Ashford Hospitality Prime Inc (NYSE:AHP) was the recipient of a significant growth in short interest during the month of December. As of December 29th, there was short interest totalling 790,167 shares, a growth of 50.8% from the December 15th total of 524,086 shares. Based on an average trading volume of 202,666 shares, the days-to-cover ratio is presently 3.9 days. Approximately 2.6% of the shares of the stock are sold short.
A number of research firms have recently commented on AHP. Zacks Investment Research raised shares of Ashford Hospitality Prime from a “hold” rating to a “buy” rating and set a $11.00 target price for the company in a report on Tuesday. ValuEngine raised shares of Ashford Hospitality Prime from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Finally, B. Riley reissued a “buy” rating on shares of Ashford Hospitality Prime in a report on Friday, November 3rd. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $13.00.
Ashford Hospitality Prime (NYSE:AHP) opened at $9.53 on Wednesday. Ashford Hospitality Prime has a 52 week low of $8.74 and a 52 week high of $14.87. The company has a quick ratio of 3.77, a current ratio of 3.77 and a debt-to-equity ratio of 2.57. The stock has a market capitalization of $306.11, a P/E ratio of -38.12 and a beta of 1.14.
Ashford Hospitality Prime declared that its board has initiated a stock buyback plan on Monday, December 11th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the real estate investment trust to buy shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th were paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 6.72%. The ex-dividend date was Thursday, December 28th. Ashford Hospitality Prime’s dividend payout ratio is currently -256.00%.
In related news, EVP Jeremy Welter bought 20,000 shares of the company’s stock in a transaction dated Tuesday, November 7th. The stock was purchased at an average price of $8.90 per share, with a total value of $178,000.00. Following the completion of the acquisition, the executive vice president now owns 551 shares of the company’s stock, valued at $4,903.90. The purchase was disclosed in a document filed with the SEC, which is available through this link. 10.00% of the stock is currently owned by corporate insiders.
Several institutional investors have recently added to or reduced their stakes in AHP. Dynamic Technology Lab Private Ltd acquired a new position in shares of Ashford Hospitality Prime in the third quarter valued at approximately $109,000. Schroder Investment Management Group acquired a new position in shares of Ashford Hospitality Prime in the second quarter valued at approximately $115,000. Numeric Investors LLC acquired a new position in shares of Ashford Hospitality Prime in the second quarter valued at approximately $149,000. Voya Investment Management LLC increased its stake 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 buying an additional 2,477 shares during the period. Finally, The Manufacturers Life Insurance Company increased its stake 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 buying an additional 3,590 shares during the period. 64.56% of the stock is owned by institutional investors.
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About Ashford Hospitality Prime
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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