Wolverine Asset Management LLC has significantly reduced its investment in Apple Hospitality REIT, Inc. (NYSE: APLE). The firm disclosed a decrease of 52.7% in its holdings during the third quarter, as reported to the Securities and Exchange Commission. Following this adjustment, Wolverine now owns 212,607 shares of the real estate investment trust, valued at approximately $2.55 million.
In the latest filing, Wolverine sold 237,091 shares during the quarter. This move reflects broader trends in the investment landscape, as several institutional investors have also modified their positions in Apple Hospitality REIT.
Institutional Investor Activity
Among the notable changes, Royal Bank of Canada increased its stake in Apple Hospitality REIT by 2.8% in the first quarter. The bank now holds 170,862 shares, valued at $2.2 million, after acquiring an additional 4,712 shares. AQR Capital Management LLC made a substantial move by raising its stake by 114.3%, bringing its total to 136,046 shares worth $1.73 million.
MIRAE ASSET GLOBAL ETFs HOLDINGS Ltd. also lifted its holdings in the trust by 5.2%, acquiring an additional 6,788 shares for a total of 137,557 shares valued at $1.78 million. NewEdge Advisors LLC increased its position by an impressive 295.9%, owning 2,427 shares worth $31,000 after adding 1,814 shares.
In an extraordinary move, Jones Financial Companies Lllp raised its stake by a staggering 10,235.7%, now owning 21,705 shares valued at $280,000. Collectively, institutional investors and hedge funds own 89.66% of Apple Hospitality’s stock.
Analyst Ratings and Stock Performance
The stock has attracted attention from various equity research analysts. Cantor Fitzgerald initiated coverage on October 1, providing an “overweight” rating and a price target of $14.00. Similarly, Barclays began coverage on January 6 with an “overweight” rating, also setting a price target of $14.00.
Conversely, Robert W. Baird reduced its target price from $14.00 to $13.00 while maintaining an “outperform” rating. Bank of America downgraded Apple Hospitality REIT from a “buy” to a “neutral” rating, with a target price of $11.50. Currently, analysts have rated the stock with three “Buy” ratings and four “Hold” ratings, resulting in an average rating of “Hold” and a consensus target price of $12.92.
On November 3, Apple Hospitality REIT reported earnings per share of $0.42 for the quarter, surpassing analysts’ expectations of $0.40. The firm generated revenue of $373.88 million, exceeding estimates of $371.94 million. The company reported a net margin of 12.37% and a return on equity of 5.46%.
Insider Transactions and Dividends
In recent insider activity, Chairman Glade M. Knight purchased 5,000 shares on December 11 at an average price of $11.91, totaling $59,550. This acquisition increased his ownership to 710,344 shares, valued at approximately $8.46 million. Over the past ninety days, insiders have bought a total of 8,000 shares valued at $95,180. Insiders currently hold 7.10% of the company’s stock.
Apple Hospitality REIT recently declared a monthly dividend of $0.08, paid on January 15, 2024, to shareholders of record as of December 31, 2023. This reflects an annualized dividend yield of 7.8%, although the payout ratio stands at 131.51%.
Apple Hospitality REIT, Inc. is a publicly traded real estate investment trust focused on acquiring, owning, and operating upscale, select-service hotels. Its portfolio includes over 200 properties across the United States, primarily operated under major hotel brands such as Marriott, Hilton, and Hyatt.
