Apple Hospitality REIT (NYSE:APLE) Price Target Raised to $18.00

Apple Hospitality REIT (NYSE:APLE) had its target price boosted by Wells Fargo & Company from $17.00 to $18.00 in a research report released on Monday morning,Benzinga reports. They currently have an equal weight rating on the real estate investment trust’s stock.

Other equities analysts also recently issued research reports about the company. Bank of America upped their target price on Apple Hospitality REIT from $15.00 to $16.00 and gave the company a “neutral” rating in a research report on Monday, July 20th. Zacks Research cut Apple Hospitality REIT from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 27th. JPMorgan Chase & Co. boosted their price target on Apple Hospitality REIT from $16.00 to $17.00 and gave the company a “neutral” rating in a research note on Wednesday, October 21st. Barclays boosted their price target on Apple Hospitality REIT from $17.00 to $18.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 13th. Finally, Weiss Ratings raised Apple Hospitality REIT from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, August 6th. Three research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $17.31.

Apple Hospitality REIT Stock Performance

NYSE APLE opened at $18.59 on Monday. The stock has a market cap of $4.39 billion, a PE ratio of 25.12, a P/E/G ratio of 3.47 and a beta of 0.92. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.73 and a current ratio of 0.73. The firm has a 50-day moving average of $16.42 and a 200-day moving average of $14.59. Apple Hospitality REIT has a 52-week low of $10.85 and a 52-week high of $18.73.

Apple Hospitality REIT (NYSE:APLE) last announced its earnings results on Wednesday, August 5th. The real estate investment trust reported $0.28 EPS for the quarter, topping the consensus estimate of $0.27 by $0.01. The business had revenue of $402.55 million during the quarter, compared to the consensus estimate of $391.88 million. Apple Hospitality REIT had a net margin of 12.17% and a return on equity of 5.56%. On average, sell-side analysts anticipate that Apple Hospitality REIT will post 1.63 EPS for the current year.

Apple Hospitality REIT Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Monday, November 16th. Shareholders of record on Friday, October 30th will be paid a $0.08 dividend. The ex-dividend date is Friday, October 30th. This represents a $0.96 annualized dividend and a yield of 5.2%. Apple Hospitality REIT’s payout ratio is 129.73%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP increased its position in shares of Apple Hospitality REIT by 1.8% in the first quarter. Dimensional Fund Advisors LP now owns 3,254,332 shares of the real estate investment trust’s stock worth $37,458,000 after purchasing an additional 56,555 shares during the period. Bank of New York Mellon Corp bought a new stake in Apple Hospitality REIT during the second quarter worth about $26,774,000. Bank of America Corp DE lifted its position in Apple Hospitality REIT by 6.0% during the first quarter. Bank of America Corp DE now owns 2,049,081 shares of the real estate investment trust’s stock worth $23,585,000 after purchasing an additional 115,575 shares during the period. Rush Island Management LP bought a new stake in Apple Hospitality REIT during the first quarter worth about $17,143,000. Finally, Principal Financial Group Inc. grew its stake in Apple Hospitality REIT by 2.0% during the first quarter. Principal Financial Group Inc. now owns 1,069,472 shares of the real estate investment trust’s stock worth $12,310,000 after buying an additional 20,691 shares in the last quarter. Institutional investors and hedge funds own 89.66% of the company’s stock.

About Apple Hospitality REIT

Apple Hospitality REIT, Inc is a self-administered and self-managed real estate investment trust that owns a portfolio of upscale, select-service hotels across the United States. The company’s properties primarily operate under well-known hospitality brands affiliated with Marriott International, Hilton Worldwide Holdings and Hyatt Hotels Corporation.

Apple Hospitality’s hotels provide lodging and related guest services, including accommodations, meeting facilities, food and beverage offerings, and other amenities.