Apple Hospitality REIT (NYSE:APLE) Cut to Hold at Zacks Investment Research

Apple Hospitality REIT (NYSE:APLE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “Apple Hospitality REIT, Inc. is a real estate investment trust. Its portfolio consists of hotels, guest rooms and resorts. The company operates primarily in the United States. Apple Hospitality REIT, Inc. is headquarted in Richmond, VA. “

Several other brokerages also recently weighed in on APLE. Barclays increased their target price on shares of Apple Hospitality REIT from $16.00 to $17.00 and gave the company an “equal weight” rating in a research note on Friday, June 4th. TheStreet raised shares of Apple Hospitality REIT from a “d+” rating to a “c” rating in a research note on Tuesday, February 23rd. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Apple Hospitality REIT currently has an average rating of “Hold” and a consensus target price of $15.00.

APLE stock opened at $16.17 on Wednesday. Apple Hospitality REIT has a 52 week low of $8.44 and a 52 week high of $16.52. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.58. The company’s fifty day simple moving average is $15.47. The company has a market capitalization of $3.62 billion, a price-to-earnings ratio of -16.67 and a beta of 1.34.

Apple Hospitality REIT (NYSE:APLE) last released its quarterly earnings data on Wednesday, May 5th. The real estate investment trust reported ($0.21) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.03 by ($0.24). Apple Hospitality REIT had a negative net margin of 41.50% and a negative return on equity of 7.10%. Research analysts anticipate that Apple Hospitality REIT will post 0.65 EPS for the current fiscal year.

In related news, Director Kristian M. Gathright sold 17,642 shares of the firm’s stock in a transaction dated Tuesday, June 8th. The shares were sold at an average price of $16.50, for a total value of $291,093.00. Following the transaction, the director now owns 1,009,240 shares of the company’s stock, valued at approximately $16,652,460. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Kristian M. Gathright sold 12,916 shares of the firm’s stock in a transaction dated Thursday, April 8th. The stock was sold at an average price of $15.25, for a total transaction of $196,969.00. Following the completion of the transaction, the director now directly owns 1,065,322 shares in the company, valued at approximately $16,246,160.50. The disclosure for this sale can be found here. Insiders sold a total of 54,150 shares of company stock worth $859,180 in the last ninety days. 7.00% of the stock is currently owned by insiders.

A number of institutional investors have recently modified their holdings of APLE. Price T Rowe Associates Inc. MD grew its holdings in Apple Hospitality REIT by 6,126.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,168,646 shares of the real estate investment trust’s stock worth $66,727,000 after acquiring an additional 5,085,637 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Apple Hospitality REIT by 29,416.2% during the 4th quarter. Principal Financial Group Inc. now owns 4,562,319 shares of the real estate investment trust’s stock worth $58,898,000 after acquiring an additional 4,546,862 shares in the last quarter. Norges Bank bought a new position in Apple Hospitality REIT during the 4th quarter worth about $36,520,000. Russell Investments Group Ltd. grew its holdings in Apple Hospitality REIT by 397.8% during the 4th quarter. Russell Investments Group Ltd. now owns 3,034,292 shares of the real estate investment trust’s stock worth $39,261,000 after acquiring an additional 2,424,715 shares in the last quarter. Finally, Alliancebernstein L.P. grew its holdings in Apple Hospitality REIT by 281.6% during the 4th quarter. Alliancebernstein L.P. now owns 2,557,090 shares of the real estate investment trust’s stock worth $33,012,000 after acquiring an additional 1,886,947 shares in the last quarter. Institutional investors own 71.48% of the company’s stock.

Apple Hospitality REIT Company Profile

Apple Hospitality REIT, Inc (NYSE: APLE) is a publicly traded real estate investment trust (ÂREITÂ) 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 235 hotels with more than 30,000 guest rooms located in 87 markets throughout 34 states.

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