Cibc World Markets Corp Acquires 21,336 Shares in Apple Hospitality REIT, Inc.

Cibc World Markets Corp has recently made an investment in Apple Hospitality REIT, Inc. (NYSE: APLE) by acquiring a new stake in the real estate investment trust during the fourth quarter. According to the latest Form 13F filing with the SEC, the firm purchased 21,336 shares valued at around $328,000.

In addition to Cibc, other institutional investors have also shown interest in Apple Hospitality REIT. For instance, Advisors Preferred LLC also acquired a new position in the fourth quarter amounting to roughly $4,651,000. Moreover, Holocene Advisors LP made a significant purchase in the third quarter, investing approximately $4,285,000, while Raymond James Financial Inc. bought shares valued at about $3,844,000 during the same quarter. Barclays PLC has notably increased its holdings in Apple Hospitality REIT by 118.8% during the third quarter, now owning 422,361 shares worth $6,273,000 after adding 229,293 shares. Lastly, Systematic Financial Management LP boosted its position by 11.0%, bringing its total to around 2,099,877 shares valued at $31,183,000. Currently, institutional investors hold 89.66% of the company's stock.

Growth Forecasts from Wall Street Analysts

Equity analysts have provided insights regarding Apple Hospitality REIT's future performance. For instance, Wells Fargo & Company revised its target price downwards from $17.00 to $16.00, rating the stock as “equal weight.” Conversely, BMO Capital Markets has initiated coverage with an “outperform” rating and a target price of $18.00. Furthermore, Bank of America upgraded its rating from “neutral” to “buy,” increasing the price target from $16.00 to $17.00. At this time, three analysts recommend holding the stock, while another three analysts suggest a buy, leading to a consensus rating of “Moderate Buy” with an average target price of $16.80 according to MarketBeat.com.

Apple Hospitality REIT’s Stock Performance

As of the recent trading session, Apple Hospitality REIT (NYSE: APLE) opened at $13.38. The company has a low debt-to-equity ratio of 0.03, with quick and current ratios also standing at 0.04 each. The stock has a 50-day moving average price of $14.77 and a 200-day moving average of $15.10. Over the past 52 weeks, the stock has reached a low of $13.01 and a high of $16.60. With a market capitalization of $3.21 billion, the stock has a price-to-earnings ratio of 15.74 and a beta of 1.12.

Apple Hospitality REIT, Inc. reported its quarterly earnings results on February 24th, posting an earnings per share (EPS) of $0.32 for the quarter, which exceeded analysts’ expectations of $0.31. The real estate investment trust recorded a net margin of 14.53% and a return on equity of 6.17%, with revenue hitting $333.04 million, surpassing the anticipated $330.11 million. Analysts expect that Apple Hospitality REIT will achieve an EPS of 1.6 for the current fiscal year.

Dividend Announcement by Apple Hospitality REIT

The company has also declared a monthly dividend, scheduled to be paid on April 15th. Shareholders who are on record by March 31st will receive a $0.08 dividend, which amounts to an annualized dividend of $0.96, resulting in a yield of 7.18%. The ex-dividend date is set for March 31st, and the dividend payout ratio currently stands at 109.09%.

About Apple Hospitality REIT

Apple Hospitality REIT, Inc. (NYSE: APLE) is a publicly traded real estate investment trust that maintains a broad portfolio of upscale, rooms-focused hotels across the United States. The company oversees a diverse collection of 223 hotels with over 29,400 guest rooms, located in 87 markets across 37 states, along with one property that is leased to third parties.

investment, realestate, shares