Intercontinental Hotels Group (NYSE:IHG) Reaches New 52-Week High – Time to Buy?

Intercontinental Hotels Group (NYSE:IHG)’s share price hit a new 52-week high during mid-day trading on Wednesday. The company traded as high as $176.00 and last traded at $175.73, with a volume of 229,326 shares. The stock had previously closed at $170.20.

Wall Street Analyst Weigh In

IHG has been the subject of several analyst reports. Weiss Ratings reissued a “buy (b)” rating on shares of Intercontinental Hotels Group in a research note on Friday, August 21st. UBS Group raised shares of Intercontinental Hotels Group from a “neutral” rating to a “buy” rating and set a $188.00 price target on the stock in a research report on Wednesday, September 2nd. Zacks Research raised shares of Intercontinental Hotels Group from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 26th. Finally, Bank of America reiterated a “buy” rating on shares of Intercontinental Hotels Group in a research note on Thursday, October 22nd. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $179.00.

Intercontinental Hotels Group Trading Up 1.8%

The business has a 50-day simple moving average of $161.68 and a two-hundred day simple moving average of $152.90.

Intercontinental Hotels Group Cuts Dividend

The firm also recently announced a dividend, which was paid on Thursday, October 1st. Investors of record on Friday, August 21st were issued a dividend of $0.6450 per share. This represents a dividend yield of 81.0%. The ex-dividend date of this dividend was Friday, August 21st. This is a drop from Intercontinental Hotels Group’s previous dividend of $1.2590.

Institutional Investors Weigh In On Intercontinental Hotels Group

Large investors have recently added to or reduced their stakes in the business. Arrowstreet Capital Limited Partnership increased its position in Intercontinental Hotels Group by 55.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 406,572 shares of the company’s stock worth $54,261,000 after buying an additional 145,360 shares during the period. Renaissance Technologies LLC boosted its position in shares of Intercontinental Hotels Group by 198.5% in the first quarter. Renaissance Technologies LLC now owns 60,600 shares of the company’s stock valued at $8,088,000 after acquiring an additional 40,300 shares during the period. ABC Arbitrage SA grew its stake in shares of Intercontinental Hotels Group by 31.0% in the first quarter. ABC Arbitrage SA now owns 134,259 shares of the company’s stock valued at $17,918,000 after acquiring an additional 31,754 shares in the last quarter. Russell Investments Group Ltd. grew its stake in shares of Intercontinental Hotels Group by 365.5% in the third quarter. Russell Investments Group Ltd. now owns 35,339 shares of the company’s stock valued at $5,683,000 after acquiring an additional 27,747 shares in the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of Intercontinental Hotels Group in the second quarter valued at about $3,259,000. Institutional investors own 15.09% of the company’s stock.

About Intercontinental Hotels Group

InterContinental Hotels Group PLC (NYSE: IHG) is a global hospitality company that owns, manages, franchises and licenses a portfolio of hotel brands. Its brands include InterContinental, Regent, Six Senses, Kimpton, Crowne Plaza, voco, Hotel Indigo, Holiday Inn, Holiday Inn Express, Staybridge Suites, Candlewood Suites, avid hotels and Garner.

IHG serves business and leisure travelers across a broad range of lodging segments, from luxury and lifestyle hotels to full-service, upscale, midscale and extended-stay accommodations.