Apple Hospitality REIT (NYSE:APLE) Price Target Raised to $16.00

Apple Hospitality REIT (NYSE:APLE) had its price objective raised by investment analysts at Bank of America from $15.00 to $16.00 in a report issued on Monday,Benzinga reports. The firm presently has a “neutral” rating on the real estate investment trust’s stock. Bank of America‘s price objective would indicate a potential downside of 5.91% from the stock’s current price.

Several other equities analysts also recently weighed in on the company. Cantor Fitzgerald increased their target price on Apple Hospitality REIT from $14.00 to $16.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 13th. LADENBURG THALM/SH SH upped their price objective on shares of Apple Hospitality REIT from $15.00 to $17.00 and gave the company a “neutral” rating in a research note on Thursday, June 18th. JPMorgan Chase & Co. assumed coverage on shares of Apple Hospitality REIT in a report on Monday, June 1st. They set a “neutral” rating and a $15.00 price objective on the stock. Wells Fargo & Company raised their target price on shares of Apple Hospitality REIT from $12.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Monday, June 1st. Finally, Weiss Ratings upgraded shares of Apple Hospitality REIT from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, May 28th. Three investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $15.50.

Apple Hospitality REIT Trading Up 1.0%

NYSE APLE traded up $0.17 during mid-day trading on Monday, reaching $17.00. 895,758 shares of the stock were exchanged, compared to its average volume of 2,983,192. The stock has a market capitalization of $4.01 billion, a PE ratio of 23.28, a PEG ratio of 8.22 and a beta of 0.87. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.80 and a current ratio of 0.80. Apple Hospitality REIT has a 1-year low of $10.85 and a 1-year high of $17.09. The business’s fifty day simple moving average is $15.70 and its 200 day simple moving average is $13.49.

Apple Hospitality REIT (NYSE:APLE) last issued its quarterly earnings results on Monday, May 4th. The real estate investment trust reported $0.12 earnings per share for the quarter, topping 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 company had revenue of $337.74 million for the quarter, compared to analyst estimates of $327.81 million. On average, research analysts anticipate that Apple Hospitality REIT will post 1.58 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Chairman Glade M. Knight purchased 5,000 shares of the company’s stock in a transaction on Monday, May 11th. The stock was bought at an average cost of $13.96 per share, for a total transaction of $69,800.00. Following the completion of the purchase, the chairman directly owned 747,191 shares of the company’s stock, valued at $10,430,786.36. The trade was a 0.67% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 6.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Apple Hospitality REIT

Several hedge funds and other institutional investors have recently modified their holdings of the company. SG Americas Securities LLC raised its holdings in Apple Hospitality REIT by 91.9% in the fourth quarter. SG Americas Securities LLC now owns 109,512 shares of the real estate investment trust’s stock valued at $1,298,000 after acquiring an additional 52,446 shares in the last quarter. Hsbc Holdings PLC lifted its position in shares of Apple Hospitality REIT by 19.6% during the fourth quarter. Hsbc Holdings PLC now owns 374,968 shares of the real estate investment trust’s stock worth $4,443,000 after purchasing an additional 61,354 shares during the last quarter. 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 in the last quarter. Louisiana State Employees Retirement System bought a new stake in Apple Hospitality REIT in the first quarter valued at about $1,123,000. Finally, Centerbridge Partners L.P. raised its stake in Apple Hospitality REIT by 88.2% during the fourth quarter. Centerbridge Partners L.P. now owns 4,229,785 shares of the real estate investment trust’s stock valued at $50,123,000 after buying an additional 1,982,000 shares in the last quarter. 89.66% of the stock is owned by institutional investors and hedge funds.

Apple Hospitality REIT Company Profile

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.