Ashford (AINC) to Buyback $20.00 million in Outstanding Shares
Ashford (NYSEAMERICAN:AINC) declared that its Board of Directors has initiated a share repurchase program, which allows the company to buyback $20.00 million in outstanding shares on Monday, December 11th, EventVestor reports. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.
Ashford (NYSEAMERICAN AINC) traded up $4.90 during midday trading on Tuesday, hitting $88.00. The company had a trading volume of 400 shares, compared to its average volume of 1,363. Ashford has a 52-week low of $42.00 and a 52-week high of $111.00.
Several equities analysts recently issued reports on the company. Zacks Investment Research downgraded Ashford from a “buy” rating to a “hold” rating in a research report on Wednesday, September 27th. TheStreet raised Ashford from a “d” rating to a “c-” rating in a research report on Wednesday, October 11th. Finally, B. Riley downgraded Ashford from a “buy” rating to a “neutral” rating and upped their target price for the company from $67.00 to $81.00 in a research report on Tuesday, November 7th. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Ashford has an average rating of “Hold” and an average price target of $68.75.
Ashford Inc provides asset management and advisory services to other entities, primarily within the hospitality industry. The Company operates in the segment of asset and investment management, which includes managing the day-to-day operations of Ashford Hospitality Prime, Inc (Ashford Prime) and its subsidiaries.
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