Intercontinental Hotels Group (NYSE:IHG) announced a special dividend on Wednesday, August 9th, Wall Street Journal reports. Investors of record on Friday, September 1st will be paid a dividend of 0.33 per share on Friday, October 6th. The ex-dividend date is Wednesday, August 30th.
Intercontinental Hotels Group has raised its dividend payment by an average of 5.3% annually over the last three years and has increased its dividend annually for the last 4 consecutive years. Intercontinental Hotels Group has a dividend payout ratio of 27.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Intercontinental Hotels Group to earn $2.52 per share next year, which means the company should continue to be able to cover its $0.65 annual dividend with an expected future payout ratio of 25.8%.
Shares of Intercontinental Hotels Group (IHG) opened at 49.60 on Friday. The company has a market cap of $9.72 billion, a P/E ratio of 22.24 and a beta of 1.34. Intercontinental Hotels Group has a 52 week low of $39.82 and a 52 week high of $57.80. The company’s 50-day moving average price is $54.53 and its 200 day moving average price is $53.26.
IHG has been the subject of several analyst reports. Zacks Investment Research raised shares of Intercontinental Hotels Group from a “hold” rating to a “buy” rating and set a $61.00 price objective for the company in a report on Tuesday, May 9th. Bank of America Corporation reaffirmed a “buy” rating on shares of Intercontinental Hotels Group in a report on Tuesday, July 25th. Credit Suisse Group downgraded shares of Intercontinental Hotels Group from an “outperform” rating to a “neutral” rating in a report on Monday, June 19th. They noted that the move was a valuation call. Morgan Stanley downgraded shares of Intercontinental Hotels Group from an “equal weight” rating to an “underweight” rating in a report on Thursday, June 15th. Finally, BidaskClub downgraded shares of Intercontinental Hotels Group from a “strong-buy” rating to a “buy” rating in a report on Tuesday, June 13th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $50.33.
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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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