Great West Life Assurance Co. Can lowered its stake in Ashford Hospitality Prime Inc (NYSE:AHP) by 31.5% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 19,164 shares of the real estate investment trust’s stock after selling 8,800 shares during the quarter. Great West Life Assurance Co. Can owned about 0.06% of Ashford Hospitality Prime worth $182,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of AHP. Dynamic Technology Lab Private Ltd acquired a new position in shares of Ashford Hospitality Prime in the 3rd quarter valued at $109,000. Schroder Investment Management Group acquired a new position in shares of Ashford Hospitality Prime in the 2nd quarter valued at $115,000. Numeric Investors LLC acquired a new position in shares of Ashford Hospitality Prime in the 2nd quarter valued at $149,000. Voya Investment Management LLC lifted its stake in shares of Ashford Hospitality Prime by 16.3% in 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 purchasing an additional 2,477 shares during the period. Finally, Metropolitan Life Insurance Co. NY lifted its stake in shares of Ashford Hospitality Prime by 7.3% in the 1st quarter. Metropolitan Life Insurance Co. NY now owns 21,507 shares of the real estate investment trust’s stock valued at $228,000 after purchasing an additional 1,455 shares during the period. 64.56% of the stock is currently owned by institutional investors.
A number of research analysts have recently weighed in on the company. ValuEngine downgraded Ashford Hospitality Prime from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. B. Riley restated a “buy” rating on shares of Ashford Hospitality Prime in a research report on Friday, November 3rd. Robert W. Baird restated a “hold” rating and issued a $11.00 price objective on shares of Ashford Hospitality Prime in a research report on Friday, September 8th. Finally, Zacks Investment Research upgraded shares of Ashford Hospitality Prime from a “sell” rating to a “hold” rating in a research report on Tuesday, October 3rd. One research analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $13.17.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Friday, December 29th will be given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 6.45%. The ex-dividend date of this dividend is Thursday, December 28th. Ashford Hospitality Prime’s dividend payout ratio is currently -256.00%.
Ashford Hospitality Prime declared that its board has initiated a share buyback program on Monday, December 11th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the real estate investment trust to reacquire shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.
In other news, EVP Jeremy Welter acquired 20,000 shares of the stock in a transaction that occurred on 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 transaction, the executive vice president now directly owns 551 shares in the company, valued at $4,903.90. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 10.00% of the stock is owned by corporate insiders.
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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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