Eastern Bank Has $13.89 Million Stock Holdings in Marriott International, Inc. (NASDAQ:MAR)

Key Points

• Earnings Performance: Marriott International reported earnings per share of $2.32, exceeding analyst expectations of $2.25, with a revenue of $6.26 billion for the quarter, up 4.8% year-over-year.
• Stock Holdings: Eastern Bank reduced its stake in Marriott by 2.0%, holding 58,292 shares valued at approximately $13.89 million.
• Dividend Increase: Marriott increased its quarterly dividend from $0.63 to $0.67, representing an annualized yield of 0.99% and a payout ratio of 30.52%.

Eastern Bank lowered its holdings in Marriott International, Inc. (NASDAQ:MAR - Free Report) by 2.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 58,292 shares of the company's stock after selling 1,167 shares during the period. Eastern Bank's holdings in Marriott International were worth $13,885,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Straightline Group LLC purchased a new position in shares of Marriott International in the 4th quarter valued at $495,000. Sequoia Financial Advisors LLC boosted its position in shares of Marriott International by 11.9% in the first quarter. Sequoia Financial Advisors LLC now owns 13,441 shares of the company's stock worth $3,202,000 after buying an additional 1,432 shares during the period. Financial Gravity Asset Management Inc. purchased a new stake in shares of Marriott International in the first quarter worth about $2,244,000. Alpha Cubed Investments LLC purchased a new stake in shares of Marriott International in the first quarter worth about $974,000. Finally, Invesco Ltd. boosted its position in shares of Marriott International by 17.4% in the fourth quarter. Invesco Ltd. now owns 3,469,070 shares of the company's stock worth $967,662,000 after buying an additional 512,963 shares during the period. 70.70% of the stock is owned by hedge funds and other institutional investors.

Marriott International Stock Performance

Shares of NASDAQ MAR traded down $3.43 during trading on Wednesday, hitting $270.04. The company had a trading volume of 1,298,460 shares, compared to its average volume of 1,194,897. The company has a market cap of $73.96 billion, a P/E ratio of 30.76, a PEG ratio of 2.62 and a beta of 1.41. Marriott International, Inc. has a 52 week low of $204.55 and a 52 week high of $307.52. The business's 50-day moving average is $269.03 and its 200 day moving average is $262.38.

Marriott International (NASDAQ:MAR - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $2.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.25 by $0.07. Marriott International had a negative return on equity of 100.64% and a net margin of 9.75%. The company had revenue of $6.26 billion for the quarter, compared to analysts' expectations of $6.19 billion. During the same quarter in the prior year, the company earned $2.13 earnings per share. The firm's revenue was up 4.8% on a year-over-year basis. On average, research analysts expect that Marriott International, Inc. will post 10.1 EPS for the current year.

Marriott International Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, May 23rd were paid a $0.67 dividend. This is a positive change from Marriott International's previous quarterly dividend of $0.63. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $2.68 dividend on an annualized basis and a yield of 0.99%. Marriott International's dividend payout ratio (DPR) is currently 30.52%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Barclays decreased their target price on Marriott International from $283.00 to $236.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 22nd. Stifel Nicolaus reduced their price objective on Marriott International from $295.00 to $240.00 and set a "hold" rating on the stock in a research note on Wednesday, April 16th. Truist Financial reduced their price objective on Marriott International from $300.00 to $273.00 and set a "hold" rating on the stock in a research note on Friday, May 30th. JPMorgan Chase & Co. began coverage on Marriott International in a research note on Monday, June 23rd. They set a "neutral" rating and a $284.00 price objective on the stock. Finally, Dbs Bank raised Marriott International from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, May 14th. Thirteen investment analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $276.90.

Insider Buying and Selling

In related news, EVP Benjamin T. Breland sold 1,000 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $270.21, for a total value of $270,210.00. Following the completion of the transaction, the executive vice president owned 20,724 shares of the company's stock, valued at approximately $5,599,832.04. This trade represents a 4.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Anthony Capuano sold 12,000 shares of the firm's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $263.90, for a total transaction of $3,166,800.00. Following the completion of the transaction, the chief executive officer directly owned 124,067 shares of the company's stock, valued at $32,741,281.30. This represents a 8.82% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 15,500 shares of company stock valued at $4,107,710. Company insiders own 10.68% of the company's stock.

About Marriott International

Marriott International, Inc engages in operating, franchising, and licensing hotel, residential, timeshare, and other lodging properties worldwide. It operates its properties under the JW Marriott, The Ritz-Carlton, The Luxury Collection, W Hotels, St. Regis, EDITION, Bvlgari, Marriott Hotels, Sheraton, Westin, Autograph Collection, Renaissance Hotels, Le Méridien, Delta Hotels by Marriott, Tribute Portfolio, Gaylord Hotels, Design Hotels, Marriott Executive Apartments, Apartments by Marriott Bonvoy, Courtyard by Marriott, Fairfield by Marriott, Residence Inn by Marriott, SpringHill Suites by Marriott, Four Points by Sheraton, TownePlace Suites by Marriott, Aloft Hotels, AC Hotels by Marriott, Moxy Hotels, Element Hotels, Protea Hotels by Marriott, City Express by Marriott, and St.