8,074,130 Shares in Hilton Grand Vacations Inc. $HGV Acquired by BlackRock Inc.

Key Points

• BlackRock acquired 8.07 million shares of Hilton Grand Vacations, valued at approximately $422.8 million, giving it a 10.39% stake. Institutional investors collectively own 97.23% of the company.
• Hilton Grand Vacations reported quarterly revenue of $1.36 billion, up 7.3% year over year, but earnings per share of $0.89 fell short of the $0.94 consensus estimate. The company also authorized a $600 million share repurchase program, covering up to 17% of outstanding shares.
• Analysts maintain a consensus “Hold” rating with an average price target of $54.89, compared with the stock’s reported opening price of $44.94.

BlackRock Inc. acquired a new stake in Hilton Grand Vacations Inc. (NYSE:HGV - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 8,074,130 shares of the company's stock, valued at approximately $422,842,000. BlackRock Inc. owned approximately 10.39% of Hilton Grand Vacations at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the stock. Dimensional Fund Advisors LP lifted its position in Hilton Grand Vacations by 1.6% during the first quarter. Dimensional Fund Advisors LP now owns 3,869,731 shares of the company's stock worth $151,375,000 after purchasing an additional 60,624 shares during the period. Mudita Advisors LLP increased its holdings in Hilton Grand Vacations by 11.7% in the 4th quarter. Mudita Advisors LLP now owns 2,607,012 shares of the company's stock valued at $116,664,000 after buying an additional 273,866 shares during the period. UBS Group AG raised its position in shares of Hilton Grand Vacations by 34.4% in the 3rd quarter. UBS Group AG now owns 2,258,391 shares of the company's stock valued at $94,423,000 after buying an additional 577,772 shares in the last quarter. Franklin Resources Inc. raised its position in shares of Hilton Grand Vacations by 36.8% in the 4th quarter. Franklin Resources Inc. now owns 1,936,994 shares of the company's stock valued at $86,680,000 after buying an additional 521,109 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in shares of Hilton Grand Vacations by 489.6% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,582,535 shares of the company's stock worth $66,166,000 after acquiring an additional 1,314,117 shares during the period. 97.23% of the stock is currently owned by institutional investors.

Hilton Grand Vacations Stock Performance

Shares of Hilton Grand Vacations stock opened at $44.94 on Wednesday. The company's 50 day moving average price is $48.97 and its two-hundred day moving average price is $47.01. The firm has a market capitalization of $3.49 billion, a P/E ratio of 25.39, a P/E/G ratio of 0.45 and a beta of 1.53. Hilton Grand Vacations Inc. has a fifty-two week low of $36.79 and a fifty-two week high of $55.40. The company has a debt-to-equity ratio of 6.18, a current ratio of 5.02 and a quick ratio of 3.20.

Hilton Grand Vacations (NYSE:HGV - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The company reported $0.89 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.94 by ($0.05). Hilton Grand Vacations had a return on equity of 20.40% and a net margin of 2.86%.The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same quarter last year, the company posted $0.54 earnings per share. The firm's quarterly revenue was up 7.3% on a year-over-year basis. On average, equities analysts forecast that Hilton Grand Vacations Inc. will post 4.61 earnings per share for the current fiscal year.

Hilton Grand Vacations announced that its board has approved a stock repurchase program on Thursday, August 20th that allows the company to buyback $600.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 17% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.

Insider Transactions at Hilton Grand Vacations

In other news, insider Charles R. Jr. Corbin sold 20,691 shares of Hilton Grand Vacations stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $46.90, for a total transaction of $970,407.90. Following the sale, the insider directly owned 47,924 shares of the company's stock, valued at approximately $2,247,635.60. This trade represents a 30.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Mark D. Wang sold 190,813 shares of the business's stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $51.93, for a total value of $9,908,919.09. Following the sale, the insider owned 904,241 shares in the company, valued at approximately $46,957,235.13. This trade represents a 17.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 3.10% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

HGV has been the topic of a number of recent analyst reports. Mizuho decreased their price objective on shares of Hilton Grand Vacations from $75.00 to $74.00 and set an "outperform" rating on the stock in a research note on Friday, July 31st. The Goldman Sachs Group reduced their target price on Hilton Grand Vacations from $55.00 to $47.00 and set a "neutral" rating on the stock in a report on Friday, July 31st. Truist Financial lifted their price target on Hilton Grand Vacations from $67.00 to $71.00 and gave the company a "buy" rating in a research note on Monday, May 18th. Susquehanna began coverage on Hilton Grand Vacations in a report on Tuesday, August 18th. They set a "neutral" rating and a $50.00 price target for the company. Finally, Barclays dropped their price objective on Hilton Grand Vacations from $51.00 to $46.00 and set an "equal weight" rating for the company in a research report on Friday, July 31st. Three research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $54.89.

About Hilton Grand Vacations

Hilton Grand Vacations Inc is a leading developer and marketer of premium vacation ownership resorts. The company specializes in selling timeshare interests in vacation properties under the Hilton Grand Vacations brand, enabling members to purchase deeded real estate interests and utilize a points-based system for booking stays. Alongside new sales, the company provides ongoing management services for its portfolio of resorts, ensuring high standards of guest services, resort maintenance, and member engagement through its proprietary technology platform.

In addition to vacation ownership sales, Hilton Grand Vacations offers a comprehensive suite of membership benefits.

Want to see what other hedge funds are holding HGV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Hilton Grand Vacations Inc. (NYSE:HGV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source