Wells Fargo & Company Cuts Apple Hospitality REIT (NYSE:APLE) Price Target to $16.00

Apple Hospitality REIT (NYSE:APLE) had its price objective decreased by Wells Fargo & Company from $17.00 to $16.00 in a research note issued to investors on Tuesday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the real estate investment trust’s stock.

Several other research analysts have also issued reports on APLE. Bank of America upgraded Apple Hospitality REIT from a “neutral” rating to a “buy” rating and increased their price target for the stock from $16.00 to $17.00 in a report on Monday, January 27th. Oppenheimer reiterated an “outperform” rating and issued a $18.00 price target (up previously from $17.00) on shares of Apple Hospitality REIT in a report on Friday, November 8th. StockNews.com upgraded Apple Hospitality REIT from a “sell” rating to a “hold” rating in a report on Friday, November 22nd. Finally, BMO Capital Markets started coverage on Apple Hospitality REIT in a report on Monday, December 9th. They issued an “outperform” rating and a $18.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Apple Hospitality REIT currently has an average rating of “Moderate Buy” and an average target price of $16.80.

Apple Hospitality REIT Trading Down 0.7 %

NYSE APLE opened at $15.26 on Tuesday. The business has a 50 day simple moving average of $15.32 and a 200 day simple moving average of $15.10. Apple Hospitality REIT has a one year low of $13.60 and a one year high of $16.99. The stock has a market capitalization of $3.66 billion, a P/E ratio of 17.95 and a beta of 1.13. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.04 and a quick ratio of 0.04.

Apple Hospitality REIT Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, March 17th. Investors of record on Friday, February 28th will be given a dividend of $0.08 per share. This represents a $0.96 annualized dividend and a yield of 6.29%. The ex-dividend date of this dividend is Friday, February 28th. Apple Hospitality REIT’s payout ratio is 112.94%.

Hedge Funds Weigh In On Apple Hospitality REIT

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Aster Capital Management DIFC Ltd purchased a new position in Apple Hospitality REIT during the fourth quarter worth about $31,000. Quarry LP grew its position in Apple Hospitality REIT by 128.1% during the fourth quarter. Quarry LP now owns 3,118 shares of the real estate investment trust’s stock worth $48,000 after buying an additional 1,751 shares in the last quarter. Brown Brothers Harriman & Co. purchased a new position in Apple Hospitality REIT during the fourth quarter worth about $51,000. GF Fund Management CO. LTD. purchased a new position in Apple Hospitality REIT during the fourth quarter worth about $64,000. Finally, GAMMA Investing LLC grew its position in Apple Hospitality REIT by 80.9% during the fourth quarter. GAMMA Investing LLC now owns 4,905 shares of the real estate investment trust’s stock worth $75,000 after buying an additional 2,193 shares in the last quarter. 89.66% of the stock is currently owned by hedge funds and other 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.