Segall Bryant & Hamill LLC has significantly increased its investment in Apple Hospitality REIT, Inc. (NYSE: APLE), growing its holdings by 27.2% during the second quarter of 2023. According to the firm’s latest filing with the Securities and Exchange Commission, Segall Bryant & Hamill now owns 398,182 shares of the real estate investment trust, following the acquisition of an additional 85,238 shares during the quarter. This stake is valued at approximately $4.65 million, representing 0.17% of the company’s total shares.
Several other institutional investors have also adjusted their positions in Apple Hospitality REIT. Notably, Hantz Financial Services Inc. dramatically increased its holdings by 12,230.0%, now owning 2,466 shares valued at $29,000 after acquiring 2,446 shares. NewEdge Advisors LLC expanded its position by 295.9%, now holding 2,427 shares worth $31,000, while Caitong International Asset Management Co. Ltd raised its stake by 444.4%, bringing its total to 2,793 shares valued at $33,000.
The influence of institutional investors is evident, as they collectively own 89.66% of Apple Hospitality REIT’s stock.
Analysts Weigh In on Apple Hospitality REIT
Recent analyses have yielded mixed ratings for Apple Hospitality REIT. On November 4, 2023, Bank of America downgraded its rating from “buy” to “neutral,” setting a price target of $11.50. Conversely, Weiss Ratings maintained a “hold (c-)” rating, while Robert W. Baird reduced its price target from $14.00 to $13.00, citing an “outperform” rating.
On the other hand, Cantor Fitzgerald initiated coverage with an “overweight” rating and a target price of $14.00. Additionally, Wells Fargo & Company upgraded its rating to “hold.” Currently, two analysts rate the stock as a buy, while four have assigned a hold rating, leading to an average rating of “hold” and a consensus price target of $12.70.
Stock Performance and Upcoming Dividend Announcement
As of November 3, 2023, Apple Hospitality REIT’s stock opened at $11.80, with a market capitalization of $2.79 billion. The company has a price-to-earnings (P/E) ratio of 15.73 and a beta of 1.04. Its performance over the past year has seen a low of $10.44 and a high of $16.50.
Apple Hospitality REIT also announced a monthly dividend of $0.08 per share, to be paid on December 15, 2023, for stockholders of record on November 28, 2023. This reflects an annualized dividend yield of 8.1%, although the company’s payout ratio stands at 131.51%.
The trust’s latest financial results, disclosed on November 3, 2023, indicate earnings per share (EPS) of $0.42, surpassing the consensus estimate of $0.40. Revenue for the quarter reached $373.88 million, exceeding expectations of $371.94 million. Apple Hospitality REIT reported a net margin of 12.71% and a return on equity of 5.58%. Analysts predict that the REIT will post an EPS of 1.60 for the current fiscal year.
Apple Hospitality REIT, Inc. owns a diverse portfolio of upscale, rooms-focused hotels across the United States. With 223 hotels and over 29,400 guest rooms in 87 markets across 37 states, the company holds a substantial position in the hospitality sector.
