Intercontinental Hotels Group (NYSE:IHG) Shares Gap Up After Analyst Upgrade

Key Points

• IHG shares jumped 3.9% after UBS upgraded the stock from Neutral to Buy, raising its price target to $188; shares opened at $160.67 versus a prior close of $155.27.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $179. Jefferies also raised its target to $195, while Zacks upgraded the stock to Hold.
• Institutional investors and hedge funds own 15.09% of IHG, and several recently increased their positions. The company also announced a $0.645-per-share dividend payable October 1 to eligible shareholders.

Intercontinental Hotels Group (NYSE:IHG - Get Free Report) shares gapped up before the market opened on Wednesday after UBS Group upgraded the stock from a neutral rating to a buy rating. The stock had previously closed at $155.27, but opened at $160.67. UBS Group now has a $188.00 price target on the stock. Intercontinental Hotels Group shares last traded at $161.6270, with a volume of 42,304 shares traded.

Other equities research analysts have also recently issued research reports about the company. Zacks Research upgraded Intercontinental Hotels Group from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 26th. Weiss Ratings restated a "buy (b)" rating on shares of Intercontinental Hotels Group in a report on Friday, August 21st. Jefferies Financial Group upped their price target on shares of Intercontinental Hotels Group from $160.00 to $195.00 and gave the stock a "buy" rating in a research report on Friday, June 26th. Finally, Sanford C. Bernstein lifted their price objective on shares of Intercontinental Hotels Group from $141.00 to $154.00 and gave the company a "market perform" rating in a research report on Friday, May 15th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $179.00.

Institutional Trading of Intercontinental Hotels Group

Hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC grew its stake in Intercontinental Hotels Group by 3.6% in the 2nd quarter. GAMMA Investing LLC now owns 2,011 shares of the company's stock valued at $348,000 after buying an additional 70 shares during the last quarter. SBI Securities Co. Ltd. lifted its position in Intercontinental Hotels Group by 20.9% during the fourth quarter. SBI Securities Co. Ltd. now owns 439 shares of the company's stock worth $62,000 after acquiring an additional 76 shares during the last quarter. Compound Planning Inc. boosted its holdings in shares of Intercontinental Hotels Group by 5.4% during the first quarter. Compound Planning Inc. now owns 1,694 shares of the company's stock worth $226,000 after acquiring an additional 87 shares during the period. Cullen Frost Bankers Inc. grew its position in shares of Intercontinental Hotels Group by 72.2% in the fourth quarter. Cullen Frost Bankers Inc. now owns 217 shares of the company's stock valued at $30,000 after purchasing an additional 91 shares during the last quarter. Finally, Independent Advisor Alliance lifted its holdings in Intercontinental Hotels Group by 0.9% during the 4th quarter. Independent Advisor Alliance now owns 10,577 shares of the company's stock worth $1,490,000 after purchasing an additional 91 shares during the last quarter. Institutional investors and hedge funds own 15.09% of the company's stock.

Intercontinental Hotels Group Stock Up 3.9%

The company has a 50 day moving average of $162.10 and a 200-day moving average of $151.63.

Intercontinental Hotels Group Cuts Dividend

The firm also recently announced a dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, August 21st will be given a dividend of $0.645 per share. This represents a dividend yield of 81.0%. The ex-dividend date is Friday, August 21st.

Intercontinental Hotels Group Company Profile

Intercontinental Hotels Group plc (IHG) is a multinational hospitality company that develops, owns, manages and franchises a broad portfolio of hotels and resorts. The company operates across full-service luxury and upscale segments as well as midscale and extended-stay categories, providing lodging, food and beverage, meeting and event services, and related guest amenities. IHG's business model emphasizes brand franchising and management agreements, while retaining ownership or direct investments in a smaller portion of its global property portfolio.

IHG's brand portfolio spans global and regional names designed to serve different traveler needs and market segments.

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