Raymond James Financial Inc. Buys 6,379 Shares of Intercontinental Hotels Group $IHG

Key Points

• Raymond James Financial Inc. increased its stake in Intercontinental Hotels Group by 5.8%, owning approximately 0.08% of the company valued at $12.8 million after acquiring additional shares in the first quarter.
• Wall Street Zen upgraded Intercontinental Hotels Group's rating from "hold" to "buy" amidst varied thoughts from analysts, with two Buy ratings, two Hold ratings, and two Sell ratings currently assigned to the stock.
• The company announced a semi-annual dividend of $0.566 per share, reflecting a yield of 140%, to be paid on October 2nd, 2023.

Raymond James Financial Inc. increased its position in Intercontinental Hotels Group (NYSE:IHG - Free Report) by 5.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 116,818 shares of the company's stock after buying an additional 6,379 shares during the period. Raymond James Financial Inc. owned 0.08% of Intercontinental Hotels Group worth $12,802,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in IHG. Natixis Advisors LLC increased its stake in Intercontinental Hotels Group by 2.8% in the 1st quarter. Natixis Advisors LLC now owns 717,617 shares of the company's stock worth $78,644,000 after acquiring an additional 19,467 shares during the last quarter. Bank of America Corp DE increased its position in Intercontinental Hotels Group by 8.9% in the fourth quarter. Bank of America Corp DE now owns 430,323 shares of the company's stock worth $53,756,000 after purchasing an additional 35,003 shares during the last quarter. Clark Capital Management Group Inc. raised its stake in Intercontinental Hotels Group by 1.8% during the fourth quarter. Clark Capital Management Group Inc. now owns 373,139 shares of the company's stock valued at $46,613,000 after purchasing an additional 6,709 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Intercontinental Hotels Group by 9,964.5% in the 1st quarter. GAMMA Investing LLC now owns 146,741 shares of the company's stock worth $160,810,000 after buying an additional 145,283 shares in the last quarter. Finally, Northern Trust Corp grew its stake in shares of Intercontinental Hotels Group by 61.0% in the 4th quarter. Northern Trust Corp now owns 146,274 shares of the company's stock worth $18,273,000 after buying an additional 55,404 shares in the last quarter. Hedge funds and other institutional investors own 15.09% of the company's stock.

Intercontinental Hotels Group Stock Performance

NYSE IHG traded up $1.38 during trading on Wednesday, hitting $121.40. The stock had a trading volume of 94,545 shares, compared to its average volume of 225,857. Intercontinental Hotels Group has a one year low of $94.78 and a one year high of $137.25. The stock has a 50 day simple moving average of $118.99 and a 200 day simple moving average of $115.74. The stock has a market capitalization of $18.67 billion, a price-to-earnings ratio of 21.54, a P/E/G ratio of 1.69 and a beta of 1.27.

Intercontinental Hotels Group Cuts Dividend

The firm also recently announced a semi-annual dividend, which will be paid on Thursday, October 2nd. Shareholders of record on Friday, August 22nd will be paid a $0.566 dividend. The ex-dividend date is Friday, August 22nd. This represents a yield of 140.0%. Intercontinental Hotels Group's dividend payout ratio (DPR) is presently 20.04%.

Analysts Set New Price Targets

Separately, Wall Street Zen raised shares of Intercontinental Hotels Group from a "hold" rating to a "buy" rating in a report on Saturday. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold".

Intercontinental Hotels Group Company Profile

InterContinental Hotels Group PLC owns, manages, franchises, and leases hotels in the Americas, Europe, Asia, the Middle East, Africa, and Greater China. The company operates hotels under the Six Senses, Regent, InterContinental Hotels & Resorts, Vignette Collection, Kimpton Hotels & Restaurants, Hotel Indigo, voco, HUALUXE, Crowne Plaza, Iberostar Beachfront Resorts, EVEN, Holiday Inn Express, Holiday Inn, Garner, avid hotels, Atwell Suites, Staybridge Suites, Iberostar Beachfront Resorts, Holiday Inn Club Vacations, and Candlewood Suites brand names.