Choice Hotels Buys Back Stock and Boosts Dividend
Skift Take
- Choice Hotels International reported solid 1Q results, better than expectations. In the good old days, when stocks actually moved up and down based on fundamentals.
- Deutsche Bank upped their target price on Ryman Hospitality to $128 from $126 and reiterated their Buy rating.
- The Four Seasons Hotel Boston has reopened following the completion of a dramatic design update of its arrival area, lobby and port cochere.
The DJIA was down 56 points, Nasdaq was down 77 points, the S&P 500 was down 18 points, and the 10-year treasury yield was essentially unchanged at 3.52%. Sigh.
Choice Hotels International reported solid 1Q results, better than expectations. In the good old days, when stocks actually moved up and down based on fundamentals, you could dictate the direction of CHH stock by whether they bought back stock or not. Clearly, that is not the case anymore as CHH repurchased $160 million worth of stock in 1Q but the stock still sold off today after the earnings report. CHH has 3.4 million shares left on their repurchase authorization so it is probably a good assumption there will be a new repurchase authorization in the future. CHH also announced they were increasing the annual dividend rate by 21%.
Deutsche Bank upped their target price on Ryman Hospitality to $128 from $126 and reiterated their Buy rat
