Principal Financial Group Inc. Buys 191,859 Shares of Summit Hotel Properties, Inc. (INN)

Principal Financial Group Inc. raised its stake in Summit Hotel Properties, Inc. (NYSE:INN) by 4.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,135,461 shares of the real estate investment trust’s stock after acquiring an additional 191,859 shares during the period. Principal Financial Group Inc. owned approximately 3.97% of Summit Hotel Properties worth $66,127,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in INN. OppenheimerFunds Inc. grew its stake in shares of Summit Hotel Properties by 19.5% in the first quarter. OppenheimerFunds Inc. now owns 24,106 shares of the real estate investment trust’s stock worth $385,000 after acquiring an additional 3,942 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Summit Hotel Properties by 3.9% during the first quarter. Dimensional Fund Advisors LP now owns 1,246,864 shares of the real estate investment trust’s stock valued at $19,925,000 after buying an additional 46,495 shares during the last quarter. New York State Teachers Retirement System boosted its position in shares of Summit Hotel Properties by 1.2% during the first quarter. New York State Teachers Retirement System now owns 156,698 shares of the real estate investment trust’s stock valued at $2,504,000 after buying an additional 1,800 shares during the last quarter. BlackRock Inc. boosted its position in shares of 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 during the last quarter. Finally, Amalgamated Bank boosted its position in shares of Summit Hotel Properties by 0.7% during 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 last quarter. 94.95% of the stock is currently owned by hedge funds and other institutional investors.

ILLEGAL ACTIVITY WARNING: “Principal Financial Group Inc. Buys 191,859 Shares of Summit Hotel Properties, Inc. (INN)” was posted by Sports Perspectives and is owned by of Sports Perspectives. If you are viewing this report on another publication, it was stolen and republished in violation of United States & international copyright and trademark laws. The correct version of this report can be viewed at https://sportsperspectives.com/2017/11/14/principal-financial-group-inc-buys-191859-shares-of-summit-hotel-properties-inc-inn.html.

Summit Hotel Properties, Inc. (NYSE:INN) opened at $15.21 on Tuesday. The stock has a market capitalization of $1,594.39, a PE ratio of 11.50 and a beta of 1.20. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.61 and a quick ratio of 1.61. Summit Hotel Properties, Inc. has a 12-month low of $13.62 and a 12-month high of $19.39.

Summit Hotel Properties (NYSE:INN) last announced its earnings results on Monday, October 30th. The real estate investment trust reported $0.17 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.17. The business had revenue of $136.60 million for the quarter, compared to analysts’ expectations of $135.69 million. Summit Hotel Properties had a return on equity of 8.96% and a net margin of 20.21%. The business’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same period last year, the firm posted $0.37 earnings per share. equities analysts anticipate that Summit Hotel Properties, Inc. will post 1.27 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 30th. Shareholders of record on Thursday, November 16th will be given a $0.17 dividend. The ex-dividend date of this dividend is Wednesday, November 15th. This represents a $0.68 annualized dividend and a yield of 4.47%. Summit Hotel Properties’s payout ratio is 82.93%.

INN has been the topic of several recent analyst reports. KeyCorp reaffirmed a “hold” rating on shares of Summit Hotel Properties in a research report on Friday, August 25th. BidaskClub raised Summit Hotel Properties from a “sell” rating to a “hold” rating in a research report on Wednesday, August 2nd. Zacks Investment Research raised Summit Hotel Properties from a “sell” rating to a “hold” rating in a research report on Wednesday, November 1st. Robert W. Baird reaffirmed a “buy” rating and set a $17.00 price objective on shares of Summit Hotel Properties in a research report on Friday, September 8th. Finally, Bank of America Corporation cut Summit Hotel Properties from a “buy” rating to an “underperform” rating and dropped their price objective for the company from $19.00 to $14.00 in a research report on Monday, August 14th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Summit Hotel Properties currently has an average rating of “Buy” and an average price target of $17.72.

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.

Want to see what other hedge funds are holding INN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Summit Hotel Properties, Inc. (NYSE:INN).

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

Receive News & Ratings for Summit Hotel Properties Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Summit Hotel Properties Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply