Principal Financial Group Inc. Buys New Position in Atour Lifestyle Holdings Limited Sponsored ADR (NASDAQ:ATAT)

Principal Financial Group Inc. bought a new stake in shares of Atour Lifestyle Holdings Limited Sponsored ADR (NASDAQ:ATAT - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 2,409,952 shares of the company's stock, valued at approximately $68,322,000. Principal Financial Group Inc. owned approximately 1.75% of Atour Lifestyle at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Group Inc. purchased a new position in Atour Lifestyle in the first quarter valued at approximately $809,000. JPMorgan Chase & Co. increased its position in shares of Atour Lifestyle by 39.9% in the fourth quarter. JPMorgan Chase & Co. now owns 1,413,593 shares of the company's stock valued at $38,012,000 after buying an additional 402,974 shares in the last quarter. Northern Trust Corp increased its position in shares of Atour Lifestyle by 139.3% in the fourth quarter. Northern Trust Corp now owns 75,476 shares of the company's stock valued at $2,030,000 after buying an additional 43,931 shares in the last quarter. Prudential Financial Inc. purchased a new stake in Atour Lifestyle during the 4th quarter worth about $1,718,000. Finally, Arrowstreet Capital Limited Partnership increased its position in Atour Lifestyle by 1,250.0% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 444,844 shares of the company's stock worth $11,962,000 after purchasing an additional 411,893 shares in the last quarter. Hedge funds and other institutional investors own 17.79% of the company's stock.

Atour Lifestyle Trading Up 2.1%

ATAT traded up $0.73 during midday trading on Wednesday, reaching $35.98. The company's stock had a trading volume of 664,674 shares, compared to its average volume of 1,292,337. Atour Lifestyle Holdings Limited Sponsored ADR has a twelve month low of $15.22 and a twelve month high of $36.17. The stock has a market cap of $4.97 billion, a P/E ratio of 28.56, a PEG ratio of 1.02 and a beta of 0.82. The company has a fifty day simple moving average of $30.73 and a 200 day simple moving average of $28.60.

Atour Lifestyle declared that its board has authorized a share buyback plan on Thursday, May 22nd that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Atour Lifestyle Increases Dividend

The firm also recently announced an annual dividend, which was paid on Wednesday, June 18th. Shareholders of record on Monday, June 2nd were paid a $0.42 dividend. This represents a yield of 1.3%. This is a boost from Atour Lifestyle's previous annual dividend of $0.40. The ex-dividend date was Monday, June 2nd. Atour Lifestyle's payout ratio is presently 30.95%.

Wall Street Analyst Weigh In

ATAT has been the subject of a number of research reports. Bank of America boosted their target price on Atour Lifestyle from $35.30 to $36.80 and gave the stock a "buy" rating in a report on Friday, March 14th. Citigroup reissued a "buy" rating and set a $38.00 price target (up from $36.50) on shares of Atour Lifestyle in a research report on Friday, May 23rd. Finally, Wall Street Zen raised Atour Lifestyle from a "hold" rating to a "buy" rating in a research report on Friday, June 27th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $36.63.

Atour Lifestyle Profile

Atour Lifestyle Holdings Limited, through its subsidiaries, develops lifestyle brands around hotel offerings in the People's Republic of China. The company provides hotel management services, including day-to-day management services of the hotels for the franchisees; and sells hotel supplies and other products.