Apple Hospitality REIT, Inc. (NYSE:APLE) Director Glenn W. Jr. Bunting has recently increased his stake in the company, according to the latest filings with the Securities and Exchange Commission. On May 17, 2024, Bunting purchased 549 shares of the real estate investment trust at a price of $14.58 per share, totaling approximately $8,004.
This transaction has bolstered Bunting's total holdings in Apple (NASDAQ:AAPL) Hospitality REIT to 10,549 shares through indirect ownership by his spouse. Including his direct holdings, Bunting now owns a total of 52,237 common shares in the company. This move demonstrates a continued commitment from the director, who plays a key role in the strategic decisions of the REIT.
Investors often keep a close eye on insider transactions like these, as they can provide insights into the executives' perspectives on the company's current valuation and future prospects. Bunting's recent purchase could be interpreted as a sign of confidence in the company's performance and its position within the real estate investment sector.
Apple Hospitality REIT, headquartered in Richmond, Virginia, specializes in hotel properties, with a focus on providing a high level of accommodation and service to its customers. The company's portfolio includes a variety of properties across key markets in the United States, catering to both business and leisure travelers.
The stock of Apple Hospitality REIT is publicly traded on the New York Stock Exchange under the ticker symbol APLE, and interested investors can follow its performance as part of their broader investment considerations within the real estate investment trust industry.
InvestingPro Insights
Apple Hospitality REIT, Inc. (NYSE:APLE) has been the subject of recent insider trading activity, with Director Glenn W. Jr. Bunting increasing his stake in the company. This move may be backed by the company's solid financial performance metrics and attractive valuation indicators as reflected in the latest data from InvestingPro.
InvestingPro Data shows Apple Hospitality REIT with a market capitalization of $3.55 billion and a P/E Ratio of 17.13, indicating a potentially undervalued stock relative to near-term earnings growth. Additionally, the company has a low price to book ratio of 1.07 as of Q1 2024, which could suggest that the stock is reasonably priced in relation to its net asset value.
One of the InvestingPro Tips highlights that Apple Hospitality REIT is trading at a low EBITDA valuation multiple, with an EBITDA of $442.27 million and a growth of 2.87% in the last twelve months as of Q1 2024. This could imply that the company is undervalued based on its earnings before interest, taxes, depreciation, and amortization, which is a key metric used by investors to assess a company's operating performance.
Moreover, another InvestingPro Tip indicates that analysts predict the company will be profitable this year. This is supported by the fact that Apple Hospitality REIT has been profitable over the last twelve months, which may further justify Director Bunting's decision to increase his holdings in the company.
For investors seeking more in-depth analysis, there are additional InvestingPro Tips available at: https://www.investing.com/pro/APLE. And for those considering an InvestingPro subscription, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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