Share Repurchase Program Authorized by Hyatt Hotels (H) Board

Hyatt Hotels (NYSE:H) declared that its board has authorized a share buyback program, which authorizes the company to repurchase $500.00 million in shares on Thursday, May 4th, EventVestor reports. This repurchase authorization authorizes the company to repurchase up to 6.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Shares of Hyatt Hotels (NYSE:H) traded up 0.56% during midday trading on Friday, hitting $57.91. The stock had a trading volume of 749,853 shares. Hyatt Hotels has a 12-month low of $45.12 and a 12-month high of $59.30. The company’s 50-day moving average price is $57.07 and its 200-day moving average price is $54.95. The firm has a market cap of $7.27 billion, a price-to-earnings ratio of 31.98 and a beta of 1.34.

Hyatt Hotels (NYSE:H) last released its earnings results on Thursday, May 4th. The company reported $0.73 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.24 by $0.49. Hyatt Hotels had a return on equity of 7.37% and a net margin of 5.90%. The company had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same quarter in the prior year, the company earned $0.25 earnings per share. Equities research analysts forecast that Hyatt Hotels will post $1.43 EPS for the current year.

A number of research firms have recently weighed in on H. Morgan Stanley raised Hyatt Hotels from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $51.48 to $53.00 in a report on Tuesday, March 7th. FBR & Co reissued a “buy” rating on shares of Hyatt Hotels in a report on Monday, May 15th. Stifel Nicolaus boosted their price target on Hyatt Hotels from $54.00 to $59.00 and gave the stock a “hold” rating in a report on Monday, May 15th. Zacks Investment Research cut Hyatt Hotels from a “buy” rating to a “hold” rating in a report on Tuesday, February 7th. Finally, Citigroup Inc reissued a “neutral” rating on shares of Hyatt Hotels in a report on Thursday, May 11th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $53.87.

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In related news, insider H. Charles Floyd sold 15,000 shares of the stock in a transaction on Wednesday, April 26th. The stock was sold at an average price of $57.00, for a total transaction of $855,000.00. Following the completion of the sale, the insider now directly owns 79,263 shares in the company, valued at $4,517,991. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Banana B. Trust sold 30,013 shares of the stock in a transaction on Friday, March 17th. The stock was sold at an average price of $53.56, for a total value of $1,607,496.28. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 4,211,068 shares of company stock valued at $241,651,899. 25.50% of the stock is owned by corporate insiders.

About Hyatt Hotels

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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