Grace & White Inc. NY Has $3.83 Million Position in Summit Hotel Properties, Inc. (NYSE:INN)

Grace & White Inc. NY cut its stake in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 1.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 205,549 shares of the real estate investment trust’s stock after selling 2,000 shares during the period. Grace & White Inc. NY owned 0.22% of Summit Hotel Properties worth $3,833,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Amalgamated Bank increased its stake in shares of Summit Hotel Properties by 0.7% in the first quarter. Amalgamated Bank now owns 11,794 shares of the real estate investment trust’s stock valued at $188,000 after buying an additional 82 shares during the period. Sei Investments Co. increased its stake in shares of Summit Hotel Properties by 0.7% in the first quarter. Sei Investments Co. now owns 34,910 shares of the real estate investment trust’s stock valued at $558,000 after buying an additional 232 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of Summit Hotel Properties by 0.4% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 89,547 shares of the real estate investment trust’s stock valued at $1,431,000 after buying an additional 314 shares during the period. Suntrust Banks Inc. increased its stake in shares of Summit Hotel Properties by 2.2% in the first quarter. Suntrust Banks Inc. now owns 14,371 shares of the real estate investment trust’s stock valued at $229,000 after buying an additional 315 shares during the period. Finally, Nisa Investment Advisors LLC increased its stake in shares of Summit Hotel Properties by 1.0% in the second quarter. Nisa Investment Advisors LLC now owns 35,630 shares of the real estate investment trust’s stock valued at $664,000 after buying an additional 350 shares during the period. Institutional investors and hedge funds own 88.16% of the company’s stock.

Shares of Summit Hotel Properties, Inc. (NYSE:INN) traded up 1.16% on Friday, reaching $15.71. 1,367,929 shares of the company were exchanged. Summit Hotel Properties, Inc. has a 12-month low of $12.45 and a 12-month high of $19.39. The firm has a 50 day moving average price of $17.80 and a 200-day moving average price of $16.88. The stock has a market capitalization of $1.64 billion, a PE ratio of 17.19 and a beta of 1.17.

Summit Hotel Properties (NYSE:INN) last posted its quarterly earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.36 EPS for the quarter, missing the Zacks’ consensus estimate of $0.38 by $0.02. The company had revenue of $124.11 million during the quarter, compared to the consensus estimate of $132.21 million. Summit Hotel Properties had a return on equity of 9.89% and a net margin of 21.97%. The company’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.42 earnings per share. On average, analysts predict that Summit Hotel Properties, Inc. will post $0.87 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 31st. Stockholders of record on Wednesday, August 16th will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.33%. The ex-dividend date is Monday, August 14th. Summit Hotel Properties’s payout ratio is presently 75.56%.

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INN has been the subject of several research reports. Cantor Fitzgerald raised their price objective on shares of Summit Hotel Properties from $18.00 to $19.00 and gave the stock an “overweight” rating in a research report on Thursday, May 25th. Deutsche Bank AG raised their price objective on shares of Summit Hotel Properties from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, May 25th. UBS AG downgraded shares of Summit Hotel Properties from an “outperform” rating to a “market perform” rating in a research report on Friday, July 14th. BidaskClub downgraded shares of Summit Hotel Properties from a “hold” rating to a “sell” rating in a research report on Friday. Finally, Zacks Investment Research upgraded shares of Summit Hotel Properties from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a research report on Wednesday, July 12th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $18.43.

In other Summit Hotel Properties news, Chairman Daniel P. Hansen acquired 10,000 shares of the stock in a transaction that occurred on Wednesday, August 9th. The stock was bought at an average cost of $15.60 per share, with a total value of $156,000.00. Following the completion of the purchase, the chairman now directly owns 800,256 shares in the company, valued at $12,483,993.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.94% of the company’s stock.

Summit Hotel Properties Company Profile

Summit Hotel Properties, Inc is a real estate investment trust (REIT). The Company is focused primarily on owning premium-branded, select-service hotels in the Upscale segment of the United States lodging industry. The Company’s portfolio consists of 81 hotels with a total of 11,608 guestrooms located in 24 states.

Institutional Ownership by Quarter for Summit Hotel Properties (NYSE:INN)

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