Bank of America Corp DE Sells 20,500 Shares of Intercontinental Hotels Group $IHG

Key Points

• Bank of America reduced its Intercontinental Hotels Group stake by 4%, selling 20,500 shares and retaining 490,050 shares worth approximately $65.4 million. Institutional investors collectively own 15.09% of IHG.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $174.50. Jefferies raised its target to $195, although Zacks downgraded the stock to “Strong Sell.”
• IHG reported quarterly EPS of $1.37, missing the $2.65 consensus estimate, while revenue totaled $619 million versus analysts’ $2.70 billion expectation. Shares opened at $155.52, below their 52-week high of $175.89.

Bank of America Corp DE lowered its stake in Intercontinental Hotels Group (NYSE:IHG - Free Report) by 4.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 490,050 shares of the company's stock after selling 20,500 shares during the period. Bank of America Corp DE owned approximately 0.33% of Intercontinental Hotels Group worth $65,402,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Morgan Stanley grew its holdings in shares of Intercontinental Hotels Group by 3.9% in the fourth quarter. Morgan Stanley now owns 764,049 shares of the company's stock worth $107,601,000 after purchasing an additional 28,526 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in Intercontinental Hotels Group by 1.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 710,121 shares of the company's stock valued at $100,006,000 after buying an additional 9,235 shares during the period. Natixis Advisors LLC grew its holdings in Intercontinental Hotels Group by 3.9% in the 4th quarter. Natixis Advisors LLC now owns 465,747 shares of the company's stock worth $65,591,000 after acquiring an additional 17,503 shares during the last quarter. Lazard Asset Management LLC grew its holdings in Intercontinental Hotels Group by 29.5% in the 3rd quarter. Lazard Asset Management LLC now owns 460,897 shares of the company's stock worth $55,888,000 after acquiring an additional 105,034 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its position in shares of Intercontinental Hotels Group by 55.6% in the first quarter. Arrowstreet Capital Limited Partnership now owns 406,572 shares of the company's stock valued at $54,261,000 after acquiring an additional 145,360 shares during the period. Institutional investors own 15.09% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on IHG. Jefferies Financial Group upped their price objective on shares of Intercontinental Hotels Group from $160.00 to $195.00 and gave the company a "buy" rating in a research note on Friday, June 26th. Weiss Ratings restated a "buy (b)" rating on shares of Intercontinental Hotels Group in a report on Tuesday, May 26th. Sanford C. Bernstein upped their price target on Intercontinental Hotels Group from $141.00 to $154.00 and gave the company a "market perform" rating in a research report on Friday, May 15th. Finally, Zacks Research cut Intercontinental Hotels Group from a "hold" rating to a "strong sell" rating in a report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Intercontinental Hotels Group has a consensus rating of "Moderate Buy" and an average target price of $174.50.

Intercontinental Hotels Group Stock Performance

Shares of IHG opened at $155.52 on Tuesday. The company has a 50-day simple moving average of $163.79 and a two-hundred day simple moving average of $149.34. Intercontinental Hotels Group has a one year low of $116.22 and a one year high of $175.89.

Intercontinental Hotels Group (NYSE:IHG - Get Free Report) last announced its earnings results on Monday, August 10th. The company reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.65 by ($1.28). The firm had revenue of $619.00 million during the quarter, compared to analysts' expectations of $2.70 billion. As a group, equities research analysts predict that Intercontinental Hotels Group will post 5.92 EPS for the current year.

Intercontinental Hotels Group Profile

Intercontinental Hotels Group plc (IHG) is a multinational hospitality company that develops, owns, manages and franchises a broad portfolio of hotels and resorts. The company operates across full-service luxury and upscale segments as well as midscale and extended-stay categories, providing lodging, food and beverage, meeting and event services, and related guest amenities. IHG's business model emphasizes brand franchising and management agreements, while retaining ownership or direct investments in a smaller portion of its global property portfolio.

IHG's brand portfolio spans global and regional names designed to serve different traveler needs and market segments.

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