Apple Hospitality REIT (NYSE:APLE) Given New $16.00 Price Target at JPMorgan Chase & Co.

Apple Hospitality REIT (NYSE:APLE) had its price target lifted by JPMorgan Chase & Co. from $15.00 to $16.00 in a research note released on Tuesday,Benzinga reports. They currently have a neutral rating on the real estate investment trust’s stock.

APLE has been the topic of a number of other research reports. Wells Fargo & Company increased their price target on Apple Hospitality REIT from $12.00 to $15.00 and gave the company an “equal weight” rating in a research note on Monday, June 1st. Cantor Fitzgerald lifted their price objective on Apple Hospitality REIT from $14.00 to $16.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 13th. Weiss Ratings upgraded Apple Hospitality REIT from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, May 28th. Barclays reissued an “equal weight” rating and issued a $17.00 target price (up from $16.00) on shares of Apple Hospitality REIT in a research note on Tuesday. Finally, BMO Capital Markets raised their target price on Apple Hospitality REIT from $14.00 to $16.00 and gave the stock a “market perform” rating in a report on Friday, June 12th. Two analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $15.75.

Apple Hospitality REIT Trading Up 1.0%

Shares of NYSE APLE opened at $17.07 on Tuesday. The company’s 50 day simple moving average is $15.83 and its 200 day simple moving average is $13.56. Apple Hospitality REIT has a fifty-two week low of $10.85 and a fifty-two week high of $17.09. The firm has a market capitalization of $4.03 billion, a P/E ratio of 23.39, a P/E/G ratio of 8.18 and a beta of 0.87. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.80 and a quick ratio of 0.80.

Apple Hospitality REIT (NYSE:APLE) last announced its quarterly earnings data on Monday, May 4th. The real estate investment trust reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.01. Apple Hospitality REIT had a net margin of 12.08% and a return on equity of 5.43%. The firm had revenue of $337.74 million for the quarter, compared to analysts’ expectations of $327.81 million. On average, analysts predict that Apple Hospitality REIT will post 1.59 EPS for the current year.

Apple Hospitality REIT Announces Dividend

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

Insiders Place Their Bets

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

Hedge Funds Weigh In On Apple Hospitality REIT

Several institutional investors and hedge funds have recently made changes to their positions in APLE. State Street Corp raised its stake in Apple Hospitality REIT by 0.5% during the 4th quarter. State Street Corp now owns 12,962,856 shares of the real estate investment trust’s stock worth $154,627,000 after buying an additional 68,794 shares during the period. Fuller & Thaler Asset Management Inc. grew its stake in Apple Hospitality REIT by 1.8% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 7,107,802 shares of the real estate investment trust’s stock valued at $84,227,000 after acquiring an additional 127,327 shares during the period. UBS Group AG grew its stake in Apple Hospitality REIT by 60.8% in the fourth quarter. UBS Group AG now owns 4,721,481 shares of the real estate investment trust’s stock valued at $55,950,000 after acquiring an additional 1,786,018 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Apple Hospitality REIT by 2.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,714,872 shares of the real estate investment trust’s stock valued at $55,871,000 after acquiring an additional 125,759 shares during the period. Finally, Centerbridge Partners L.P. increased its holdings in shares of Apple Hospitality REIT by 88.2% in the fourth quarter. Centerbridge Partners L.P. now owns 4,229,785 shares of the real estate investment trust’s stock worth $50,123,000 after acquiring an additional 1,982,000 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 (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.