Share Buyback Plan Declared by Ashford Hospitality Prime (AHP) Board of Directors
Ashford Hospitality Prime (NYSE:AHP) announced that its board has authorized a stock repurchase program, which allows the company to repurchase $50.00 million in shares on Monday, December 11th, EventVestor reports. This repurchase authorization allows the real estate investment trust to reacquire shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.
Several equities research analysts have weighed in on the company. B. Riley reiterated a “buy” rating on shares of Ashford Hospitality Prime in a report on Friday, November 3rd. ValuEngine upgraded Ashford Hospitality Prime from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Robert W. Baird restated a “hold” rating and issued a $11.00 target price on shares of Ashford Hospitality Prime in a research note on Friday, September 8th. Zacks Investment Research upgraded Ashford Hospitality Prime from a “sell” rating to a “hold” rating in a research note on Monday, August 28th. Finally, BidaskClub upgraded Ashford Hospitality Prime from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 26th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company’s stock. Ashford Hospitality Prime currently has an average rating of “Hold” and an average price target of $13.17.
Ashford Hospitality Prime (NYSE AHP) traded up $0.53 on Tuesday, hitting $9.77. The stock had a trading volume of 398,200 shares, compared to its average volume of 270,906. The stock has a market cap of $295.06, a PE ratio of 5.53 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 52 week low of $8.74 and a 52 week high of $14.87.
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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