InterContinental Hotels Group (NYSE:IHG) Shares Gap Down - Here's Why

InterContinental Hotels Group PLC (NYSE:IHG - Get Free Report)'s share price gapped down before the market opened on Friday . The stock had previously closed at $112.68, but opened at $108.43. InterContinental Hotels Group shares last traded at $108.15, with a volume of 54,652 shares changing hands.

Analysts Set New Price Targets

Several research firms have commented on IHG. Sanford C. Bernstein raised shares of InterContinental Hotels Group from an "underperform" rating to a "market perform" rating in a research note on Friday, January 10th. Citigroup started coverage on shares of InterContinental Hotels Group in a research report on Monday, February 24th. They set a "sell" rating for the company. Finally, Morgan Stanley downgraded InterContinental Hotels Group from an "equal weight" rating to an "underweight" rating in a report on Wednesday, January 8th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, InterContinental Hotels Group has a consensus rating of "Hold".

InterContinental Hotels Group Price Performance

The company has a market capitalization of $17.52 billion, a PE ratio of 19.73, a P/E/G ratio of 1.69 and a beta of 1.33. The firm's 50 day moving average is $125.92 and its 200 day moving average is $120.78.

InterContinental Hotels Group Increases Dividend

The company also recently announced a semi-annual dividend, which will be paid on Thursday, May 15th. Stockholders of record on Friday, April 4th will be issued a dividend of $1.144 per share. This is a positive change from InterContinental Hotels Group's previous semi-annual dividend of $0.53. This represents a dividend yield of 1.4%. The ex-dividend date of this dividend is Friday, April 4th. InterContinental Hotels Group's dividend payout ratio is currently 39.36%.

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Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Richardson Financial Services Inc. bought a new stake in shares of InterContinental Hotels Group in the 4th quarter worth approximately $25,000. Farther Finance Advisors LLC raised its holdings in InterContinental Hotels Group by 67.3% in the 4th quarter. Farther Finance Advisors LLC now owns 251 shares of the company's stock worth $31,000 after purchasing an additional 101 shares in the last quarter. SBI Securities Co. Ltd. purchased a new stake in shares of InterContinental Hotels Group in the 4th quarter worth about $42,000. Venturi Wealth Management LLC bought a new stake in shares of InterContinental Hotels Group during the 4th quarter valued at about $72,000. Finally, Smartleaf Asset Management LLC increased its position in shares of InterContinental Hotels Group by 419.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 571 shares of the company's stock valued at $72,000 after buying an additional 461 shares during the period. Hedge funds and other institutional investors own 15.09% of the company's stock.

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, Garner, avid hotels, Atwell Suites, Staybridge Suites, Iberostar Beachfront Resorts, Holiday Inn Club Vacations, and Candlewood Suites brand names.