CIBC World Markets Acquires Shares in Apple Hospitality REIT, Inc.

CIBC World Markets Corp has recently expanded its investment portfolio by purchasing a new position in Apple Hospitality REIT, Inc. (NYSE:APLE) during the fourth quarter, as indicated by its latest Form 13F filing with the Securities and Exchange Commission (SEC). The company acquired 21,336 shares valued at around $328,000.

In addition to CIBC, several other hedge funds have also been active in trading shares of Apple Hospitality REIT. For example, Advisors Preferred LLC made a significant investment in the fourth quarter, amounting to approximately $4,651,000, while Holocene Advisors LP bought shares worth about $4,285,000 in the third quarter. Raymond James Financial Inc. also took a position in the fourth quarter valued at approximately $3,844,000. Furthermore, Barclays PLC increased its holdings in Apple Hospitality by 118.8% during the third quarter, now owning a total of 422,361 shares worth approximately $6,273,000 after purchasing an additional 229,293 shares. Systematic Financial Management LP also boosted its investment by 11.0%, increasing its share count to 2,099,877, valued at $31,183,000. Currently, institutional investors hold about 89.66% of the stock.

Market Analysts' Insights

Wall Street analysts have recently shared their perspectives on Apple Hospitality REIT. Wells Fargo & Company lowered its target price for APLE shares from $17.00 to $16.00 while maintaining an “equal weight” rating in a note released on February 18th. BMO Capital Markets initiated coverage on the company on December 9th, giving it an “outperform” rating and a target price of $18.00. Meanwhile, Bank of America upgraded its rating from “neutral” to “buy,” raising the price target from $16.00 to $17.00 in a report dated January 27th. Currently, three analysts recommend holding the stock, while three others have given it a buy rating. According to MarketBeat.com, Apple Hospitality REIT has a consensus rating of “Moderate Buy” and a target price of $16.80.

Performance Overview of Apple Hospitality REIT

As of the latest trading session, NYSE:APLE opened at $13.38. The company has a debt-to-equity ratio of 0.03, with quick and current ratios both at 0.04. APLE's 50-day moving average is $14.77, and its 200-day moving average is $15.10. The stock has a 52-week low of $13.01 and a 52-week high of $16.60, and its market capitalization stands at $3.21 billion, with a price-to-earnings ratio of 15.74 and a beta of 1.12.

Apple Hospitality REIT’s most recent quarterly earnings report was announced on February 24th, where the company reported earnings per share (EPS) of $0.32, slightly surpassing analysts’ expectations of $0.31. The firm reported a net margin of 14.53% and a return on equity of 6.17%, with revenues totaling $333.04 million, above analysts' expectations of $330.11 million. Looking ahead, equity research analysts project Apple Hospitality REIT, Inc. will achieve earnings per share of 1.6 for the current fiscal year.

Dividend Announcement

The company recently declared a monthly dividend to its shareholders, scheduled to be paid on April 15th. Those on record as of March 31st will receive a dividend of $0.08, which translates to an annualized dividend of $0.96 and a yield of 7.18%. The ex-dividend date is set for March 31st. However, it is worth noting that Apple Hospitality REIT’s dividend payout ratio (DPR) is at 109.09%, indicating that the company pays out more in dividends than it earns.

Apple Hospitality REIT Company Overview

Apple Hospitality REIT, Inc. (NYSE: APLE) is a publicly traded real estate investment trust (REIT) that manages a vast portfolio of upscale, room-focused hotels across the United States. The portfolio includes 223 hotels, offering more than 29,400 guest rooms in 87 markets spanning 37 states, as well as one property leased to third parties.

CIBC, Investment, Stocks