Los Angeles Capital Management & Equity Research Inc. bought a new stake in shares of Summit Hotel Properties, Inc. (NYSE:INN) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 60,645 shares of the real estate investment trust’s stock, valued at approximately $1,131,000. Los Angeles Capital Management & Equity Research Inc. owned approximately 0.06% of Summit Hotel Properties at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently bought and sold shares of INN. BlackRock Inc. raised its holdings in Summit Hotel Properties by 7,558.2% during the first quarter. BlackRock Inc. now owns 13,592,083 shares of the real estate investment trust’s stock valued at $217,201,000 after buying an additional 13,414,600 shares in the last quarter. State Street Corp raised its holdings in Summit Hotel Properties by 49.4% during the first quarter. State Street Corp now owns 3,628,861 shares of the real estate investment trust’s stock valued at $57,993,000 after buying an additional 1,199,672 shares in the last quarter. GW&K Investment Management LLC bought a new position in Summit Hotel Properties during the second quarter valued at about $17,718,000. Vanguard Group Inc. raised its holdings in Summit Hotel Properties by 6.0% during the first quarter. Vanguard Group Inc. now owns 12,990,135 shares of the real estate investment trust’s stock valued at $207,583,000 after buying an additional 732,109 shares in the last quarter. Finally, Principal Financial Group Inc. raised its holdings in Summit Hotel Properties by 24.5% during the first quarter. Principal Financial Group Inc. now owns 3,341,478 shares of the real estate investment trust’s stock valued at $53,397,000 after buying an additional 656,792 shares in the last quarter. Institutional investors own 95.30% of the company’s stock.
Several equities analysts have weighed in on INN shares. Cantor Fitzgerald cut their target price on Summit Hotel Properties to $19.00 and set a “buy” rating on the stock in a report on Monday, June 5th. Robert W. Baird restated an “outperform” rating and set a $18.00 target price (up from $17.00) on shares of Summit Hotel Properties in a report on Friday, June 16th. Raymond James Financial, Inc. restated a “market perform” rating on shares of Summit Hotel Properties in a report on Friday, July 14th. Zacks Investment Research upgraded Summit Hotel Properties from a “hold” rating to a “buy” rating and set a $21.00 target price on the stock in a report on Thursday, July 6th. Finally, BidaskClub lowered Summit Hotel Properties from a “strong-buy” rating to a “buy” rating in a report on Friday, June 30th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Summit Hotel Properties currently has an average rating of “Buy” and an average target price of $17.86.
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Summit Hotel Properties, Inc. (NYSE:INN) opened at 15.20 on Wednesday. Summit Hotel Properties, Inc. has a 1-year low of $12.45 and a 1-year high of $19.39. The company has a market capitalization of $1.58 billion, a price-to-earnings ratio of 16.63 and a beta of 1.20. The stock has a 50 day moving average price of $15.30 and a 200-day moving average price of $16.71.
Summit Hotel Properties (NYSE:INN) last issued its earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.36 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.38 by ($0.02). Summit Hotel Properties had a net margin of 21.97% and a return on equity of 9.89%. The firm had revenue of $124.11 million during the quarter, compared to analyst estimates of $132.21 million. During the same quarter last year, the business posted $0.42 earnings per share. The company’s revenue for the quarter was down 2.4% on a year-over-year basis. Equities analysts predict that Summit Hotel Properties, Inc. will post $0.86 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, August 31st. Investors of record on Wednesday, August 16th were paid a $0.17 dividend. The ex-dividend date of this dividend was Monday, August 14th. This represents a $0.68 annualized dividend and a yield of 4.47%. Summit Hotel Properties’s dividend payout ratio (DPR) is currently 75.56%.
In other news, Chairman Daniel P. Hansen bought 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 9th. The stock was acquired at an average cost of $15.60 per share, for a total transaction of $156,000.00. Following the purchase, the chairman now owns 800,256 shares of the company’s stock, valued at approximately $12,483,993.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.71% of the company’s stock.
About Summit Hotel Properties
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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