InterContinental Hotels Group (NYSE:IHG) Shares Gap Down to $73.23

Shares of InterContinental Hotels Group PLC (NYSE:IHG) gapped down prior to trading on Friday . The stock had previously closed at $73.23, but opened at $71.04. InterContinental Hotels Group shares last traded at $71.82, with a volume of 29,769 shares changing hands.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on IHG. StockNews.com began coverage on shares of InterContinental Hotels Group in a research report on Thursday, October 5th. They issued a “buy” rating on the stock. Bank of America began coverage on shares of InterContinental Hotels Group in a research report on Tuesday, September 19th. They issued a “buy” rating on the stock. Finally, BNP Paribas lowered shares of InterContinental Hotels Group from a “neutral” rating to an “underperform” rating in a research report on Wednesday, October 11th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $5,466.67.

InterContinental Hotels Group Stock Performance

The firm’s 50 day moving average is $75.05 and its two-hundred day moving average is $72.28.

InterContinental Hotels Group Cuts Dividend

The business also recently declared a semi-annual dividend, which was paid on Thursday, October 5th. Stockholders of record on Friday, September 1st were given a dividend of $0.483 per share. This represents a dividend yield of 1.9%. The ex-dividend date was Thursday, August 31st.

Institutional Trading of InterContinental Hotels Group

Several large investors have recently added to or reduced their stakes in the business. Ceredex Value Advisors LLC boosted its position in shares of InterContinental Hotels Group by 235.0% in the first quarter. Ceredex Value Advisors LLC now owns 716,436 shares of the company’s stock worth $48,389,000 after buying an additional 502,600 shares during the period. Morgan Stanley boosted its position in shares of InterContinental Hotels Group by 3.6% in the fourth quarter. Morgan Stanley now owns 641,135 shares of the company’s stock worth $37,404,000 after buying an additional 22,270 shares during the period. Goldman Sachs Group Inc. boosted its position in shares of InterContinental Hotels Group by 17.8% in the second quarter. Goldman Sachs Group Inc. now owns 615,685 shares of the company’s stock worth $43,375,000 after buying an additional 92,907 shares during the period. CIBC Private Wealth Group LLC boosted its position in shares of InterContinental Hotels Group by 6.4% in the first quarter. CIBC Private Wealth Group LLC now owns 423,274 shares of the company’s stock worth $82,438,000 after buying an additional 25,486 shares during the period. Finally, BlackRock Inc. boosted its position in shares of InterContinental Hotels Group by 6.1% in the first quarter. BlackRock Inc. now owns 227,500 shares of the company’s stock worth $15,657,000 after buying an additional 13,017 shares during the period. 5.91% of the stock is currently owned by institutional investors and hedge funds.

About InterContinental Hotels Group

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, avid, Atwell Suites, Staybridge Suites, Holiday Inn Club Vacations, and Candlewood Suites brand names.