Ashford Hospitality Prime (NYSE:AHP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday, January 2nd. The firm currently has a $11.00 target price on the real estate investment trust’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 12.82% from the company’s previous close.
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 research analysts also recently issued reports about the stock. ValuEngine raised shares of Ashford Hospitality Prime from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Robert W. Baird reaffirmed a “hold” rating and issued a $11.00 price objective on shares of Ashford Hospitality Prime in a report on Friday, September 8th. Finally, B. Riley reaffirmed a “buy” rating on shares of Ashford Hospitality Prime in a report on Friday, November 3rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $13.00.
Shares of Ashford Hospitality Prime (AHP) opened at $9.75 on Tuesday. The company has a debt-to-equity ratio of 2.57, a current ratio of 3.77 and a quick ratio of 3.77. The company has a market cap of $313.18, a PE ratio of -39.00 and a beta of 1.14. Ashford Hospitality Prime has a one year low of $8.74 and a one year high of $14.87.
Ashford Hospitality Prime declared that its Board of Directors has approved 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 repurchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
In related news, EVP Jeremy Welter acquired 20,000 shares of the stock in a transaction dated Tuesday, November 7th. The shares were purchased at an average price of $8.90 per share, for a total transaction of $178,000.00. Following the transaction, the executive vice president now owns 551 shares in the company, valued at approximately $4,903.90. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 10.00% of the stock is owned by company insiders.
Several institutional investors have recently bought and sold shares of the company. Public Employees Retirement System of Ohio raised its position in shares of Ashford Hospitality Prime by 90.3% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 67,219 shares of the real estate investment trust’s stock valued at $639,000 after buying an additional 31,899 shares in the last quarter. California Public Employees Retirement System raised its position in Ashford Hospitality Prime by 24.1% in the 3rd quarter. California Public Employees Retirement System now owns 109,696 shares of the real estate investment trust’s stock worth $1,042,000 after purchasing an additional 21,296 shares during the period. Lido Advisors LLC purchased a new position in Ashford Hospitality Prime in the 3rd quarter worth $699,000. Dimensional Fund Advisors LP raised its position in Ashford Hospitality Prime by 2.4% in the 3rd quarter. Dimensional Fund Advisors LP now owns 447,158 shares of the real estate investment trust’s stock worth $4,248,000 after purchasing an additional 10,418 shares during the period. Finally, Wells Fargo & Company MN raised its position in Ashford Hospitality Prime by 40.6% in the 3rd quarter. Wells Fargo & Company MN now owns 40,771 shares of the real estate investment trust’s stock worth $386,000 after purchasing an additional 11,782 shares during the period. Hedge funds and other institutional investors own 64.56% of the company’s stock.
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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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