Ashford (AINC) Board of Directors Announces Share Buyback Plan
Ashford (NYSEAMERICAN:AINC) declared that its board has initiated a stock repurchase program, which permits the company to buyback $20.00 million in outstanding shares on Monday, December 11th, EventVestor reports. This buyback authorization permits the financial services provider to buy shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.
Shares of Ashford (AINC) opened at $91.07 on Friday. Ashford has a 1 year low of $42.41 and a 1 year high of $111.00.
Several research analysts have issued reports on AINC shares. Zacks Investment Research downgraded Ashford from a “buy” rating to a “hold” rating in a report on Tuesday, October 10th. TheStreet raised Ashford from a “d” rating to a “c-” rating in a report on Wednesday, October 11th. Finally, B. Riley downgraded Ashford from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $67.00 to $81.00 in a report on Tuesday, November 7th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $68.75.
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Ashford Company Profile
Ashford Inc provides asset management and advisory services to other entities, primarily within the hospitality industry. The Company operates in the segment of asset and investment management, which includes managing the day-to-day operations of Ashford Hospitality Prime, Inc (Ashford Prime) and its subsidiaries.
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