Strs Ohio boosted its position in Summit Hotel Properties, Inc. (NYSE:INN) by 1.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 160,925 shares of the real estate investment trust’s stock after buying an additional 2,179 shares during the period. Strs Ohio owned about 0.15% of Summit Hotel Properties worth $3,001,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Wells Fargo & Company MN boosted its stake in shares of Summit Hotel Properties by 2.9% in the first quarter. Wells Fargo & Company MN now owns 201,928 shares of the real estate investment trust’s stock valued at $3,226,000 after buying an additional 5,654 shares during the period. Exane Derivatives bought a new stake in shares of Summit Hotel Properties during the first quarter valued at about $736,000. DUPONT CAPITAL MANAGEMENT Corp boosted its stake in shares of Summit Hotel Properties by 487.9% in the first quarter. DUPONT CAPITAL MANAGEMENT Corp now owns 55,402 shares of the real estate investment trust’s stock valued at $885,000 after buying an additional 45,978 shares during the period. Fisher Asset Management LLC boosted its stake in shares of Summit Hotel Properties by 40.4% in the first quarter. Fisher Asset Management LLC now owns 62,148 shares of the real estate investment trust’s stock valued at $993,000 after buying an additional 17,871 shares during the period. Finally, James Investment Research Inc. bought a new stake in shares of Summit Hotel Properties during the first quarter valued at about $1,900,000. Institutional investors and hedge funds own 88.14% of the company’s stock.
Summit Hotel Properties, Inc. (NYSE:INN) opened at 14.69 on Friday. The stock has a market capitalization of $1.53 billion, a price-to-earnings ratio of 16.07 and a beta of 1.17. Summit Hotel Properties, Inc. has a 1-year low of $12.45 and a 1-year high of $19.39. The firm has a 50-day moving average of $17.23 and a 200-day moving average of $16.84.
Summit Hotel Properties (NYSE:INN) last released its earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.38 by $0.02. The business 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 firm’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.42 earnings per share. Equities research analysts anticipate that Summit Hotel Properties, Inc. will post $0.84 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 31st. Investors of record on Wednesday, August 16th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 4.63%. 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 analyst reports. Zacks Investment Research upgraded Summit Hotel Properties from a “hold” rating to a “buy” rating and set a $21.00 price objective for the company in a report on Thursday, July 6th. BidaskClub lowered Summit Hotel Properties from a “strong-buy” rating to a “buy” rating in a report on Friday, June 30th. Canaccord Genuity raised their target price on Summit Hotel Properties from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, May 25th. Deutsche Bank AG raised their target price on Summit Hotel Properties from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, May 25th. Finally, Cantor Fitzgerald restated a “buy” rating and issued a $18.00 target price (up previously from $17.00) on shares of Summit Hotel Properties in a research note on Friday, May 12th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $18.00.
In related news, Chairman Daniel P. Hansen acquired 10,000 shares of the stock in a transaction that occurred on Wednesday, August 9th. The shares were purchased at an average cost of $15.60 per share, with a total value of $156,000.00. Following the completion of the transaction, the chairman now owns 800,256 shares of the company’s stock, valued at approximately $12,483,993.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 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 79 hotels with a total of 11,590 guestrooms located in 24 states.
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