Apple Hospitality REIT (NYSE:APLE) Issues Earnings Results, Beats Estimates By $0.02 EPS

Apple Hospitality REIT (NYSE:APLE) released its quarterly earnings data on Monday. The real estate investment trust reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.02, Zacks reports. Apple Hospitality REIT had a return on equity of 5.58% and a net margin of 12.71%.The firm had revenue of $373.88 million for the quarter, compared to the consensus estimate of $371.94 million.

Apple Hospitality REIT Stock Performance

Shares of APLE traded down $0.05 during mid-day trading on Wednesday, hitting $11.12. The company’s stock had a trading volume of 215,650 shares, compared to its average volume of 2,862,806. Apple Hospitality REIT has a one year low of $10.44 and a one year high of $16.50. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a market capitalization of $2.64 billion, a PE ratio of 14.77 and a beta of 1.02. The stock’s 50-day moving average is $12.09 and its two-hundred day moving average is $12.00.

Apple Hospitality REIT Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Monday, November 17th. Stockholders of record on Friday, October 31st will be given a $0.08 dividend. This represents a c) annualized dividend and a dividend yield of 8.6%. The ex-dividend date of this dividend is Friday, October 31st. Apple Hospitality REIT’s dividend payout ratio is currently 128.00%.

Wall Street Analyst Weigh In

Several brokerages have commented on APLE. Bank of America downgraded Apple Hospitality REIT from a “buy” rating to a “neutral” rating and set a $11.50 price target on the stock. in a report on Tuesday. Robert W. Baird lowered their price target on Apple Hospitality REIT from $14.00 to $13.00 and set an “outperform” rating on the stock in a report on Friday, October 3rd. Wells Fargo & Company upgraded Apple Hospitality REIT to a “hold” rating in a report on Friday, October 3rd. Cantor Fitzgerald began coverage on Apple Hospitality REIT in a report on Wednesday, October 1st. They set an “overweight” rating and a $14.00 price target on the stock. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Apple Hospitality REIT in a report on Thursday, October 30th. Three equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Apple Hospitality REIT has an average rating of “Hold” and an average price target of $13.58.

Insider Buying and Selling at Apple Hospitality REIT

In other Apple Hospitality REIT news, Chairman Glade M. Knight acquired 5,000 shares of Apple Hospitality REIT stock in a transaction dated Tuesday, August 19th. The stock was bought at an average cost of $12.29 per share, with a total value of $61,450.00. Following the completion of the transaction, the chairman owned 705,344 shares of the company’s stock, valued at $8,668,677.76. The trade was 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. Corporate insiders own 7.10% of the company’s stock.

Institutional Investors Weigh In On Apple Hospitality REIT

Several hedge funds have recently modified their holdings of APLE. Bank of America Corp DE lifted its position in Apple Hospitality REIT by 42.6% in the second 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 during the period. AQR Capital Management LLC lifted its position in Apple Hospitality REIT by 300.9% in the second quarter. AQR Capital Management LLC now owns 545,365 shares of the real estate investment trust’s stock worth $6,364,000 after purchasing an additional 409,319 shares during the period. Ameriprise Financial Inc. lifted its position in Apple Hospitality REIT by 26.7% in the second quarter. Ameriprise Financial Inc. now owns 1,781,420 shares of the real estate investment trust’s stock worth $20,789,000 after purchasing an additional 374,979 shares during the period. Invesco Ltd. lifted its position in Apple Hospitality REIT by 23.0% in the second quarter. Invesco Ltd. now owns 1,558,632 shares of the real estate investment trust’s stock worth $18,189,000 after purchasing an additional 291,431 shares during the period. Finally, Balyasny Asset Management L.P. lifted its holdings in shares of Apple Hospitality REIT by 13.2% during the second quarter. Balyasny Asset Management L.P. now owns 1,345,862 shares of the real estate investment trust’s stock valued at $15,706,000 after acquiring an additional 156,714 shares during the period. 89.66% of the stock is owned by institutional investors.

About Apple Hospitality REIT

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.