Zacks Investment Research upgraded shares of Ashford Hospitality Prime, Inc. (NYSE:AHP) from a hold rating to a buy rating in a report released on Wednesday. Zacks Investment Research currently has $12.00 target price on the real estate investment trust’s stock.
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 equities research analysts have also recently issued research reports about the company. Deutsche Bank AG upgraded Ashford Hospitality Prime from a hold rating to a buy rating and lowered their target price for the company from $14.00 to $13.00 in a report on Friday, June 9th. ValuEngine cut Ashford Hospitality Prime from a strong-buy rating to a buy rating in a report on Friday, June 2nd. FBR & Co set a $15.00 price target on Ashford Hospitality Prime and gave the stock a buy rating in a research note on Saturday, April 8th. Canaccord Genuity reissued a hold rating and set a $11.00 price target on shares of Ashford Hospitality Prime in a research note on Monday, June 26th. Finally, JMP Securities reissued a market perform rating on shares of Ashford Hospitality Prime in a research note on Friday, April 7th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock has an average rating of Buy and a consensus price target of $13.60.
Ashford Hospitality Prime (AHP) opened at 10.11 on Wednesday. Ashford Hospitality Prime has a 12 month low of $9.28 and a 12 month high of $17.64. The company’s 50-day moving average price is $10.02 and its 200-day moving average price is $11.69. The stock has a market cap of $275.67 million, a P/E ratio of 19.15 and a beta of 1.16.
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The firm also recently declared a quarterly dividend, which will be paid on Monday, July 17th. Shareholders of record on Friday, June 30th will be paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 6.33%. The ex-dividend date is Wednesday, June 28th. Ashford Hospitality Prime’s dividend payout ratio is presently 130.61%.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Ashford Hospitality Prime by 17.2% in the first quarter. Vanguard Group Inc. now owns 4,275,883 shares of the real estate investment trust’s stock worth $45,367,000 after buying an additional 626,155 shares in the last quarter. ClariVest Asset Management LLC acquired a new position in shares of Ashford Hospitality Prime during the first quarter worth $6,188,000. Prudential Financial Inc. raised its position in shares of Ashford Hospitality Prime by 207.8% in the first quarter. Prudential Financial Inc. now owns 605,716 shares of the real estate investment trust’s stock worth $6,426,000 after buying an additional 408,940 shares in the last quarter. Ranger Global Real Estate Advisors LLC acquired a new position in shares of Ashford Hospitality Prime during the first quarter worth $3,606,000. Finally, Ameriprise Financial Inc. raised its position in shares of Ashford Hospitality Prime by 230.6% in the first quarter. Ameriprise Financial Inc. now owns 349,690 shares of the real estate investment trust’s stock worth $3,710,000 after buying an additional 243,930 shares in the last quarter. 68.02% of the stock is currently owned by institutional investors.
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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