Bank of New York Mellon Corp Buys Shares of 358,024 Hilton Grand Vacations Inc. $HGV

Key Points

• Bank of New York Mellon bought 358,024 Hilton Grand Vacations shares worth approximately $18.75 million, representing about 0.46% of the company. Institutional investors collectively own 97.23% of HGV.
• Analysts maintain a consensus “Hold” rating with a $54.89 price target, while recent quarterly results fell slightly short of expectations: EPS was $0.89 versus $0.94 expected, and revenue was $1.36 billion versus $1.38 billion forecast.
• HGV shares opened at $42.46, down 3.1%, while the company authorized a $600 million share buyback covering up to 17% of outstanding shares.

Bank of New York Mellon Corp bought a new stake in shares of Hilton Grand Vacations Inc. (NYSE:HGV - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 358,024 shares of the company's stock, valued at approximately $18,750,000. Bank of New York Mellon Corp owned about 0.46% of Hilton Grand Vacations as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Bard Associates Inc. purchased a new position in Hilton Grand Vacations during the fourth quarter valued at $29,000. EverSource Wealth Advisors LLC boosted its holdings in Hilton Grand Vacations by 743.4% in the second quarter. EverSource Wealth Advisors LLC now owns 641 shares of the company's stock worth $27,000 after acquiring an additional 565 shares in the last quarter. Leonteq Securities AG grew its stake in shares of Hilton Grand Vacations by 189.7% in the first quarter. Leonteq Securities AG now owns 672 shares of the company's stock worth $26,000 after acquiring an additional 440 shares during the last quarter. Kestra Advisory Services LLC purchased a new stake in shares of Hilton Grand Vacations in the fourth quarter worth $44,000. Finally, Quarry LP bought a new position in shares of Hilton Grand Vacations during the third quarter valued at $44,000. 97.23% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Truist Financial raised their price objective on shares of Hilton Grand Vacations from $67.00 to $71.00 and gave the company a "buy" rating in a research note on Monday, May 18th. The Goldman Sachs Group cut their price target on shares of Hilton Grand Vacations from $55.00 to $47.00 and set a "neutral" rating on the stock in a report on Friday, July 31st. Weiss Ratings restated a "hold (c)" rating on shares of Hilton Grand Vacations in a report on Wednesday, August 26th. Susquehanna assumed coverage on Hilton Grand Vacations in a research report on Tuesday, August 18th. They issued a "neutral" rating and a $50.00 price objective on the stock. Finally, Zacks Research downgraded Hilton Grand Vacations from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, June 9th. Three investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $54.89.

Insider Buying and Selling

In related news, insider Charles R. Jr. Corbin sold 20,691 shares of the company's stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $46.90, for a total transaction of $970,407.90. Following the completion of the sale, the insider owned 47,924 shares in the company, valued at approximately $2,247,635.60. This represents a 30.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 3.10% of the company's stock.

Hilton Grand Vacations Stock Down 3.1%

Shares of Hilton Grand Vacations stock opened at $42.46 on Tuesday. The company has a market cap of $3.30 billion, a price-to-earnings ratio of 23.99, a price-to-earnings-growth ratio of 0.43 and a beta of 1.53. The company's 50 day moving average is $48.28 and its 200 day moving average is $46.92. Hilton Grand Vacations Inc. has a twelve month low of $36.79 and a twelve month high of $55.40. The company has a quick ratio of 3.20, a current ratio of 5.02 and a debt-to-equity ratio of 6.18.

Hilton Grand Vacations (NYSE:HGV - Get Free Report) last issued its 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). The company had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.38 billion. Hilton Grand Vacations had a return on equity of 20.40% and a net margin of 2.86%.The company's revenue for the quarter was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.54 EPS. Research analysts anticipate that Hilton Grand Vacations Inc. will post 4.61 EPS for the current year.

Hilton Grand Vacations announced that its board has initiated a share buyback plan on Thursday, August 20th that permits the company to buyback $600.00 million in shares. This buyback authorization permits the company to repurchase up to 17% of its stock through open market purchases. Stock buyback plans are often an indication that the company's leadership believes its stock is undervalued.

Hilton Grand Vacations Profile

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.

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