Morgan Stanley cut shares of Intercontinental Hotels Group from an "equal weight" rating to an "underweight" rating in a research note on Thursday, June 15th. They noted that the move was a valuation call. Finally, Bank of America Corporation reissued a "buy" rating on shares of Intercontinental Hotels Group in a research report on Tuesday, July 25th.
IHG now has 42 resorts in operation across AMEA, which account for 15% of its total property portfolio, and 25 resorts in the development pipeline. Shares saw a steep decrease in trading volume of 97.18% under the normal average daily volume.
Institutional investors have recently added to or reduced their stakes in the company. Announced at the 2017 Hotel Investment Conference Asia Pacific (HICAP), the first Kimpton properties in the region will be located in prime markets in Southeast Asia and Greater China.
InterContinental Hotels Group (IHG) is expanding its footprint in Asia.
Company shares are trading at $54.66 which is marginally higher than $51.44, the 50 day moving average and which is just a bit higher than the 200 day moving average of $53.77. Intercontinental Hotels Group has a 52-week low of $39.84 and a 52-week high of $57.80. Stockholders of record on Friday, September 1st will be issued a dividend of $0.33 per share. Intercontinental Hotels Group A declared a dividend for shareholders that was paid on Friday October 6th, 2017. The ex-dividend date was Wednesday, August 30th.
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The company now has a P/E ratio of 24.36 and market cap is 10.65B.
Bringing the high-end Kimpton label to China and Asia Pacific makes sense given the speedy pace at which InterContinental's business in those regions is growing, the multinational hotel group's CEO, Keith Barr, told CNBC's " Squawk Box".
Rajit Sukumaran, chief development officer, Asia, Middle East and Africa (AMEA), IHG said: "It's fantastic to be bringing new brands to new markets with new and existing partners as we continue to drive scale and brand preference as part of our global strategy".
The new signings join the IHG family, which now operates 488 hotels across seven brands in Asia Pacific, including InterContinental® Hotels & Resorts, Hotel Indigo®, HUALUXE® Hotels and Resorts, Crowne Plaza® Hotels & Resorts, Holiday Inn®, Holiday Inn Express®, and Holiday Inn Resort® with a further 374 hotels in the development pipeline.
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