Apple Hospitality REIT (NYSE:APLE) Raised to “Buy” at Bank of America

Apple Hospitality REIT (NYSE:APLE) was upgraded by investment analysts at Bank of America from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Monday, MarketBeat Ratings reports. The firm currently has a $17.00 target price on the real estate investment trust’s stock, up from their previous target price of $16.00. Bank of America‘s price objective would suggest a potential upside of 12.25% from the stock’s current price.

A number of other equities analysts have also issued reports on APLE. Oppenheimer restated an “outperform” rating and issued a $18.00 target price (up previously from $17.00) on shares of Apple Hospitality REIT in a research note on Friday, November 8th. StockNews.com raised Apple Hospitality REIT from a “sell” rating to a “hold” rating in a report on Friday, November 22nd. Finally, BMO Capital Markets began coverage on shares of Apple Hospitality REIT in a research note on Monday, December 9th. They issued an “outperform” rating and a $18.00 price objective on the stock. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $16.60.

Apple Hospitality REIT Stock Down 0.8 %

Shares of Apple Hospitality REIT stock opened at $15.15 on Monday. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 0.03. The company has a market cap of $3.63 billion, a P/E ratio of 17.82 and a beta of 1.13. The firm’s 50 day moving average price is $15.54 and its 200-day moving average price is $15.03. Apple Hospitality REIT has a 52-week low of $13.60 and a 52-week high of $16.99.

Apple Hospitality REIT (NYSE:APLE) last issued its quarterly earnings results on Monday, November 4th. The real estate investment trust reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.22). The business had revenue of $378.84 million for the quarter, compared to analyst estimates of $377.56 million. Apple Hospitality REIT had a return on equity of 6.17% and a net margin of 14.53%. During the same period in the previous year, the company posted $0.45 earnings per share. On average, sell-side analysts predict that Apple Hospitality REIT will post 1.6 EPS for the current fiscal year.

Institutional Investors Weigh In On Apple Hospitality REIT

A number of institutional investors have recently modified their holdings of the business. Charles Schwab Investment Management Inc. raised its position in Apple Hospitality REIT by 4.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,457,063 shares of the real estate investment trust’s stock worth $66,187,000 after acquiring an additional 182,917 shares during the period. Dimensional Fund Advisors LP lifted its stake in Apple Hospitality REIT by 4.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,375,016 shares of the real estate investment trust’s stock valued at $49,072,000 after buying an additional 154,159 shares in the last quarter. Centiva Capital LP acquired a new stake in Apple Hospitality REIT in the 3rd quarter worth about $1,067,000. Barclays PLC boosted its holdings in Apple Hospitality REIT by 118.8% in the 3rd quarter. Barclays PLC now owns 422,361 shares of the real estate investment trust’s stock worth $6,273,000 after buying an additional 229,293 shares during the last quarter. Finally, Sound Income Strategies LLC increased its stake in Apple Hospitality REIT by 14.9% during the 3rd quarter. Sound Income Strategies LLC now owns 818,601 shares of the real estate investment trust’s stock worth $12,156,000 after buying an additional 105,993 shares in the last quarter. 89.66% of the stock is currently owned by institutional investors and hedge funds.

About Apple Hospitality REIT

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 223 hotels with more than 29,400 guest rooms located in 87 markets throughout 37 states as well as one property leased to third parties.