Park Avenue Securities LLC Acquires New Stake in InterContinental Hotels Group PLC (NYSE:IHG)

Park Avenue Securities LLC acquired a new position in shares of InterContinental Hotels Group PLC (NYSE:IHG) in the first quarter, HoldingsChannel.com reports. The fund acquired 2,112 shares of the company’s stock, valued at approximately $223,000.

Several other hedge funds also recently made changes to their positions in the company. Scotia Capital Inc. lifted its holdings in InterContinental Hotels Group by 259.2% in the fourth quarter. Scotia Capital Inc. now owns 36,567 shares of the company’s stock valued at $3,334,000 after acquiring an additional 26,386 shares during the period. Envestnet Asset Management Inc. grew its position in InterContinental Hotels Group by 48.6% during the third quarter. Envestnet Asset Management Inc. now owns 51,281 shares of the company’s stock worth $3,833,000 after buying an additional 16,767 shares during the period. CIBC Private Wealth Group LLC increased its holdings in InterContinental Hotels Group by 41.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 632,644 shares of the company’s stock valued at $57,546,000 after buying an additional 185,045 shares in the last quarter. Ritholtz Wealth Management lifted its position in shares of InterContinental Hotels Group by 78.0% during the 4th quarter. Ritholtz Wealth Management now owns 8,884 shares of the company’s stock valued at $810,000 after acquiring an additional 3,893 shares during the period. Finally, Raymond James & Associates boosted its stake in shares of InterContinental Hotels Group by 0.5% during the 4th quarter. Raymond James & Associates now owns 103,041 shares of the company’s stock worth $9,395,000 after acquiring an additional 486 shares in the last quarter. Institutional investors and hedge funds own 15.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on IHG shares. Sanford C. Bernstein cut InterContinental Hotels Group from a “market perform” rating to an “underperform” rating in a report on Wednesday, March 13th. Jefferies Financial Group downgraded InterContinental Hotels Group from a “buy” rating to a “hold” rating in a research note on Wednesday, March 13th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, InterContinental Hotels Group currently has a consensus rating of “Hold”.

InterContinental Hotels Group Stock Performance

Shares of InterContinental Hotels Group stock opened at $104.24 on Wednesday. InterContinental Hotels Group PLC has a 1 year low of $67.09 and a 1 year high of $112.08. The business has a 50 day moving average price of $101.82 and a 200 day moving average price of $100.02.

InterContinental Hotels Group Profile

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.