Hyatt Hotels (H) Board of Directors Authorizes Stock Repurchase Program
Hyatt Hotels (NYSE:H) announced that its Board of Directors has initiated a stock buyback plan, which permits the company to repurchase $750.00 million in shares on Thursday, December 14th, EventVestor reports. This repurchase authorization permits the company to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.
Several brokerages recently issued reports on H. Citigroup upgraded shares of Hyatt Hotels from a “neutral” rating to a “buy” rating and set a $82.00 target price for the company in a research note on Thursday. MKM Partners upgraded shares of Hyatt Hotels from a “neutral” rating to a “buy” rating and set a $79.00 target price for the company in a research note on Thursday, December 7th. SunTrust Banks reiterated a “hold” rating and issued a $61.00 target price on shares of Hyatt Hotels in a research note on Tuesday, October 17th. Stifel Nicolaus raised their target price on shares of Hyatt Hotels from $61.00 to $67.00 and gave the company a “hold” rating in a research note on Monday, November 6th. Finally, Robert W. Baird set a $70.00 target price on shares of Hyatt Hotels and gave the company a “buy” rating in a research note on Sunday, October 29th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $70.55.
Shares of Hyatt Hotels (NYSE:H) traded down $0.40 during mid-day trading on Friday, reaching $70.35. 637,200 shares of the company’s stock traded hands, compared to its average volume of 761,909. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.06 and a quick ratio of 1.04. The firm has a market capitalization of $8,411.82, a P/E ratio of 39.31, a PEG ratio of 10.06 and a beta of 1.25. Hyatt Hotels has a 1 year low of $50.21 and a 1 year high of $73.33.
In other news, insider Maryam Banikarim sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $61.42, for a total transaction of $614,200.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Rena Hozore Reiss sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, September 25th. The stock was sold at an average price of $61.43, for a total transaction of $245,720.00. Following the transaction, the insider now directly owns 30,881 shares in the company, valued at $1,897,019.83. The disclosure for this sale can be found here. Insiders have sold 1,000,001 shares of company stock valued at $68,120,268 over the last 90 days. Company insiders own 27.51% of the company’s stock.
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Hyatt Hotels Company Profile
Hyatt Hotels Corporation is a global hospitality company. The Company develops, owns, operates, manages, franchises, licenses or provides services to a portfolio of properties. The Company operates through four segments: owned and leased hotels; Americas management and franchising (Americas); ASPAC management and franchising (ASPAC), and EAME/SW Asia management and franchising (EAME/SW Asia).
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