NASHVILLE—Fazal F. Merchant, a director at Ryman Hospitality Properties , Inc. (NYSE:RHP), recently sold a portion of his holdings in the company. According to a recent SEC filing, Merchant sold 1,269 shares of Ryman Hospitality common stock on November 13, 2024. The shares were sold at a price of $113.98 each, totaling approximately $144,640. Following this transaction, Merchant's direct ownership in the company stands at 4,825 shares.
This transaction was executed under the supervision of Scott J. Lynn, acting as Attorney-in-Fact for Merchant. Ryman Hospitality, a real estate investment trust based in Nashville, continues to be a significant player in the hospitality and entertainment sector.
In other recent news, Ryman Hospitality Properties reported a record consolidated total revenue of $550 million in the third quarter of 2024, a 4.1% increase year-over-year. The company's adjusted EBITDAre also saw a rise, reaching $175 million, up 2.3% from the previous year. This financial growth was largely driven by strong performance in both the hospitality and entertainment segments, with the Ole Red brand playing a significant role in the latter's record revenue.
Ryman Hospitality has revised its 2024 guidance, adjusting RevPAR growth and adjusted EBITDAre ranges due to market softness and construction disruptions. The midpoint for consolidated adjusted EBITDAre guidance was raised to $770.5 million, reflecting an 11.5% increase from the previous year. The company is also in the process of making capital investments over $1 billion, including projects at Gaylord Rockies and Gaylord Opryland.
Among other developments, a new venue, Category 10, opened in Nashville and is set to fully launch in early 2025. The company also declared a quarterly dividend of $1.15, a 4.5% increase from the previous distribution. These are recent developments that highlight Ryman Hospitality's ongoing performance and future growth opportunities.
InvestingPro Insights
While Fazal F. Merchant's recent sale of Ryman Hospitality Properties (NYSE:RHP) shares might raise eyebrows, a closer look at the company's financials and market performance reveals a more nuanced picture. According to InvestingPro data, Ryman's stock has shown strong momentum, with a 15.4% price total return over the past three months. This performance aligns with an InvestingPro Tip highlighting the company's "strong return over the last three months."
Furthermore, Ryman's financial health appears robust. The company boasts a revenue of $2.34 billion for the last twelve months as of Q3 2023, with a notable 12.62% revenue growth. This growth is complemented by a healthy EBITDA margin of 31.44% and an operating income margin of 21.54%, indicating efficient operations.
Investors may find comfort in Ryman's dividend policy. An InvestingPro Tip notes that the company "has raised its dividend for 3 consecutive years," with a current dividend yield of 4.04%. This consistent dividend growth, coupled with a 15% dividend increase over the last twelve months, suggests management's confidence in the company's financial stability and future prospects.
For those considering Ryman as an investment opportunity, it's worth noting that InvestingPro offers 8 additional tips for this stock, providing a more comprehensive analysis for potential investors. These insights could be particularly valuable given Ryman's current trading position near its 52-week high, as indicated by another InvestingPro Tip.
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