Royal Bank of Canada Sells 26,706 Shares of Intercontinental Hotels Group $IHG

Key Points

• Royal Bank of Canada sold 26,706 shares of Intercontinental Hotels Group, reducing its holdings by 5.3% and owning 477,274 shares valued at $52.3 million at the end of the quarter.
• Other institutional investors, such as GAMMA Investing LLC and Northern Trust Corp, significantly increased their holdings in Intercontinental Hotels Group during the first quarter.
• Analysts have mixed ratings for the stock, with two investment analysts assigning a buy rating, while others maintain a hold or sell rating.

Royal Bank of Canada cut its position in shares of Intercontinental Hotels Group (NYSE:IHG - Free Report) by 5.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 477,274 shares of the company's stock after selling 26,706 shares during the quarter. Royal Bank of Canada owned 0.31% of Intercontinental Hotels Group worth $52,305,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Allspring Global Investments Holdings LLC boosted its holdings in Intercontinental Hotels Group by 4.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,092 shares of the company's stock worth $232,000 after buying an additional 96 shares in the last quarter. Aaron Wealth Advisors LLC raised its stake in Intercontinental Hotels Group by 4.5% during the 1st quarter. Aaron Wealth Advisors LLC now owns 2,245 shares of the company's stock valued at $246,000 after purchasing an additional 96 shares during the period. Golden State Wealth Management LLC raised its position in Intercontinental Hotels Group by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 228 shares of the company's stock valued at $25,000 after buying an additional 114 shares during the period. TD Private Client Wealth LLC boosted its position in Intercontinental Hotels Group by 48.7% during the 1st quarter. TD Private Client Wealth LLC now owns 348 shares of the company's stock worth $38,000 after acquiring an additional 114 shares during the period. Finally, Freedom Investment Management Inc. boosted its holdings in shares of Intercontinental Hotels Group by 4.4% during the first quarter. Freedom Investment Management Inc. now owns 3,929 shares of the company's stock worth $431,000 after purchasing an additional 166 shares during the period. Institutional investors own 15.09% of the company's stock.

Analyst Ratings Changes

Separately, Wall Street Zen raised shares of Intercontinental Hotels Group from a "hold" rating to a "buy" rating in a research note on Saturday, August 30th. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold".

Intercontinental Hotels Group Stock Performance

Shares of IHG stock traded up $1.31 during mid-day trading on Thursday, reaching $123.58. The company's stock had a trading volume of 199,173 shares, compared to its average volume of 164,830. The firm's 50-day moving average is $119.93 and its two-hundred day moving average is $115.57. The company has a market cap of $18.99 billion, a P/E ratio of 21.91, a PEG ratio of 1.74 and a beta of 1.27. Intercontinental Hotels Group has a 1-year low of $94.78 and a 1-year high of $137.25.

Intercontinental Hotels Group Cuts Dividend

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

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.