Wells Fargo & Company Cuts Apple Hospitality REIT (NYSE:APLE) Price Target to $12.00

Apple Hospitality REIT (NYSE:APLE) had its price objective decreased by Wells Fargo & Company from $13.00 to $12.00 in a research note released on Tuesday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the real estate investment trust’s stock.

A number of other equities analysts have also recently commented on APLE. Cantor Fitzgerald reissued an “overweight” rating and issued a $14.00 price objective on shares of Apple Hospitality REIT in a research note on Tuesday, March 3rd. Barclays initiated coverage on shares of Apple Hospitality REIT in a research report on Tuesday, January 6th. They set an “overweight” rating and a $14.00 target price on the stock. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Apple Hospitality REIT in a research report on Friday, December 26th. Three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $12.79.

Apple Hospitality REIT Stock Down 0.6%

Shares of APLE opened at $11.90 on Tuesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.40 and a quick ratio of 0.40. The stock has a market capitalization of $2.80 billion, a price-to-earnings ratio of 16.07 and a beta of 0.81. Apple Hospitality REIT has a 1 year low of $10.44 and a 1 year high of $13.27. The business’s 50 day simple moving average is $12.10 and its 200-day simple moving average is $11.98.

Apple Hospitality REIT (NYSE:APLE) last posted its earnings results on Monday, February 23rd. The real estate investment trust reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.16). The business had revenue of $326.44 million during the quarter, compared to analysts’ expectations of $322.60 million. Apple Hospitality REIT had a net margin of 12.42% and a return on equity of 5.50%. As a group, equities analysts expect that Apple Hospitality REIT will post 1.6 earnings per share for the current fiscal year.

Apple Hospitality REIT Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be paid a dividend of $0.08 per share. This represents a c) dividend on an annualized basis and a dividend yield of 8.1%. The ex-dividend date of this dividend is Tuesday, March 31st. Apple Hospitality REIT’s dividend payout ratio (DPR) is currently 129.73%.

Hedge Funds Weigh In On Apple Hospitality REIT

Hedge funds have recently bought and sold shares of the business. 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. Corient Private Wealth LLC boosted its stake in shares of Apple Hospitality REIT by 36.4% during the fourth quarter. Corient Private Wealth LLC now owns 18,495 shares of the real estate investment trust’s stock valued at $219,000 after purchasing an additional 4,937 shares during the period. DGS Capital Management LLC bought a new position in shares of Apple Hospitality REIT in the fourth quarter worth about $217,000. Pacer Advisors Inc. purchased a new position in Apple Hospitality REIT in the 4th quarter worth about $11,498,000. Finally, Virtu Financial LLC purchased a new position in Apple Hospitality REIT in the 4th quarter worth about $202,000. Institutional investors own 89.66% of the company’s stock.

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.