Schwab Charles Investment Management Inc. cut its stake in Ashford Hospitality Prime Inc (NYSE:AHP) by 45.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 381,236 shares of the real estate investment trust’s stock after selling 319,442 shares during the period. Schwab Charles Investment Management Inc. owned about 1.19% of Ashford Hospitality Prime worth $3,622,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in AHP. Wells Fargo & Company MN lifted its holdings in shares of 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 valued at $386,000 after purchasing an additional 11,782 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Ashford Hospitality Prime in the 3rd quarter valued at about $109,000. ClariVest Asset Management LLC increased its position in Ashford Hospitality Prime by 3.1% during the 3rd quarter. ClariVest Asset Management LLC now owns 496,335 shares of the real estate investment trust’s stock worth $4,715,000 after purchasing an additional 14,718 shares during the period. Ranger Global Real Estate Advisors LLC increased its position in Ashford Hospitality Prime by 4.8% during the 3rd quarter. Ranger Global Real Estate Advisors LLC now owns 354,636 shares of the real estate investment trust’s stock worth $3,369,000 after purchasing an additional 16,400 shares during the period. Finally, The Manufacturers Life Insurance Company increased its position 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 worth $249,000 after purchasing an additional 3,590 shares during the period. Hedge funds and other institutional investors own 64.45% of the company’s stock.
Shares of Ashford Hospitality Prime Inc (NYSE:AHP) traded down $0.38 during trading on Monday, hitting $8.61. The company’s stock had a trading volume of 549,439 shares, compared to its average volume of 245,077. The stock has a market cap of $288.77, a price-to-earnings ratio of -30.75 and a beta of 1.00. 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 Inc has a one year low of $8.57 and a one year high of $13.83.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th were issued a dividend of $0.16 per share. The ex-dividend date of this dividend was Thursday, December 28th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 7.43%. Ashford Hospitality Prime’s payout ratio is -228.56%.
Ashford Hospitality Prime announced that its Board of Directors has initiated a stock repurchase plan on Monday, December 11th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the real estate investment trust to repurchase shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.
Several equities analysts have issued reports on AHP shares. B. Riley reiterated a “buy” rating on shares of Ashford Hospitality Prime in a research report on Friday, November 3rd. ValuEngine upgraded Ashford Hospitality Prime from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Finally, Zacks Investment Research upgraded Ashford Hospitality Prime from a “hold” rating to a “buy” rating and set a $11.00 price target on the stock in a report on Tuesday, January 2nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company’s stock. Ashford Hospitality Prime currently has an average rating of “Hold” and a consensus price target of $12.20.
In other news, EVP Jeremy Welter acquired 20,000 shares of the company’s stock in a transaction dated Tuesday, November 7th. The stock was acquired at an average cost of $8.90 per share, for a total transaction of $178,000.00. Following the acquisition, the executive vice president now directly owns 551 shares in the company, valued at approximately $4,903.90. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 10.00% of the company’s stock.
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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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