State Street Corp Raises Holdings in Global Business Travel Group, Inc. (NYSE:GBTG)

State Street Corp lifted its stake in Global Business Travel Group, Inc. (NYSE:GBTG) by 21.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,946,990 shares of the company’s stock after acquiring an additional 346,540 shares during the period. State Street Corp owned 0.41% of Global Business Travel Group worth $14,972,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of GBTG. Bank of New York Mellon Corp increased its position in shares of Global Business Travel Group by 1,116.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,007,861 shares of the company’s stock valued at $6,652,000 after acquiring an additional 925,018 shares during the period. Principal Financial Group Inc. purchased a new position in Global Business Travel Group during the 2nd quarter worth approximately $108,000. Rhumbline Advisers lifted its stake in Global Business Travel Group by 419.3% during the 2nd quarter. Rhumbline Advisers now owns 143,883 shares of the company’s stock valued at $950,000 after acquiring an additional 116,175 shares during the period. Victory Capital Management Inc. acquired a new position in Global Business Travel Group during the second quarter valued at $147,000. Finally, Dimensional Fund Advisors LP grew its holdings in Global Business Travel Group by 595.9% during the second quarter. Dimensional Fund Advisors LP now owns 114,695 shares of the company’s stock worth $757,000 after acquiring an additional 98,213 shares during the period. 82.46% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on GBTG. Morgan Stanley upped their price objective on shares of Global Business Travel Group from $7.00 to $9.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 12th. Citigroup increased their target price on shares of Global Business Travel Group from $9.00 to $9.50 and gave the company a “buy” rating in a research report on Friday, October 4th. Finally, UBS Group began coverage on Global Business Travel Group in a research note on Friday, November 22nd. They set a “buy” rating and a $11.00 price objective on the stock.

Global Business Travel Group Price Performance

Shares of NYSE:GBTG opened at $9.48 on Wednesday. The company has a market cap of $4.46 billion, a P/E ratio of -26.33 and a beta of 0.73. The company has a 50-day moving average price of $8.67 and a 200 day moving average price of $7.53. Global Business Travel Group, Inc. has a 52 week low of $4.49 and a 52 week high of $9.60. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 1.24.

Global Business Travel Group (NYSE:GBTG) last released its quarterly earnings results on Tuesday, November 5th. The company reported ($0.22) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.14). The company had revenue of $597.00 million during the quarter, compared to analyst estimates of $611.89 million. Global Business Travel Group had a negative return on equity of 9.70% and a negative net margin of 7.06%. During the same period last year, the firm earned ($0.02) earnings per share. Research analysts predict that Global Business Travel Group, Inc. will post -0.17 earnings per share for the current year.

Global Business Travel Group declared that its Board of Directors has initiated a share buyback plan on Tuesday, November 5th that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 8.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

About Global Business Travel Group

Global Business Travel Group, Inc provides business-to-business (B2B) travel platform in the United States and internationally. The company's platform offers a suite of technology-enabled solutions to business travelers and clients; travel content suppliers, such as airlines, hotels, ground transportation, and aggregators; and third-party travel agencies.