Schwab Charles Investment Management Inc. decreased its stake in shares of Ashford Hospitality Prime Inc (NYSE:AHP) by 45.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 381,236 shares of the real estate investment trust’s stock after selling 319,442 shares during the quarter. Schwab Charles Investment Management Inc. owned approximately 1.19% of Ashford Hospitality Prime worth $3,622,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in AHP. Dynamic Technology Lab Private Ltd bought a new stake in Ashford Hospitality Prime during the 3rd quarter valued at about $109,000. Schroder Investment Management Group bought a new stake in Ashford Hospitality Prime during the 2nd quarter valued at about $115,000. Numeric Investors LLC bought a new stake in Ashford Hospitality Prime during the 2nd quarter valued at about $149,000. Voya Investment Management LLC lifted its holdings in Ashford Hospitality Prime by 16.3% during the 2nd 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 in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in Ashford Hospitality Prime by 17.4% during the 2nd 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 in the last quarter. Institutional investors own 64.56% of the company’s stock.
In other Ashford Hospitality Prime news, EVP Jeremy Welter purchased 20,000 shares of Ashford Hospitality Prime stock in a transaction dated Tuesday, November 7th. The stock was acquired at an average price of $8.90 per share, for a total transaction of $178,000.00. Following the acquisition, the executive vice president now owns 551 shares in the company, valued at approximately $4,903.90. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 10.00% of the company’s stock.
Shares of Ashford Hospitality Prime Inc (NYSE:AHP) opened at $9.62 on Friday. Ashford Hospitality Prime Inc has a twelve month low of $8.74 and a twelve month high of $14.87. 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 $309.00, a PE ratio of 5.76 and a beta of 1.14.
Ashford Hospitality Prime announced that its board has approved a stock repurchase plan on Monday, December 11th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the real estate investment trust to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th will be issued a $0.16 dividend. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $0.64 annualized dividend and a dividend yield of 6.65%. Ashford Hospitality Prime’s dividend payout ratio is currently -228.56%.
A number of equities research analysts recently weighed in on the stock. Zacks Investment Research upgraded shares of Ashford Hospitality Prime from a “hold” rating to a “buy” rating and set a $11.00 price objective for the company in a report on Tuesday, January 2nd. ValuEngine upgraded shares of Ashford Hospitality Prime from a “hold” rating to a “buy” rating in a report on Monday, October 2nd. Finally, B. Riley restated a “buy” rating on shares of Ashford Hospitality Prime in a report on Friday, November 3rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $13.00.
COPYRIGHT VIOLATION WARNING: “Ashford Hospitality Prime Inc (AHP) Shares Sold by Schwab Charles Investment Management Inc.” was originally reported by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are reading this report on another domain, it was stolen and republished in violation of U.S. and international copyright & trademark law. The original version of this report can be accessed at https://www.dispatchtribunal.com/2018/01/14/ashford-hospitality-prime-inc-ahp-shares-sold-by-schwab-charles-investment-management-inc.html.
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.
Want to see what other hedge funds are holding AHP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ashford Hospitality Prime Inc (NYSE:AHP).
Receive News & Ratings for Ashford Hospitality Prime Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ashford Hospitality Prime and related companies with MarketBeat.com's FREE daily email newsletter.