Apple Hospitality REIT (NYSE:APLE) Announces Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Apple Hospitality REIT (NYSE:APLEGet Free Report) issued its earnings results on Wednesday. The real estate investment trust reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.01, FiscalAI reports. The company had revenue of $402.55 million for the quarter, compared to the consensus estimate of $391.88 million. Apple Hospitality REIT had a net margin of 12.08% and a return on equity of 5.43%.

Apple Hospitality REIT Trading Down 0.1%

Shares of APLE stock traded down $0.01 on Wednesday, hitting $16.54. The stock had a trading volume of 3,933,274 shares, compared to its average volume of 3,007,217. The company’s 50 day moving average price is $16.32 and its 200-day moving average price is $13.88. Apple Hospitality REIT has a 1 year low of $10.85 and a 1 year high of $17.13. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a market capitalization of $3.90 billion, a P/E ratio of 22.65, a P/E/G ratio of 3.24 and a beta of 0.88.

Apple Hospitality REIT Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Monday, August 17th. Investors of record on Friday, July 31st will be issued a $0.08 dividend. This represents a c) annualized dividend and a dividend yield of 5.8%. The ex-dividend date is Friday, July 31st. Apple Hospitality REIT’s payout ratio is currently 131.51%.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Cantor Fitzgerald increased their price target on shares of Apple Hospitality REIT from $14.00 to $16.00 and gave the company an “overweight” rating in a research note on Wednesday, May 13th. JPMorgan Chase & Co. upped their price objective on Apple Hospitality REIT from $15.00 to $16.00 and gave the company a “neutral” rating in a report on Tuesday, July 21st. Weiss Ratings upgraded Apple Hospitality REIT from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, May 28th. Wells Fargo & Company raised their target price on Apple Hospitality REIT from $15.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 23rd. Finally, Zacks Research raised Apple Hospitality REIT from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, Apple Hospitality REIT currently has a consensus rating of “Hold” and a consensus target price of $16.00.

Get Our Latest Research Report on APLE

Insider Buying and Selling

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. NewEdge Advisors LLC grew its holdings in shares of Apple Hospitality REIT by 295.9% in the first quarter. NewEdge Advisors LLC now owns 2,427 shares of the real estate investment trust’s stock valued at $31,000 after purchasing an additional 1,814 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in 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 buying an additional 2,640 shares in the last quarter. Danske Bank A S purchased a new position in Apple Hospitality REIT in the 3rd quarter valued at approximately $36,000. Smartleaf Asset Management LLC grew its stake in shares of Apple Hospitality REIT by 97.5% in the second quarter. Smartleaf Asset Management LLC now owns 3,792 shares of the real estate investment trust’s stock worth $45,000 after acquiring an additional 1,872 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its position in shares of Apple Hospitality REIT by 22.9% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 6,440 shares of the real estate investment trust’s stock worth $75,000 after acquiring an additional 1,202 shares during the period. Hedge funds and other institutional investors own 89.66% of the company’s stock.

About Apple Hospitality REIT

(Get Free Report)

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.

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Earnings History for Apple Hospitality REIT (NYSE:APLE)

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