B. Riley upgrades Apple Hospitality REIT (NYSE: APLE) to buy
Apple Hospitality REIT (NYSE: APLE – Get Rating) was raised by B. Riley equity researchers from a “neutral” rating to a “buy” rating in a research report released Thursday, PriceTargets.com reports. B. Riley also released estimates for Apple Hospitality REIT Q3 2022 earnings at $0.44 EPS, Q4 2022 earnings at $0.32 EPS, fiscal year 2022 earnings at $1.53 EPS, Q2 2023 earnings at $0.50 EPS, Q3 2023 earnings at $0.46 EPS, Q4 2023 earnings at $0.34 EPS, FY2023 earnings at $1.60 EPS and FY2024 earnings at $1.70 EPS.
Several other research companies have also recently weighed in on APLE. Oppenheimer assumed coverage of Apple Hospitality REIT in a Thursday, April 21 report. They issued an “outperform” rating and a target price of $23.00 for the company. Barclays cut its price target on Apple Hospitality REIT from $21.00 to $19.00 and set an “overweight” rating for the company in a Thursday, July 7 report. One analyst rated the stock with a sell rating, one gave the company a hold rating and three gave the company a buy rating. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $20.33.
Apple Hospitality REIT stock performance
Shares of APLE opened at $16.78 on Thursday. The company has a market capitalization of $3.84 billion, a price-earnings ratio of 29.44 and a beta of 1.11. Apple Hospitality REIT has a 52-week low of $14.11 and a 52-week high of $18.69. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt ratio of 0.46. The stock has a 50-day moving average price of $15.68 and a 200-day moving average price of $16.66.
Apple Hospitality REIT (NYSE:APLE – Get Rating) last reported results on Thursday, August 4. The real estate investment trust reported earnings per share (EPS) of $0.29 for the quarter, missing the consensus estimate of $0.45 per ($0.16). Apple Hospitality REIT had a net margin of 11.40% and a return on equity of 4.05%. During the same quarter last year, the firm posted earnings per share of $0.30. Research analysts expect Apple Hospitality REIT to post EPS of 1.52 for the current fiscal year.
Insiders place their bets
Separately, President Glade M. Knight purchased 5,000 shares in a transaction dated Tuesday, August 9. The shares were acquired at an average price of $16.21 per share, with a total value of $81,050.00. Following the completion of the acquisition, the President now directly owns 493,093 shares of the company, valued at $7,993,037.53. The acquisition was disclosed in a filing with the SEC, accessible via the SEC’s website. Last quarter, insiders bought 12,955 shares of the company worth $208,493. 6.80% of the shares are held by insiders.
Hedge funds weigh on Apple Hospitality REIT
A number of large investors have recently changed their holdings in the company. Rhumbline Advisers increased its stake in shares of Apple Hospitality REIT by 10.9% in the second quarter. Rhumbline Advisers now owns 367,862 shares of the real estate investment trust worth $5,397,000 after buying an additional 36,194 shares last quarter. AlphaCrest Capital Management LLC increased its stake in Apple Hospitality REIT by 106.2% in the second quarter. AlphaCrest Capital Management LLC now owns 79,783 shares of the real estate investment trust valued at $1,170,000 after acquiring an additional 41,089 shares during the period. O Shaughnessy Asset Management LLC increased its holdings in Apple Hospitality REIT by 6.0% during the second quarter. O Shaughnessy Asset Management LLC now owns 11,609 shares of the real estate investment trust worth $170,000 after purchasing an additional 661 shares in the last quarter. Deutsche Bank AG increased its holdings of Apple Hospitality REIT shares by 14.4% in the second quarter. Deutsche Bank AG now owns 4,040,823 shares of the real estate investment trust worth $59,279,000 after acquiring an additional 507,544 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its stake in Apple Hospitality REIT by 1,963.0% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 94,900 shares of the real estate investment trust worth $1,392,000 after purchasing an additional 90,300 shares last quarter. 78.99% of the shares are held by hedge funds and other institutional investors.
Apple Hospitality REIT Company Profile
(Get a rating)
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, room-based hotels in the United States . Apple Hospitality’s portfolio consists of 235 hotels with more than 30,000 rooms located in 87 markets across 34 states.
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