Intercontinental Hotels Group (IHG) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Intercontinental Hotels Group (NYSE:IHG) from a buy rating to a hold rating in a research note published on Tuesday, June 13th.

According to Zacks, “InterContinental Hotels Group offers information and reservations capability on the Internet for InterContinental Hotels & Resorts, Crowne Plaza Hotels & Resorts, Holiday Inn hotels, Holiday Inn Express hotels, and Staybridge Suites by Holiday Inn hotels. “

Several other analysts also recently issued reports on the company. Telsey Advisory Group boosted their price objective on Intercontinental Hotels Group from $43.00 to $44.00 and gave the stock a market perform rating in a report on Thursday, February 23rd. Barclays PLC downgraded Intercontinental Hotels Group from an overweight rating to an equal weight rating in a report on Wednesday, February 22nd. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average target price of $50.33.

Intercontinental Hotels Group (NYSE:IHG) traded down 1.03% on Tuesday, reaching $55.64. 71,162 shares of the company’s stock were exchanged. Intercontinental Hotels Group has a 1-year low of $34.63 and a 1-year high of $57.80. The company has a market capitalization of $10.48 billion, a P/E ratio of 27.53 and a beta of 1.32. The firm has a 50-day moving average price of $55.90 and a 200-day moving average price of $50.69.

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The firm also recently announced a semiannual dividend, which was paid on Monday, May 22nd. Stockholders of record on Friday, May 5th were issued a $0.64 dividend. This is an increase from Intercontinental Hotels Group’s previous semiannual dividend of $0.47. The ex-dividend date was Wednesday, May 3rd. This represents a dividend yield of 2.67%.

Several institutional investors have recently modified their holdings of the stock. Comerica Bank increased its position in shares of Intercontinental Hotels Group by 13.1% in the fourth quarter. Comerica Bank now owns 11,194 shares of the company’s stock worth $513,000 after buying an additional 1,299 shares in the last quarter. State Street Corp purchased a new position in Intercontinental Hotels Group during the fourth quarter worth approximately $201,000. Elkfork Partners LLC purchased a new position in Intercontinental Hotels Group during the fourth quarter worth approximately $411,000. Renaissance Technologies LLC increased its position in Intercontinental Hotels Group by 5.7% in the fourth quarter. Renaissance Technologies LLC now owns 138,746 shares of the company’s stock worth $6,151,000 after buying an additional 7,500 shares in the last quarter. Finally, Tyers Asset Management LLC purchased a new position in Intercontinental Hotels Group during the fourth quarter worth approximately $299,000. Institutional investors own 6.81% of the company’s stock.

Intercontinental Hotels Group Company Profile

InterContinental Hotels Group PLC is a hotel company. The Company franchises its brands to, and manages hotels on behalf of, third-party hotel owners. Its segments include The Americas; Europe; Asia, Middle East and Africa (AMEA); Greater China, and Central. It operates a portfolio of hotel brands, including InterContinental, HUALUXE, Kimpton, Crowne Plaza, Hotel Indigo, EVEN Hotels, Holiday Inn, Holiday Inn Express, Staybridge Suites Hotels, Holiday Inn Resort, Holiday Inn Club Vacations and Candlewood Suites Hotels.

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