Corebridge Financial Inc. Sells 9,488 Shares of Apple Hospitality REIT, Inc. (NYSE:APLE)

Corebridge Financial Inc. trimmed its holdings in Apple Hospitality REIT, Inc. (NYSE:APLE) by 7.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 121,212 shares of the real estate investment trust’s stock after selling 9,488 shares during the quarter. Corebridge Financial Inc. owned about 0.05% of Apple Hospitality REIT worth $1,861,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in the stock. GAMMA Investing LLC raised its position in shares of Apple Hospitality REIT by 80.9% in the 4th quarter. GAMMA Investing LLC now owns 4,905 shares of the real estate investment trust’s stock worth $75,000 after purchasing an additional 2,193 shares during the last quarter. KBC Group NV grew its position in Apple Hospitality REIT by 37.8% in the 4th quarter. KBC Group NV now owns 9,257 shares of the real estate investment trust’s stock worth $142,000 after purchasing an additional 2,541 shares during the period. Entropy Technologies LP purchased a new stake in Apple Hospitality REIT during the fourth quarter valued at $159,000. Proficio Capital Partners LLC bought a new stake in shares of Apple Hospitality REIT during the 4th quarter valued at about $167,000. Finally, TD Private Client Wealth LLC increased its holdings in Apple Hospitality REIT by 14.6% during the third quarter. TD Private Client Wealth LLC now owns 11,727 shares of the real estate investment trust’s stock valued at $174,000 after buying an additional 1,490 shares during the last quarter. 89.66% of the stock is owned by institutional investors.

Apple Hospitality REIT Stock Performance

Shares of APLE opened at $12.92 on Thursday. The firm has a market capitalization of $3.10 billion, a price-to-earnings ratio of 15.20 and a beta of 1.12. The company has a 50-day moving average of $14.48 and a 200 day moving average of $15.04. Apple Hospitality REIT, Inc. has a 1-year low of $12.65 and a 1-year high of $16.50. 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 (NYSE:APLE) last released its quarterly earnings data on Monday, February 24th. The real estate investment trust reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.01. Apple Hospitality REIT had a return on equity of 6.17% and a net margin of 14.53%. The firm had revenue of $333.04 million during the quarter, compared to the consensus estimate of $330.11 million. On average, research analysts expect that Apple Hospitality REIT, Inc. will post 1.6 EPS for the current year.

Apple Hospitality REIT Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a dividend of $0.08 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 7.43%. The ex-dividend date of this dividend is Monday, March 31st. Apple Hospitality REIT’s dividend payout ratio (DPR) is currently 109.09%.

Analysts Set New Price Targets

Several research analysts have recently commented on APLE shares. BMO Capital Markets started coverage on Apple Hospitality REIT in a research note on Monday, December 9th. They issued an “outperform” rating and a $18.00 price objective on the stock. Bank of America upgraded Apple Hospitality REIT from a “neutral” rating to a “buy” rating and raised their price objective for the company from $16.00 to $17.00 in a research report on Monday, January 27th. Finally, Wells Fargo & Company decreased their price target on shares of Apple Hospitality REIT from $17.00 to $16.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 18th. 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 has an average rating of “Moderate Buy” and an average target price of $16.80.

About Apple Hospitality REIT

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.