Intercontinental Hotels Group (NYSE:IHG) Rating Increased to Hold at Zacks Research

Zacks Research upgraded shares of Intercontinental Hotels Group (NYSE:IHG) from a strong sell rating to a hold rating in a research report released on Wednesday morning,Zacks.com reports.

IHG has been the subject of several other reports. 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 note on Friday, May 15th. Weiss Ratings reissued a “buy (b)” rating on shares of Intercontinental Hotels Group in a report on Friday, August 21st. Finally, Jefferies Financial Group boosted their target price on shares of Intercontinental Hotels Group from $160.00 to $195.00 and gave the company a “buy” rating in a research report on Friday, June 26th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Intercontinental Hotels Group currently has an average rating of “Moderate Buy” and an average target price of $174.50.

Intercontinental Hotels Group Stock Down 1.0%

Intercontinental Hotels Group stock opened at $163.01 on Wednesday. Intercontinental Hotels Group has a 52 week low of $117.29 and a 52 week high of $175.89. The stock has a 50-day moving average price of $162.80 and a 200 day moving average price of $151.34.

Intercontinental Hotels Group Cuts Dividend

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

Hedge Funds Weigh In On Intercontinental Hotels Group

Several institutional investors and hedge funds have recently modified their holdings of the business. Brown Brothers Harriman & Co. raised its holdings in Intercontinental Hotels Group by 178.5% in the 4th quarter. Brown Brothers Harriman & Co. now owns 181 shares of the company’s stock worth $25,000 after purchasing an additional 116 shares during the period. Caitong International Asset Management Co. Ltd grew its holdings in Intercontinental Hotels Group by 1,453.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 202 shares of the company’s stock valued at $28,000 after purchasing an additional 189 shares during the period. Fifth Third Bancorp increased its position in shares of Intercontinental Hotels Group by 111.0% in the fourth quarter. Fifth Third Bancorp now owns 211 shares of the company’s stock valued at $30,000 after buying an additional 111 shares in the last quarter. Cullen Frost Bankers Inc. raised its stake in shares of Intercontinental Hotels Group by 72.2% during the 4th quarter. Cullen Frost Bankers Inc. now owns 217 shares of the company’s stock worth $30,000 after buying an additional 91 shares during the period. Finally, Global Retirement Partners LLC raised its stake in shares of Intercontinental Hotels Group by 525.6% during the 4th quarter. Global Retirement Partners LLC now owns 269 shares of the company’s stock worth $38,000 after buying an additional 226 shares during the period. Hedge funds and other institutional investors own 15.09% of the company’s stock.

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.