Wells Fargo & Company Trims Apple Hospitality REIT (NYSE:APLE) Target Price to $15.00

Apple Hospitality REIT (NYSE:APLE) had its price target cut by stock analysts at Wells Fargo & Company from $16.00 to $15.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has an “equal weight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 5.34% from the stock’s previous close.

Other equities research analysts also recently issued reports about the stock. Wedbush started coverage on shares of Apple Hospitality REIT in a research report on Monday, June 3rd. They set a “neutral” rating and a $15.00 target price on the stock. Oppenheimer cut their target price on shares of Apple Hospitality REIT from $19.00 to $17.00 and set an “outperform” rating on the stock in a research report on Monday, August 12th. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, Apple Hospitality REIT presently has an average rating of “Hold” and an average target price of $16.25.

Apple Hospitality REIT Price Performance

Shares of APLE traded up $0.07 during mid-day trading on Friday, reaching $14.24. The company had a trading volume of 129,955 shares, compared to its average volume of 2,099,697. The company’s 50 day simple moving average is $14.39 and its 200 day simple moving average is $14.96. Apple Hospitality REIT 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 quick ratio of 0.75 and a current ratio of 0.75. The company has a market capitalization of $3.45 billion, a price-to-earnings ratio of 16.56 and a beta of 1.12.

Apple Hospitality REIT (NYSE:APLE) last posted 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). Apple Hospitality REIT had a net margin of 14.91% and a return on equity of 6.30%. The company had revenue of $390.08 million during the quarter, compared to analyst estimates of $388.82 million. During the same quarter in the previous year, the business posted $0.49 earnings per share. Analysts expect that Apple Hospitality REIT will post 1.61 EPS for the current year.

Insider Buying and Selling at Apple Hospitality REIT

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

Institutional Investors Weigh In On Apple Hospitality REIT

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Sanctuary Advisors LLC bought a new stake in shares of Apple Hospitality REIT during the second quarter valued at about $348,000. Aurora Investment Counsel increased its position in shares of Apple Hospitality REIT by 182.9% during the second quarter. Aurora Investment Counsel now owns 75,802 shares of the real estate investment trust’s stock valued at $1,102,000 after buying an additional 49,003 shares during the period. Truist Financial Corp increased its position in shares of Apple Hospitality REIT by 8.2% during the second quarter. Truist Financial Corp now owns 77,165 shares of the real estate investment trust’s stock valued at $1,122,000 after buying an additional 5,856 shares during the period. Quarry LP increased its position in shares of Apple Hospitality REIT by 127.5% during the second quarter. Quarry LP now owns 2,302 shares of the real estate investment trust’s stock valued at $33,000 after buying an additional 1,290 shares during the period. Finally, Algert Global LLC bought a new stake in shares of Apple Hospitality REIT during the second quarter valued at about $337,000. 89.66% of the stock is currently owned by institutional investors.

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.