Apple Hospitality REIT (NYSE:APLE) Upgraded by Bank of America to Buy Rating

Apple Hospitality REIT (NYSE:APLE) was upgraded by Bank of America from a “neutral” rating to a “buy” rating in a research note issued on Monday, Marketbeat.com reports. The brokerage presently has a $17.00 price target on the real estate investment trust’s stock, up from their prior price target of $16.00. Bank of America‘s price target indicates a potential upside of 12.25% from the stock’s current price.

Other equities analysts have also issued reports about the stock. BMO Capital Markets began coverage on shares of Apple Hospitality REIT in a report on Monday, December 9th. They issued an “outperform” rating and a $18.00 target price on the stock. Oppenheimer reiterated an “outperform” rating and issued a $18.00 price objective (up from $17.00) on shares of Apple Hospitality REIT in a research report on Friday, November 8th. Finally, StockNews.com upgraded Apple Hospitality REIT from a “sell” rating to a “hold” rating in a research report on Friday, November 22nd. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $16.60.

Apple Hospitality REIT Trading Down 0.8 %

Shares of Apple Hospitality REIT stock opened at $15.15 on Monday. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.04 and a quick ratio of 0.04. The stock’s 50 day simple moving average is $15.54 and its 200-day simple moving average is $15.03. The stock has a market cap of $3.63 billion, a P/E ratio of 17.82 and a beta of 1.13. Apple Hospitality REIT has a 1-year low of $13.60 and a 1-year high of $16.99.

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

Hedge Funds Weigh In On Apple Hospitality REIT

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. 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 worth $33,000 after acquiring an additional 1,290 shares during the period. GAMMA Investing LLC boosted its stake in shares of Apple Hospitality REIT by 40.4% in the 3rd quarter. GAMMA Investing LLC now owns 2,712 shares of the real estate investment trust’s stock valued at $40,000 after buying an additional 780 shares during the period. Covestor Ltd grew its position in shares of Apple Hospitality REIT by 30.0% during the third quarter. Covestor Ltd now owns 7,932 shares of the real estate investment trust’s stock worth $118,000 after buying an additional 1,831 shares in the last quarter. KBC Group NV increased its stake in shares of Apple Hospitality REIT by 37.8% during the fourth quarter. KBC Group NV now owns 9,257 shares of the real estate investment trust’s stock worth $142,000 after buying an additional 2,541 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in Apple Hospitality REIT by 28.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,262 shares of the real estate investment trust’s stock valued at $171,000 after acquiring an additional 2,506 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.