Apple Hospitality REIT (NYSE:APLE) Downgraded by Bank of America to “Neutral”

Bank of America cut shares of Apple Hospitality REIT (NYSE:APLE) from a buy rating to a neutral rating in a research report report published on Tuesday morning, Marketbeat Ratings reports. Bank of America currently has $11.50 target price on the real estate investment trust’s stock.

Several other equities analysts also recently commented on the stock. Cantor Fitzgerald initiated coverage on shares of Apple Hospitality REIT in a research note on Wednesday, October 1st. They set an “overweight” rating and a $14.00 price objective for the company. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Apple Hospitality REIT in a research note on Thursday, October 30th. Wells Fargo & Company raised shares of Apple Hospitality REIT to a “hold” rating in a research note on Friday, October 3rd. Finally, Robert W. Baird lowered their price objective on shares of Apple Hospitality REIT from $14.00 to $13.00 and set an “outperform” rating for the company in a research note on Friday, October 3rd. Three investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $13.58.

Apple Hospitality REIT Trading Down 1.8%

NYSE:APLE opened at $11.20 on Tuesday. The firm’s 50 day moving average is $12.09 and its 200 day moving average is $12.00. The stock has a market capitalization of $2.66 billion, a PE ratio of 14.94 and a beta of 1.02. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.51. Apple Hospitality REIT has a 12 month low of $10.44 and a 12 month high of $16.50.

Apple Hospitality REIT (NYSE:APLE) last announced its earnings results on Monday, November 3rd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.02. Apple Hospitality REIT had a net margin of 12.71% and a return on equity of 5.58%. The company had revenue of $373.88 million during the quarter, compared to analyst estimates of $371.94 million. Sell-side analysts expect that Apple Hospitality REIT will post 1.6 earnings per share for the current year.

Apple Hospitality REIT Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Monday, November 17th. Stockholders of record on Friday, October 31st will be issued a dividend of $0.08 per share. The ex-dividend date is Friday, October 31st. This represents a c) dividend on an annualized basis and a dividend yield of 8.6%. Apple Hospitality REIT’s dividend payout ratio is presently 128.00%.

Insider Activity at Apple Hospitality REIT

In related news, Chairman Glade M. Knight acquired 5,000 shares of the stock in a transaction that occurred on Tuesday, August 19th. The shares were bought at an average price of $12.29 per share, for a total transaction of $61,450.00. Following the completion of the transaction, the chairman directly owned 705,344 shares in the company, valued at approximately $8,668,677.76. This trade represents a 0.71% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 7.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. NewEdge Advisors LLC boosted its stake in shares of Apple Hospitality REIT by 295.9% during the 1st quarter. NewEdge Advisors LLC now owns 2,427 shares of the real estate investment trust’s stock worth $31,000 after acquiring an additional 1,814 shares during the last quarter. Hantz Financial Services Inc. boosted its stake in shares of Apple Hospitality REIT by 12,230.0% during the 2nd quarter. Hantz Financial Services Inc. now owns 2,466 shares of the real estate investment trust’s stock worth $29,000 after acquiring an additional 2,446 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its stake in shares of Apple Hospitality REIT by 444.4% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 2,793 shares of the real estate investment trust’s stock worth $33,000 after acquiring an additional 2,280 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of 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 during the last quarter. Finally, Cloud Capital Management LLC purchased a new position in shares of Apple Hospitality REIT during the 3rd quarter valued at $34,000. Institutional investors own 89.66% of the company’s stock.

Apple Hospitality REIT Company Profile

Apple Hospitality REIT, Inc (NYSE: APLE) is a publicly traded real estate investment trust (REIT) that owns one of the largest and most diverse portfolios of upscale, rooms-focused hotels in the United States. Apple Hospitality's portfolio consists of 223 hotels with more than 29,400 guest rooms located in 87 markets throughout 37 states as well as one property leased to third parties.