Apple Hospitality REIT, Inc. (NYSE:APLE) to Issue Monthly Dividend of $0.08

Apple Hospitality REIT, Inc. (NYSE:APLE) announced a monthly dividend on Thursday, September 19th, Zacks reports. Investors of record on Monday, September 30th will be given a dividend of 0.08 per share by the real estate investment trust on Tuesday, October 15th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 6.34%. The ex-dividend date of this dividend is Monday, September 30th.

Apple Hospitality REIT has a payout ratio of 111.6% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Apple Hospitality REIT to earn $1.65 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 58.2%.

Apple Hospitality REIT Stock Performance

NYSE APLE opened at $15.14 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.75 and a quick ratio of 0.75. Apple Hospitality REIT has a 1-year low of $13.60 and a 1-year high of $17.90. The business has a 50 day simple moving average of $14.45 and a two-hundred day simple moving average of $14.83. The stock has a market capitalization of $3.67 billion, a PE ratio of 17.60 and a beta of 1.12.

Apple Hospitality REIT (NYSE:APLE) last posted its earnings results on Monday, August 5th. The real estate investment trust reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.13). The business had revenue of $390.08 million during the quarter, compared to analysts’ expectations of $388.82 million. Apple Hospitality REIT had a net margin of 14.91% and a return on equity of 6.30%. During the same period last year, the business posted $0.49 earnings per share. On average, research analysts predict that Apple Hospitality REIT will post 1.61 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently commented on APLE shares. Wells Fargo & Company dropped their price target on Apple Hospitality REIT from $16.00 to $15.00 and set an “equal weight” rating for the company in a research report on Friday, September 13th. Wedbush assumed coverage on Apple Hospitality REIT in a research report on Monday, June 3rd. They set a “neutral” rating and a $15.00 target price on the stock. Finally, Oppenheimer lowered their price target on Apple Hospitality REIT from $19.00 to $17.00 and set an “outperform” rating for the company in a research report on Monday, August 12th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $16.25.

Insider Buying and Selling

In other Apple Hospitality REIT news, Chairman Glade M. Knight bought 5,000 shares of the company’s stock in a transaction on Thursday, August 8th. The stock was acquired at an average price of $14.04 per share, for a total transaction of $70,200.00. Following the completion of the transaction, the chairman now directly owns 636,990 shares of the company’s stock, valued at $8,943,339.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 6.80% of the stock is currently owned by corporate insiders.

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.