Bank of America Forecasts Strong Price Appreciation for Apple Hospitality REIT (NYSE:APLE) Stock

Apple Hospitality REIT (NYSE:APLE) had its price objective raised by equities research analysts at Bank of America from $15.00 to $16.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the real estate investment trust’s stock. Bank of America‘s price objective points to a potential downside of 6.28% from the company’s current price.

A number of other equities analysts also recently commented on APLE. Weiss Ratings upgraded Apple Hospitality REIT from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, May 28th. JPMorgan Chase & Co. initiated coverage on Apple Hospitality REIT in a report on Monday, June 1st. They set a “neutral” rating and a $15.00 target price for the company. BMO Capital Markets increased their target price on shares of Apple Hospitality REIT from $14.00 to $16.00 and gave the stock a “market perform” rating in a research report on Friday, June 12th. Cantor Fitzgerald raised their price target on shares of Apple Hospitality REIT from $14.00 to $16.00 and gave the company an “overweight” rating in a report on Wednesday, May 13th. Finally, Barclays lifted their price target on shares of Apple Hospitality REIT from $13.00 to $16.00 and gave the company an “overweight” rating in a research report on Monday, June 1st. Two analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $15.75.

Apple Hospitality REIT Trading Up 1.0%

Shares of APLE opened at $17.07 on Monday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $4.03 billion, a P/E ratio of 23.39, a price-to-earnings-growth ratio of 8.18 and a beta of 0.87. The stock’s fifty day simple moving average is $15.83 and its 200 day simple moving average is $13.56. Apple Hospitality REIT has a twelve month low of $10.85 and a twelve month high of $17.09.

Apple Hospitality REIT (NYSE:APLE) last issued its earnings results on Monday, May 4th. The real estate investment trust reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.01. Apple Hospitality REIT had a return on equity of 5.43% and a net margin of 12.08%.The firm had revenue of $337.74 million for the quarter, compared to analysts’ expectations of $327.81 million. On average, equities research analysts forecast that Apple Hospitality REIT will post 1.59 earnings per share for the current year.

Insider Activity

In related news, Chairman Glade M. Knight bought 5,000 shares of the stock in a transaction dated Monday, May 11th. The stock was acquired at an average price of $13.96 per share, for a total transaction of $69,800.00. Following the completion of the purchase, the chairman owned 747,191 shares in the company, valued at $10,430,786.36. This represents a 0.67% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 6.90% of the company’s stock.

Hedge Funds Weigh In On Apple Hospitality REIT

Hedge funds and other institutional investors have recently bought and sold shares of the stock. NewEdge Advisors LLC grew its position in Apple Hospitality REIT by 295.9% in the first quarter. NewEdge Advisors LLC now owns 2,427 shares of the real estate investment trust’s stock valued at $31,000 after acquiring an additional 1,814 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Apple Hospitality REIT by 1,375.0% during the second quarter. EverSource Wealth Advisors LLC now owns 2,832 shares of the real estate investment trust’s stock worth $33,000 after purchasing an additional 2,640 shares in the last quarter. Danske Bank A S acquired a new position in shares of Apple Hospitality REIT during the third quarter worth $36,000. Godfrey Financial Associates Inc. purchased a new position in shares of Apple Hospitality REIT in the fourth quarter valued at $43,000. Finally, Inspire Investing LLC boosted its stake in shares of Apple Hospitality REIT by 2,965.1% in the first quarter. Inspire Investing LLC now owns 3,862 shares of the real estate investment trust’s stock valued at $44,000 after purchasing an additional 3,736 shares during the period. 89.66% of the stock is owned by institutional investors and hedge funds.

About Apple Hospitality REIT

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.