Apple Hospitality REIT (NYSE:APLE) Hits New 52-Week High After Dividend Announcement

Apple Hospitality REIT, Inc. (NYSE:APLE) shares reached a new 52-week high on Monday after the company announced a dividend. The company traded as high as $17.09 and last traded at $17.0550, with a volume of 208414 shares. The stock had previously closed at $16.84.

The newly announced dividend which will be paid on Monday, August 17th. Shareholders of record on Friday, July 31st will be given a $0.08 dividend. The ex-dividend date of this dividend is Friday, July 31st. This represents a c) dividend on an annualized basis and a yield of 5.6%. Apple Hospitality REIT’s dividend payout ratio (DPR) is currently 131.51%.

Analyst Ratings Changes

APLE has been the subject of several recent research reports. BMO Capital Markets lifted their price objective on 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. Bank of America upped their target price on shares of Apple Hospitality REIT from $15.00 to $16.00 and gave the stock a “neutral” rating in a research note on Monday. LADENBURG THALM/SH SH raised their target price on shares of Apple Hospitality REIT from $15.00 to $17.00 and gave the company a “neutral” rating in a report on Thursday, June 18th. Weiss Ratings upgraded shares of Apple Hospitality REIT from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, May 28th. Finally, Barclays reiterated an “equal weight” rating and set a $17.00 price target (up from $16.00) on shares of Apple Hospitality REIT in a report on Tuesday. Two investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $15.75.

Apple Hospitality REIT Stock Performance

The company has a debt-to-equity ratio of 0.54, a current ratio of 0.80 and a quick ratio of 0.80. The company has a market capitalization of $4.03 billion, a price-to-earnings ratio of 23.39, a PEG ratio of 8.18 and a beta of 0.87. The stock has a 50 day simple moving average of $15.83 and a two-hundred day simple moving average of $13.56.

Apple Hospitality REIT (NYSE:APLE) last announced its quarterly earnings results on Monday, May 4th. The real estate investment trust reported $0.12 earnings per share (EPS) 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 during the quarter, compared to the consensus estimate of $327.81 million. As a group, analysts anticipate that Apple Hospitality REIT, Inc. will post 1.59 earnings per share for the current year.

Insiders Place Their Bets

In other Apple Hospitality REIT news, Chairman Glade M. Knight purchased 5,000 shares of the stock in a transaction that occurred on Monday, May 11th. The stock was purchased at an average cost of $13.96 per share, with a total value of $69,800.00. Following the completion of the acquisition, the chairman directly owned 747,191 shares of the company’s stock, valued at $10,430,786.36. This trade represents a 0.67% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 6.90% of the stock is currently owned by insiders.

Institutional Trading of Apple Hospitality REIT

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. NewEdge Advisors LLC boosted its holdings in shares of Apple Hospitality REIT by 295.9% in the 1st quarter. NewEdge Advisors LLC now owns 2,427 shares of the real estate investment trust’s stock valued at $31,000 after buying an additional 1,814 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in Apple Hospitality REIT by 1,375.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,832 shares of the real estate investment trust’s stock worth $33,000 after acquiring an additional 2,640 shares in the last quarter. Danske Bank A S acquired a new stake in Apple Hospitality REIT during the 3rd quarter worth $36,000. Godfrey Financial Associates Inc. purchased a new stake in Apple Hospitality REIT in the fourth quarter valued at $43,000. Finally, Inspire Investing LLC lifted its position in Apple Hospitality REIT by 2,965.1% in the first quarter. Inspire Investing LLC now owns 3,862 shares of the real estate investment trust’s stock valued at $44,000 after acquiring an additional 3,736 shares during the last quarter. Institutional investors and hedge funds own 89.66% of the company’s stock.

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.