CIBC Asset Management Inc Invests $239,000 in Apple Hospitality REIT, Inc. (NYSE:APLE)

CIBC Asset Management Inc acquired a new stake in Apple Hospitality REIT, Inc. (NYSE:APLE) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 15,554 shares of the real estate investment trust’s stock, valued at approximately $239,000.

Several other hedge funds have also recently added to or reduced their stakes in APLE. Victory Capital Management Inc. boosted its position in shares of Apple Hospitality REIT by 11.9% during the third quarter. Victory Capital Management Inc. now owns 6,737,959 shares of the real estate investment trust’s stock worth $100,059,000 after purchasing an additional 718,844 shares in the last quarter. Advisors Preferred LLC bought a new stake in shares of Apple Hospitality REIT in the 4th quarter valued at $4,651,000. Holocene Advisors LP acquired a new stake in Apple Hospitality REIT during the 3rd quarter worth $4,285,000. Barclays PLC lifted its holdings in Apple Hospitality REIT by 118.8% during the third quarter. Barclays PLC now owns 422,361 shares of the real estate investment trust’s stock worth $6,273,000 after acquiring an additional 229,293 shares in the last quarter. Finally, Systematic Financial Management LP grew its stake in Apple Hospitality REIT by 11.0% in the third quarter. Systematic Financial Management LP now owns 2,099,877 shares of the real estate investment trust’s stock valued at $31,183,000 after acquiring an additional 207,256 shares during the period. Institutional investors and hedge funds own 89.66% of the company’s stock.

Apple Hospitality REIT Price Performance

Shares of APLE opened at $14.41 on Wednesday. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 0.03. Apple Hospitality REIT, Inc. has a twelve month low of $13.60 and a twelve month high of $16.99. The stock has a market capitalization of $3.46 billion, a P/E ratio of 16.95 and a beta of 1.13. The company has a 50 day moving average of $15.23 and a 200-day moving average of $15.13.

Apple Hospitality REIT (NYSE:APLE) last released its earnings results on Monday, February 24th. The real estate investment trust reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.01. Apple Hospitality REIT had a net margin of 14.53% and a return on equity of 6.17%. The business had revenue of $333.04 million during the quarter, compared to the consensus estimate of $330.11 million. As a group, equities research analysts forecast that Apple Hospitality REIT, Inc. will post 1.6 EPS for the current fiscal year.

Apple Hospitality REIT Dividend Announcement

The business 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 $0.08 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 6.66%. The ex-dividend date of this dividend is Friday, February 28th. Apple Hospitality REIT’s dividend payout ratio is currently 112.94%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on APLE. Wells Fargo & Company dropped their price target on Apple Hospitality REIT from $17.00 to $16.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 18th. Bank of America raised Apple Hospitality REIT from a “neutral” rating to a “buy” rating and increased their target price for the stock from $16.00 to $17.00 in a research note on Monday, January 27th. StockNews.com raised shares of Apple Hospitality REIT from a “sell” rating to a “hold” rating in a research note on Friday, November 22nd. Oppenheimer reissued an “outperform” rating and set a $18.00 price objective (up previously from $17.00) on shares of Apple Hospitality REIT in a research report on Friday, November 8th. Finally, BMO Capital Markets assumed coverage on shares of Apple Hospitality REIT in a research report on Monday, December 9th. They issued an “outperform” rating and a $18.00 price objective on the stock. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $16.80.

Apple Hospitality REIT 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.