Apple Hospitality REIT (NYSE:APLE) Given New $16.00 Price Target at Bank of America

Apple Hospitality REIT (NYSE:APLE) had its price target upped by Bank of America from $15.00 to $16.00 in a research report report published on Monday,Benzinga reports. They currently have a neutral rating on the real estate investment trust’s stock.

Several other research analysts also recently weighed in on the company. LADENBURG THALM/SH SH upped their price target on Apple Hospitality REIT from $15.00 to $17.00 and gave the stock a “neutral” rating in a research note on Thursday, June 18th. BMO Capital Markets lifted their price objective on shares of Apple Hospitality REIT from $14.00 to $16.00 and gave the company a “market perform” rating in a research report on Friday, June 12th. Wells Fargo & Company boosted their target price on shares of Apple Hospitality REIT from $12.00 to $15.00 and gave the stock an “equal weight” rating in a report on Monday, June 1st. Cantor Fitzgerald upped their target price on shares of Apple Hospitality REIT from $14.00 to $16.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 13th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Apple Hospitality REIT in a research report on Monday, June 1st. They set a “neutral” rating and a $15.00 target price for the company. Three research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $15.50.

Apple Hospitality REIT Price Performance

NYSE:APLE opened at $16.91 on Monday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.54. The business’s 50-day simple moving average is $15.76 and its two-hundred day simple moving average is $13.53. The stock has a market cap of $3.99 billion, a PE ratio of 23.17, a P/E/G ratio of 8.22 and a beta of 0.87. Apple Hospitality REIT has a 52 week low of $10.85 and a 52 week high of $17.09.

Apple Hospitality REIT (NYSE:APLE) last announced its quarterly earnings data on Monday, May 4th. The real estate investment trust reported $0.12 EPS for the quarter, beating the consensus estimate 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 business had revenue of $337.74 million for the quarter, compared to the consensus estimate of $327.81 million. As a group, analysts forecast that Apple Hospitality REIT will post 1.58 EPS for the current fiscal year.

Apple Hospitality REIT Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Monday, August 17th. Investors 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 5.7%. The ex-dividend date is Friday, July 31st. Apple Hospitality REIT’s payout ratio is currently 131.51%.

Insider Buying and Selling

In other news, Chairman Glade M. Knight purchased 5,000 shares of the business’s stock in a transaction on Monday, May 11th. The stock was acquired at an average price of $13.96 per share, for a total transaction of $69,800.00. Following the acquisition, the chairman directly owned 747,191 shares of the company’s stock, valued at $10,430,786.36. This represents a 0.67% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 6.90% of the company’s stock.

Institutional Trading of Apple Hospitality REIT

Hedge funds have recently modified their holdings of the company. Palouse Capital Management Inc. raised its position in shares of Apple Hospitality REIT by 21.1% in the 2nd quarter. Palouse Capital Management Inc. now owns 4,304 shares of the real estate investment trust’s stock worth $72,000 after acquiring an additional 750 shares in the last quarter. Private Advisor Group LLC raised its holdings in Apple Hospitality REIT by 7.9% in the third quarter. Private Advisor Group LLC now owns 13,883 shares of the real estate investment trust’s stock worth $167,000 after purchasing an additional 1,022 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Apple Hospitality REIT by 0.4% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 240,111 shares of the real estate investment trust’s stock valued at $2,764,000 after buying an additional 1,068 shares during the last quarter. MML Investors Services LLC boosted its holdings in shares of Apple Hospitality REIT by 1.4% in the 2nd quarter. MML Investors Services LLC now owns 80,287 shares of the real estate investment trust’s stock valued at $937,000 after buying an additional 1,100 shares in the last quarter. Finally, Captrust Financial Advisors grew its position in shares of Apple Hospitality REIT by 9.3% in the 4th quarter. Captrust Financial Advisors now owns 13,519 shares of the real estate investment trust’s stock worth $160,000 after buying an additional 1,149 shares during the last quarter. 89.66% of the stock is owned by hedge funds and other institutional investors.

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.