Apple Hospitality REIT (NYSE:APLE) Issues Quarterly Earnings Results, Misses Expectations By $0.16 EPS

Posted by Erica Schwartz on Aug 6th, 2022

Apple Hospitality REIT (NYSE:APLE – Get Rating) issued its quarterly earnings data on Thursday. The real estate investment trust reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.16), Fidelity Earnings reports. Apple Hospitality REIT had a return on equity of 4.07% and a net margin of 11.40%. During the same quarter last year, the business earned $0.30 EPS.

Apple Hospitality REIT Price Performance

NYSE:APLE traded down $0.25 during mid-day trading on Friday, reaching $16.36. The stock had a trading volume of 1,237,536 shares, compared to its average volume of 1,199,984. The stock has a 50-day simple moving average of $15.71 and a two-hundred day simple moving average of $16.65. The stock has a market capitalization of $3.74 billion, a PE ratio of 28.70 and a beta of 1.11. The company has a debt-to-equity ratio of 0.49, a current ratio of 0.91 and a quick ratio of 0.91. Apple Hospitality REIT has a 12 month low of $14.11 and a 12 month high of $18.69.

Apple Hospitality REIT Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, August 15th. Stockholders of record on Tuesday, August 2nd will be issued a dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, August 1st. This represents a $0.60 annualized dividend and a dividend yield of 3.67%. Apple Hospitality REIT’s dividend payout ratio is presently 105.27%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on APLE. Barclays cut their target price on shares of Apple Hospitality REIT from $21.00 to $19.00 and set an “overweight” rating for the company in a research note on Thursday, July 7th. Oppenheimer started coverage on shares of Apple Hospitality REIT in a report on Thursday, April 21st. They issued an “outperform” rating and a $23.00 price target on the stock. Finally, B. Riley raised shares of Apple Hospitality REIT from a “neutral” rating to a “buy” rating and set a $19.00 price target on the stock in a report on Thursday, June 16th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, Apple Hospitality REIT currently has a consensus rating of “Hold” and an average target price of $20.33.

Insider Activity at Apple Hospitality REIT

In other news, Chairman Glade M. Knight bought 5,000 shares of the stock in a transaction on Monday, May 16th. The stock was acquired at an average price of $16.22 per share, with a total value of $81,100.00. Following the acquisition, the chairman now directly owns 488,093 shares in the company, valued at $7,916,868.46. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have bought 7,342 shares of company stock valued at $117,451 over the last three months. 6.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Apple Hospitality REIT

Several large investors have recently added to or reduced their stakes in the business. Acadian Asset Management LLC bought a new position in Apple Hospitality REIT in the first quarter worth approximately $25,000. First Manhattan Co. bought a new position in Apple Hospitality REIT in the first quarter worth approximately $99,000. US Bancorp DE lifted its holdings in shares of Apple Hospitality REIT by 67.6% in the first quarter. US Bancorp DE now owns 7,542 shares of the real estate investment trust’s stock valued at $137,000 after purchasing an additional 3,043 shares in the last quarter. Walleye Trading LLC purchased a new stake in shares of Apple Hospitality REIT during the first quarter valued at approximately $198,000. Finally, Federated Hermes Inc. purchased a new stake in Apple Hospitality REIT in the first quarter worth $202,000. Institutional investors and hedge funds own 78.99% of the company’s stock.

About Apple Hospitality REIT

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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 235 hotels with more than 30,000 guest rooms located in 87 markets throughout 34 states.