Intercontinental Hotels Group (IHG) PT Raised to $62.38 at Bank of America Corporation
Intercontinental Hotels Group (NYSE:IHG) had its target price raised by analysts at Bank of America Corporation from $60.50 to $62.38 in a note issued to investors on Friday. The brokerage presently has a “buy” rating on the stock. Bank of America Corporation’s target price points to a potential upside of 16.25% from the stock’s current price.
A number of other research firms also recently issued reports on IHG. Zacks Investment Research downgraded shares of Intercontinental Hotels Group from a “hold” rating to a “sell” rating in a research report on Wednesday, October 11th. BidaskClub downgraded shares of Intercontinental Hotels Group from a “buy” rating to a “hold” rating in a research report on Friday, August 11th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. Intercontinental Hotels Group currently has an average rating of “Hold” and a consensus target price of $50.13.
Shares of Intercontinental Hotels Group (NYSE:IHG) traded down 1.05% during trading on Friday, reaching $53.66. The company had a trading volume of 80,514 shares. Intercontinental Hotels Group has a 1-year low of $39.84 and a 1-year high of $57.80. The stock has a market capitalization of $10.52 billion, a price-to-earnings ratio of 24.06 and a beta of 1.37. The company’s 50 day moving average is $52.03 and its 200-day moving average is $53.84.
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Several institutional investors have recently modified their holdings of the business. Arrowstreet Capital Limited Partnership raised its position in shares of Intercontinental Hotels Group by 12.4% in the second quarter. Arrowstreet Capital Limited Partnership now owns 385,813 shares of the company’s stock worth $21,424,000 after acquiring an additional 42,491 shares during the period. Cubist Systematic Strategies LLC purchased a new stake in shares of Intercontinental Hotels Group during the second quarter worth about $233,000. Gotham Asset Management LLC purchased a new stake in shares of Intercontinental Hotels Group during the second quarter worth about $308,000. Goldman Sachs Group Inc. increased its stake in shares of Intercontinental Hotels Group by 9.6% during the second quarter. Goldman Sachs Group Inc. now owns 69,660 shares of the company’s stock worth $3,868,000 after purchasing an additional 6,079 shares in the last quarter. Finally, Citadel Advisors LLC purchased a new stake in shares of Intercontinental Hotels Group during the second quarter worth about $509,000. Institutional investors and hedge funds own 6.70% of the company’s stock.
About Intercontinental Hotels Group
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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