16.00 and gave the stock an “overweight” rating in a report on Monday, June 1st. BMO Capital Markets upped their price objective on shares of Apple Hospitality REIT from $14.00 to $16.00 and gave the company a “market perform” rating in a research note on Friday, June 12th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Apple Hospitality REIT in a research note on Monday, June 1st. They issued a “neutral” rating and a $15.00 price objective for the company. Three analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $14.44.

Apple Hospitality REIT Trading Up 1.3%

The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a 50-day moving average of $14.02 and a 200-day moving average of $12.74. The firm has a market capitalization of $3.86 billion, a P/E ratio of 22.42, a price-to-earnings-growth ratio of 7.89 and a beta of 0.89.

Apple Hospitality REIT (NYSE:APLE) last released its quarterly earnings data on Monday, May 4th. The real estate investment trust reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.01. Apple Hospitality REIT had a return on equity of 5.43% and a net margin of 12.08%.The firm had revenue of $337.74 million during the quarter, compared to analyst estimates of $327.81 million. On average, equities research analysts anticipate that Apple Hospitality REIT, Inc. will post 1.58 EPS for the current fiscal year.

Apple Hospitality REIT Dividend Announcement

The company also recently declared a monthly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, May 29th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, May 29th. This represents a c) annualized dividend and a yield of 5.9%. Apple Hospitality REIT’s dividend payout ratio is presently 131.51%.

Insider Transactions at Apple Hospitality REIT

In other news, Chairman Glade M. Knight purchased 5,000 shares of the business’s stock in a transaction on Monday, May 11th. The shares were acquired at an average price of $13.96 per share, with a total value of $69,800.00. Following the acquisition, the chairman directly owned 747,191 shares in the company, valued at approximately $10,430,786.36. The trade was a 0.67% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 6.90% of the stock is currently owned by company insiders.

Institutional Trading of Apple Hospitality REIT

A number of institutional investors have recently modified their holdings of APLE. Norges Bank purchased a new position in shares of Apple Hospitality REIT in the 4th quarter valued at approximately $40,950,000. Centerbridge Partners L.P. grew its stake in 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. UBS Group AG grew its stake in Apple Hospitality REIT by 60.8% in 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 purchasing an additional 1,786,018 shares during the period. Rush Island Management LP purchased a new position in Apple Hospitality REIT during the first quarter valued at $17,143,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in Apple Hospitality REIT during the fourth quarter valued at $13,361,000. 89.66% of the stock is currently owned by hedge funds and other institutional investors.

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.