Apple Hospitality REIT, Inc. (APLE) Posts Earnings Results, Misses Estimates By $0.01 EPS
Apple Hospitality REIT, Inc. (NYSE:APLE) announced its earnings results on Monday. The real estate investment trust reported $0.51 EPS for the quarter, missing analysts’ consensus estimates of $0.52 by $0.01, Bloomberg Earnings reports. The business had revenue of $331.70 million for the quarter, compared to the consensus estimate of $335.94 million. Apple Hospitality REIT had a net margin of 13.01% and a return on equity of 4.38%. Apple Hospitality REIT’s revenue was up 28.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.52 EPS.
Shares of Apple Hospitality REIT (NYSE:APLE) traded up 0.28% during trading on Monday, hitting $18.23. The company had a trading volume of 506,031 shares. The company has a market capitalization of $4.07 billion, a P/E ratio of 25.64 and a beta of 0.60. The stock’s 50-day moving average price is $18.77 and its 200 day moving average price is $19.15. Apple Hospitality REIT has a 52 week low of $17.32 and a 52 week high of $20.68.
The firm also recently announced a monthly dividend, which will be paid on Tuesday, August 15th. Investors of record on Thursday, August 3rd will be issued a dividend of $0.10 per share. The ex-dividend date is Tuesday, August 1st. This represents a $1.20 dividend on an annualized basis and a dividend yield of 6.58%. Apple Hospitality REIT’s dividend payout ratio is presently 166.67%.
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In other news, insider Justin G. Knight bought 5,400 shares of the stock in a transaction on Tuesday, June 6th. The stock was acquired at an average cost of $18.64 per share, for a total transaction of $100,656.00. Following the acquisition, the insider now owns 1,005,274 shares of the company’s stock, valued at $18,738,307.36. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Glade M. Knight bought 3,000 shares of the stock in a transaction on Friday, May 12th. The stock was purchased at an average price of $18.51 per share, with a total value of $55,530.00. Following the completion of the acquisition, the insider now directly owns 10,015,957 shares in the company, valued at approximately $185,395,364.07. The disclosure for this purchase can be found here. Insiders acquired a total of 13,800 shares of company stock valued at $258,732 over the last quarter. Company insiders own 6.40% of the company’s stock.
Several large investors have recently modified their holdings of the company. Public Employees Retirement Association of Colorado boosted its stake in shares of Apple Hospitality REIT by 26.7% in the second quarter. Public Employees Retirement Association of Colorado now owns 6,603 shares of the real estate investment trust’s stock valued at $124,000 after buying an additional 1,393 shares in the last quarter. Mutual of America Capital Management LLC purchased a new stake in shares of Apple Hospitality REIT during the first quarter valued at $125,000. IMS Capital Management purchased a new stake in shares of Apple Hospitality REIT during the second quarter valued at $140,000. RMR Advisors LLC purchased a new stake in shares of Apple Hospitality REIT during the first quarter valued at $191,000. Finally, Bruderman Asset Management LLC boosted its stake in shares of Apple Hospitality REIT by 3.7% in the first quarter. Bruderman Asset Management LLC now owns 10,361 shares of the real estate investment trust’s stock valued at $198,000 after buying an additional 372 shares in the last quarter. Institutional investors and hedge funds own 47.64% of the company’s stock.
A number of equities analysts recently commented on APLE shares. BidaskClub downgraded Apple Hospitality REIT from a “buy” rating to a “hold” rating in a report on Saturday, June 24th. Zacks Investment Research upgraded Apple Hospitality REIT from a “sell” rating to a “hold” rating in a report on Thursday, June 1st. Canaccord Genuity restated a “hold” rating and set a $20.00 target price on shares of Apple Hospitality REIT in a report on Monday, May 8th. FBR & Co restated a “hold” rating on shares of Apple Hospitality REIT in a report on Saturday, May 6th. Finally, Wells Fargo & Company started coverage on Apple Hospitality REIT in a report on Wednesday, May 3rd. They set a “market perform” rating for the company. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $19.40.
Apple Hospitality REIT Company Profile
Apple Hospitality REIT, Inc is a hospitality real estate investment trust. The Company invests in real estate, primarily in the lodging sector, in the United States. As of December 31, 2016, the Company owned 235 hotels with an aggregate of 30,073 rooms located in urban, suburban and developing markets throughout 33 states.
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