Apple Hospitality REIT, Inc. (APLE) Expected to Post Quarterly Sales of $324.76 Million
Wall Street brokerages expect that Apple Hospitality REIT, Inc. (NYSE:APLE) will post $324.76 million in sales for the current quarter, Zacks Investment Research reports. Three analysts have provided estimates for Apple Hospitality REIT’s earnings. The highest sales estimate is $326.14 million and the lowest is $323.84 million. Apple Hospitality REIT posted sales of $276.47 million during the same quarter last year, which would suggest a positive year over year growth rate of 17.5%. The firm is expected to issue its next earnings results after the market closes on Monday, November 6th.
According to Zacks, analysts expect that Apple Hospitality REIT will report full year sales of $324.76 million for the current year, with estimates ranging from $1.23 billion to $1.24 billion. For the next fiscal year, analysts forecast that the business will post sales of $1.25 billion per share, with estimates ranging from $1.23 billion to $1.26 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that follow Apple Hospitality REIT.
Apple Hospitality REIT (NYSE:APLE) last announced its quarterly earnings results on Monday, August 7th. The real estate investment trust reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.52 by ($0.01). Apple Hospitality REIT had a net margin of 14.97% and a return on equity of 5.05%. The business had revenue of $331.70 million during the quarter, compared to analysts’ expectations of $335.94 million. During the same period last year, the company earned $0.52 EPS. The firm’s revenue for the quarter was up 28.7% on a year-over-year basis.
Several research analysts have recently weighed in on the stock. Robert W. Baird reissued an “outperform” rating and issued a $21.00 target price on shares of Apple Hospitality REIT in a research report on Tuesday, July 4th. BidaskClub cut shares of Apple Hospitality REIT from a “sell” rating to a “strong sell” rating in a report on Friday, July 28th. Zacks Investment Research upgraded shares of Apple Hospitality REIT from a “sell” rating to a “hold” rating in a research note on Tuesday, October 10th. Finally, Canaccord Genuity reiterated a “hold” rating and issued a $19.00 target price (down from $20.00) on shares of Apple Hospitality REIT in a research note on Friday, August 11th. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $20.00.
In related news, Chairman Glade M. Knight purchased 20,000 shares of Apple Hospitality REIT stock in a transaction that occurred on Friday, August 11th. The shares were acquired at an average price of $17.62 per share, for a total transaction of $352,400.00. Following the transaction, the chairman now directly owns 10,041,357 shares in the company, valued at $176,928,710.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Justin G. Knight purchased 17,000 shares of Apple Hospitality REIT stock in a transaction that occurred on Friday, August 11th. The shares were bought at an average price of $17.62 per share, for a total transaction of $299,540.00. Following the transaction, the insider now owns 1,005,274 shares in the company, valued at $17,712,927.88. The disclosure for this purchase can be found here. Insiders bought a total of 45,000 shares of company stock worth $794,950 in the last 90 days. 6.30% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the business. William Blair Investment Management LLC acquired a new position in Apple Hospitality REIT during the 2nd quarter valued at about $2,145,000. BlackRock Inc. increased its stake in shares of Apple Hospitality REIT by 3,420.4% in the 1st quarter. BlackRock Inc. now owns 11,994,624 shares of the real estate investment trust’s stock valued at $229,099,000 after acquiring an additional 11,653,910 shares during the last quarter. Paragon Capital Management Ltd bought a new stake in shares of Apple Hospitality REIT in the 2nd quarter valued at about $234,000. Dimensional Fund Advisors LP increased its stake in shares of Apple Hospitality REIT by 155.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,540,891 shares of the real estate investment trust’s stock valued at $48,531,000 after acquiring an additional 1,547,960 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. increased its stake in shares of Apple Hospitality REIT by 4.3% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 1,361,079 shares of the real estate investment trust’s stock valued at $25,997,000 after acquiring an additional 55,780 shares during the last quarter. Institutional investors own 48.98% of the company’s stock.
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Shares of Apple Hospitality REIT (NYSE APLE) opened at 18.89 on Tuesday. Apple Hospitality REIT has a one year low of $17.32 and a one year high of $20.68. The firm has a 50 day moving average of $18.79 and a 200 day moving average of $18.69. The stock has a market cap of $4.21 billion, a P/E ratio of 22.92 and a beta of 0.61.
The company also recently announced a monthly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Friday, November 3rd will be paid a $0.10 dividend. The ex-dividend date is Thursday, November 2nd. This represents a $1.20 annualized dividend and a dividend yield of 6.35%. Apple Hospitality REIT’s dividend payout ratio is presently 150.00%.
About Apple Hospitality REIT
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 September 13, 2017, the Company owned 237 hotels, with more than 30,000 guestrooms, diversified across the Hilton and Marriott families of brands with locations in urban, high-end suburban and developing markets across 33 states.
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