Apple Hospitality REIT (NYSE:APLE) Issues Earnings Results, Beats Expectations By $0.01 EPS

Apple Hospitality REIT (NYSE:APLE) posted its quarterly earnings results on Wednesday. The real estate investment trust reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.01, FiscalAI reports. Apple Hospitality REIT had a net margin of 12.17% and a return on equity of 5.56%. The firm had revenue of $402.55 million for the quarter, compared to analyst estimates of $391.88 million.

Apple Hospitality REIT Stock Up 1.0%

Shares of APLE stock traded up $0.15 during trading on Friday, hitting $16.14. 1,260,709 shares of the company were exchanged, compared to its average volume of 3,028,262. 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 market capitalization of $3.81 billion, a price-to-earnings ratio of 21.80, a P/E/G ratio of 3.24 and a beta of 0.88. The business’s 50-day simple moving average is $16.37 and its 200 day simple moving average is $13.93. Apple Hospitality REIT has a twelve month low of $10.85 and a twelve month high of $17.28.

Apple Hospitality REIT Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Monday, August 17th. Stockholders of record on Friday, July 31st will be given a $0.08 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 5.9%. The ex-dividend date of this dividend is Friday, July 31st. Apple Hospitality REIT’s dividend payout ratio is 131.51%.

Insider Activity

In related news, Chairman Glade M. Knight purchased 5,000 shares of the stock in a transaction dated Monday, May 11th. The shares were acquired at an average cost of $13.96 per share, for a total transaction 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 position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 6.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Apple Hospitality REIT

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. UBS Group AG grew its holdings in shares of Apple Hospitality REIT by 94.3% during the 3rd quarter. UBS Group AG now owns 2,935,463 shares of the real estate investment trust’s stock worth $35,255,000 after purchasing an additional 1,424,287 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in Apple Hospitality REIT in the 4th quarter valued at about $13,361,000. Millennium Management LLC raised its position in shares of Apple Hospitality REIT by 763.8% during the 3rd quarter. Millennium Management LLC now owns 648,487 shares of the real estate investment trust’s stock valued at $7,788,000 after buying an additional 573,410 shares in the last quarter. Bank of America Corp DE raised its holdings in Apple Hospitality REIT by 42.6% in the 2nd quarter. Bank of America Corp DE now owns 1,904,629 shares of the real estate investment trust’s stock worth $22,227,000 after purchasing an additional 569,109 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in shares of Apple Hospitality REIT by 31.2% during the third quarter. Arrowstreet Capital Limited Partnership now owns 1,772,663 shares of the real estate investment trust’s stock valued at $21,290,000 after purchasing an additional 421,876 shares in the last quarter. 89.66% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

APLE has been the topic of a number of recent analyst reports. Compass Point raised Apple Hospitality REIT from a “neutral” rating to a “buy” rating and set a $18.50 target price on the stock in a research report on Friday. Barclays reissued an “equal weight” rating and issued a $17.00 price target (up from $16.00) on shares of Apple Hospitality REIT in a research note on Tuesday, July 21st. LADENBURG THALM/SH SH boosted their price objective on Apple Hospitality REIT from $15.00 to $17.00 and gave the stock a “neutral” rating in a report on Thursday, June 18th. JPMorgan Chase & Co. upped their price objective on shares of Apple Hospitality REIT from $15.00 to $16.00 and gave the company a “neutral” rating in a research note on Tuesday, July 21st. Finally, Bank of America lifted 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 report on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $16.28.

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.