Zacks Investment Research lowered shares of Ashford Hospitality Prime (NYSE:AHP) from a buy rating to a hold rating in a report issued on Monday morning.
According to Zacks, “Ashford Hospitality Prime, Inc. is a real estate investment trust. It is focused on investing in high RevPAR full-service and urban select-service hotels and resorts located predominantly in domestic and international gateway markets. Ashford Hospitality Prime, Inc. is based in Dallas, Texas. “
Other analysts have also recently issued research reports about the stock. ValuEngine upgraded shares of Ashford Hospitality Prime from a hold rating to a buy rating in a research note on Friday, December 1st. B. Riley reiterated a buy rating on shares of Ashford Hospitality Prime in a research note on Friday, November 3rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. Ashford Hospitality Prime has a consensus rating of Buy and an average target price of $13.00.
Shares of Ashford Hospitality Prime (NYSE:AHP) traded down $0.14 during mid-day trading on Monday, reaching $9.54. 167,800 shares of the company’s stock were exchanged, compared to its average volume of 179,167. The firm has a market capitalization of $306.44, a PE ratio of -38.16 and a beta of 1.14. The company has a current ratio of 3.77, a quick ratio of 3.77 and a debt-to-equity ratio of 2.57. Ashford Hospitality Prime has a 12-month low of $8.74 and a 12-month high of $14.87.
Ashford Hospitality Prime (NYSE:AHP) last announced its quarterly earnings results on Wednesday, November 1st. The real estate investment trust reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.46). Ashford Hospitality Prime had a negative net margin of 0.36% and a negative return on equity of 0.43%. research analysts expect that Ashford Hospitality Prime will post 1.6 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th were given a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 6.71%. The ex-dividend date of this dividend was Thursday, December 28th. Ashford Hospitality Prime’s payout ratio is presently -256.00%.
Ashford Hospitality Prime declared that its Board of Directors has authorized a stock buyback plan on Monday, December 11th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the real estate investment trust to purchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.
In related news, EVP Jeremy Welter acquired 20,000 shares of the company’s stock in a transaction dated Tuesday, November 7th. The shares were bought at an average cost of $8.90 per share, with a total value of $178,000.00. Following the completion of the transaction, the executive vice president now directly owns 551 shares of the company’s stock, valued at $4,903.90. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. 10.00% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently modified their holdings of AHP. Dynamic Technology Lab Private Ltd bought a new position in shares of Ashford Hospitality Prime in the third quarter valued at about $109,000. Schroder Investment Management Group bought a new position in shares of Ashford Hospitality Prime in the second quarter valued at about $115,000. Numeric Investors LLC bought a new position in shares of Ashford Hospitality Prime in the second quarter valued at about $149,000. Voya Investment Management LLC raised its position in shares of Ashford Hospitality Prime by 16.3% in the second quarter. Voya Investment Management LLC now owns 17,628 shares of the real estate investment trust’s stock valued at $181,000 after purchasing an additional 2,477 shares during the period. Finally, The Manufacturers Life Insurance Company raised its position in shares of Ashford Hospitality Prime by 17.4% in the second quarter. The Manufacturers Life Insurance Company now owns 24,233 shares of the real estate investment trust’s stock valued at $249,000 after purchasing an additional 3,590 shares during the period. 64.56% of the stock is currently owned by institutional investors.
Ashford Hospitality Prime Company Profile
Ashford Hospitality Prime, Inc invests in high revenue per available room (RevPAR), luxury hotels and resorts. The Company conducts its business and owns all of its assets through its operating partnership, Ashford Hospitality Prime Limited Partnership (Ashford Prime OP). The Company operates in the direct hotel investment segment of the hotel lodging industry.
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