Apple Hospitality REIT (NYSE:APLE) Reaches New 52-Week High After Dividend Announcement

Apple Hospitality REIT, Inc. (NYSE:APLE)’s share price hit a new 52-week high during mid-day trading on Wednesday following a dividend announcement from the company. The stock traded as high as $14.22 and last traded at $14.2550, with a volume of 397584 shares changing hands. The stock had previously closed at $13.98.

The newly announced dividend which will be paid on Monday, June 15th. Stockholders of record on Friday, May 29th will be issued a dividend of $0.08 per share. This represents a c) annualized dividend and a dividend yield of 6.7%. The ex-dividend date of this dividend is Friday, May 29th. Apple Hospitality REIT’s payout ratio is presently 131.51%.

Wall Street Analysts Forecast Growth

APLE has been the topic of several research reports. Wells Fargo & Company dropped their target price on shares of Apple Hospitality REIT from $13.00 to $12.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 24th. Weiss Ratings reissued a “hold (c)” rating on shares of Apple Hospitality REIT in a report on Wednesday, April 22nd. LADENBURG THALM/SH SH started coverage on Apple Hospitality REIT in a research note on Thursday, March 26th. They issued a “neutral” rating and a $13.00 price target on the stock. Barclays cut their price objective on Apple Hospitality REIT from $14.00 to $13.00 and set an “overweight” rating for the company in a report on Tuesday, April 7th. Finally, Cantor Fitzgerald increased their target price on Apple Hospitality REIT from $14.00 to $16.00 and gave the company an “overweight” rating in a report on Wednesday, May 13th. Three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $12.93.

Apple Hospitality REIT Trading Up 2.0%

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 firm has a market capitalization of $3.37 billion, a PE ratio of 19.51 and a beta of 0.88. The stock’s fifty day simple moving average is $12.61 and its 200 day simple moving average is $12.22.

Apple Hospitality REIT (NYSE:APLE) last issued its quarterly earnings results on Monday, May 4th. The real estate investment trust reported $0.12 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.01. The business had revenue of $337.74 million for the quarter, compared to analysts’ expectations of $327.81 million. Apple Hospitality REIT had a net margin of 12.08% and a return on equity of 5.43%. On average, sell-side analysts predict that Apple Hospitality REIT, Inc. will post 1.55 earnings per share for the current year.

Insider Transactions at Apple Hospitality REIT

In related news, Chairman Glade M. Knight acquired 5,000 shares of the stock in a transaction dated Monday, May 11th. The shares were purchased 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 approximately $10,430,786.36. This represents a 0.67% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 6.90% of the company’s stock.

Hedge Funds Weigh In On Apple Hospitality REIT

Several large investors have recently added to or reduced their stakes in APLE. Bank of America Corp DE lifted its stake in Apple Hospitality REIT by 6.0% in the 1st quarter. Bank of America Corp DE now owns 2,049,081 shares of the real estate investment trust’s stock worth $23,585,000 after purchasing an additional 115,575 shares in the last quarter. Amundi lifted its position in shares of Apple Hospitality REIT by 2.8% in the first quarter. Amundi now owns 155,765 shares of the real estate investment trust’s stock worth $1,793,000 after buying an additional 4,200 shares in the last quarter. California State Teachers Retirement System boosted its stake in Apple Hospitality REIT by 28.6% during the first quarter. California State Teachers Retirement System now owns 278,185 shares of the real estate investment trust’s stock valued at $3,202,000 after buying an additional 61,900 shares during the last quarter. Royal Bank of Canada grew its holdings in Apple Hospitality REIT by 8.1% during the 1st quarter. Royal Bank of Canada now owns 183,434 shares of the real estate investment trust’s stock valued at $2,112,000 after buying an additional 13,701 shares in the last quarter. Finally, Rush Island Management LP bought a new stake in Apple Hospitality REIT in the 1st quarter worth approximately $17,143,000. Hedge funds and other institutional investors own 89.66% of the company’s stock.

Apple Hospitality REIT Company Profile

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.