BUZZ-Hilton Grand Vacations drops as Apollo to offload shares
Apollo Global Management Inc APO | 0.00 | |
Hilton Worldwide Holdings Inc. HLT | 0.00 | |
Wells Fargo WFC | 0.00 | |
Hilton Grand Vacations, Inc. HGV | 0.00 |
** Timeshare operator Hilton Grand Vacations' HGV.N shares down 2.6% post-market to $50.70 after secondary offering news
** Orlando, Florida-based HGV says entities managed by Apollo Global Management APO.N to part with 5 mln shares
** Also, HGV to concurrently repurchase up to 750,000 of offering shares from the underwriters that doesn't exceed $40 mln worth
** Wells Fargo lead bookrunner for offering
** Apollo owns ~18.25 mln shares, roughly 23% of HGV's ~79.76 mln shares outstanding, according to LSEG data
** HGV shares ended down 2% at $52.06 on Tues. Stock up 16% YTD including 33% surge QTD
** 4 of 10 analysts rate the stock "buy", 6 "hold"; median PT $55