Apple Hospitality REIT, Inc. (NYSE:APLE) to Issue $0.08 Monthly Dividend

Apple Hospitality REIT, Inc. (NYSE:APLE) announced a monthly dividend on Thursday, June 18th. Stockholders of record on Tuesday, June 30th will be given a dividend of 0.08 per share by the real estate investment trust on Wednesday, July 15th. This represents a c) annualized dividend and a dividend yield of 5.8%. The ex-dividend date of this dividend is Tuesday, June 30th.

Apple Hospitality REIT has increased its dividend by an average of 0.3%per year over the last three years. Apple Hospitality REIT has a dividend payout ratio of 124.7% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Apple Hospitality REIT to earn $1.58 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 60.8%.

Apple Hospitality REIT Stock Up 2.2%

Shares of APLE traded up $0.36 during mid-day trading on Thursday, hitting $16.61. The company’s stock had a trading volume of 4,425,103 shares, compared to its average volume of 2,992,080. The company’s 50-day moving average is $14.11 and its 200-day moving average is $12.77. Apple Hospitality REIT has a 52-week low of $10.85 and a 52-week high of $16.71. The firm has a market capitalization of $3.92 billion, a price-to-earnings ratio of 22.76, a PEG ratio of 8.00 and a beta of 0.89. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.54.

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 (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.01. The firm had revenue of $337.74 million for the quarter, compared to the consensus estimate of $327.81 million. Apple Hospitality REIT had a net margin of 12.08% and a return on equity of 5.43%. On average, equities research analysts forecast that Apple Hospitality REIT will post 1.58 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

APLE has been the subject of a number of analyst reports. Cantor Fitzgerald upped their target price on Apple Hospitality REIT from $14.00 to $16.00 and gave the stock an “overweight” rating in a report on Wednesday, May 13th. LADENBURG THALM/SH SH lifted their price target on Apple Hospitality REIT from $15.00 to $17.00 and gave the company a “neutral” rating in a report on Thursday. JPMorgan Chase & Co. began coverage on Apple Hospitality REIT in a research report on Monday, June 1st. They issued a “neutral” rating and a $15.00 price target for the company. Barclays upped their price objective on Apple Hospitality REIT from $13.00 to $16.00 and gave the stock an “overweight” rating in a research note on Monday, June 1st. Finally, BMO Capital Markets boosted their target price on shares of Apple Hospitality REIT from $14.00 to $16.00 and gave the stock a “market perform” rating in a report on Friday, June 12th. Three investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $14.94.

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.