Marriott and Hilton Increase Share Buyback Authorizations
Skift Take
- Lodging stocks were higher again with MCG up 11%, HT up 8%, ABNB up 7%, SLNA up 6% and SVC up another 5%.
- Both Marriott International and Hilton announced an increase in their share buyback authorizations.
- Hilton announced its board of directors authorized the repurchase of an additional $2.5 billion of common stock under its existing stock repurchase program.
The DJIA rose 32 points on Friday while Nasdaq was up another 209, the S&P 500rose 37 points and the 10-year treasury yield was down another .02 to 3.81%. Lodging stocks were higher again with MCG up 11%, HT up 8%, ABNB up 7%, SLNA up 6% and SVC up another 5%. SOND fell -9% on the day.
Both Marriott International and Hilton announced an increase in their share buyback authorizations. MAR said their board of directors upped their quarterly dividend to $0.40 per share from $0.30 and increased the authorization to repurchase the company’s Class A common stock by an additional 25 million shares, for a total of 30.8 million shares currently authorized for repurchase. Year to date through November 9, MAR has repurchased 11.6 million shares for $1.8 billion.
Hilton announced its board of directors authorized the repurchase of an additional $2.5 billion of common stock under its existing stock repurchase
