Palouse Capital Management Inc. Invests $99,000 in Apple Hospitality REIT, Inc. (NYSE:APLE)

Palouse Capital Management Inc. purchased a new position in Apple Hospitality REIT, Inc. (NYSE:APLE) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,778 shares of the real estate investment trust’s stock, valued at approximately $99,000.

A number of other hedge funds have also recently made changes to their positions in APLE. Principal Securities Inc. purchased a new stake in Apple Hospitality REIT in the 4th quarter valued at about $26,000. EdgeRock Capital LLC purchased a new stake in shares of Apple Hospitality REIT in the second quarter valued at approximately $26,000. YHB Investment Advisors Inc. bought a new position in Apple Hospitality REIT in the first quarter worth approximately $37,000. Fortis Group Advisors LLC increased its holdings in Apple Hospitality REIT by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 2,986 shares of the real estate investment trust’s stock worth $50,000 after purchasing an additional 1,493 shares during the period. Finally, Covestor Ltd raised its position in Apple Hospitality REIT by 115.6% during the 1st quarter. Covestor Ltd now owns 4,314 shares of the real estate investment trust’s stock valued at $71,000 after purchasing an additional 2,313 shares in the last quarter. 89.66% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

APLE has been the topic of several research reports. Oppenheimer cut their price target on Apple Hospitality REIT from $19.00 to $17.00 and set an “outperform” rating on the stock in a research note on Monday, August 12th. Wedbush started coverage on shares of Apple Hospitality REIT in a report on Monday, June 3rd. They issued a “neutral” rating and a $15.00 price target for the company. Finally, Wells Fargo & Company dropped their price objective on shares of Apple Hospitality REIT from $16.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Friday, September 13th. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, Apple Hospitality REIT currently has a consensus rating of “Hold” and an average target price of $16.25.

Apple Hospitality REIT Price Performance

Shares of APLE stock opened at $14.46 on Thursday. The stock’s 50-day moving average is $14.41 and its 200 day moving average is $14.91. Apple Hospitality REIT, Inc. has a 1-year low of $13.60 and a 1-year high of $17.90. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.75 and a quick ratio of 0.75. The company has a market cap of $3.50 billion, a P/E ratio of 16.81 and a beta of 1.12.

Apple Hospitality REIT (NYSE:APLE) last released its quarterly earnings results on Monday, August 5th. The real estate investment trust reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.13). The firm had revenue of $390.08 million during the quarter, compared to the consensus estimate of $388.82 million. Apple Hospitality REIT had a net margin of 14.91% and a return on equity of 6.30%. During the same quarter in the prior year, the business posted $0.49 earnings per share. Research analysts predict that Apple Hospitality REIT, Inc. will post 1.61 earnings per share for the current fiscal year.

Apple Hospitality REIT Announces Dividend

The company also recently declared a monthly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were issued a $0.08 dividend. This represents a $0.96 annualized dividend and a yield of 6.64%. The ex-dividend date of this dividend was Friday, August 30th. Apple Hospitality REIT’s dividend payout ratio is currently 111.63%.

Insider Transactions at Apple Hospitality REIT

In other Apple Hospitality REIT news, Chairman Glade M. Knight acquired 5,000 shares of the stock in a transaction dated Thursday, August 8th. The stock was purchased at an average price of $14.04 per share, with a total value of $70,200.00. Following the transaction, the chairman now directly owns 636,990 shares of the company’s stock, valued at $8,943,339.60. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 6.80% of the company’s stock.

Apple Hospitality REIT Company Profile

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.