Menta Capital LLC Buys Shares of 68,661 Summit Hotel Properties, Inc. (INN)

Menta Capital LLC bought a new stake in shares of Summit Hotel Properties, Inc. (NYSE:INN) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 68,661 shares of the real estate investment trust’s stock, valued at approximately $1,281,000. Menta Capital LLC owned about 0.07% of Summit Hotel Properties at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. UBS Asset Management Americas Inc. raised its holdings in shares of Summit Hotel Properties by 34.3% during the second quarter. UBS Asset Management Americas Inc. now owns 211,707 shares of the real estate investment trust’s stock valued at $3,948,000 after acquiring an additional 54,094 shares during the last quarter. New York State Common Retirement Fund raised its holdings in shares of Summit Hotel Properties by 17.0% during the second quarter. New York State Common Retirement Fund now owns 109,400 shares of the real estate investment trust’s stock valued at $2,040,000 after acquiring an additional 15,899 shares during the last quarter. Teachers Insurance & Annuity Association of America raised its holdings in shares of Summit Hotel Properties by 14.6% during the second quarter. Teachers Insurance & Annuity Association of America now owns 101,582 shares of the real estate investment trust’s stock valued at $1,895,000 after acquiring an additional 12,955 shares during the last quarter. Thrivent Financial For Lutherans raised its holdings in shares of Summit Hotel Properties by 34.6% during the second quarter. Thrivent Financial For Lutherans now owns 130,950 shares of the real estate investment trust’s stock valued at $2,443,000 after acquiring an additional 33,680 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Summit Hotel Properties by 1.0% during the second quarter. PNC Financial Services Group Inc. now owns 379,404 shares of the real estate investment trust’s stock valued at $7,077,000 after acquiring an additional 3,652 shares during the last quarter. 95.30% of the stock is owned by institutional investors and hedge funds.

In related news, Chairman Daniel P. Hansen acquired 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 9th. The stock was purchased at an average cost of $15.60 per share, for a total transaction of $156,000.00. Following the transaction, the chairman now directly owns 800,256 shares of the company’s stock, valued at approximately $12,483,993.60. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 1.71% of the company’s stock.

A number of brokerages have commented on INN. UBS AG cut Summit Hotel Properties from an “outperform” rating to a “market perform” rating in a report on Friday, July 14th. Zacks Investment Research raised Summit Hotel Properties from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a report on Wednesday, July 12th. Raymond James Financial, Inc. reissued a “market perform” rating on shares of Summit Hotel Properties in a report on Friday, July 14th. BidaskClub raised Summit Hotel Properties from a “sell” rating to a “hold” rating in a report on Wednesday, August 2nd. Finally, ValuEngine raised Summit Hotel Properties from a “buy” rating to a “strong-buy” rating in a report on Tuesday, June 6th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $17.86.

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Shares of Summit Hotel Properties, Inc. (NYSE:INN) opened at 15.36 on Friday. The firm has a market cap of $1.60 billion, a PE ratio of 16.81 and a beta of 1.20. The company has a 50 day moving average price of $15.30 and a 200 day moving average price of $16.71. Summit Hotel Properties, Inc. has a 12-month low of $12.45 and a 12-month high of $19.39.

Summit Hotel Properties (NYSE:INN) last issued its quarterly earnings data 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 return on equity of 9.89% and a net margin of 21.97%. The company had revenue of $124.11 million for the quarter, compared to analyst estimates of $132.21 million. During the same quarter in the prior year, the firm earned $0.42 earnings per share. The company’s revenue for the quarter was down 2.4% on a year-over-year basis. On average, analysts forecast that Summit Hotel Properties, Inc. will post $0.86 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 31st. Investors of record on Wednesday, August 16th were given a dividend of $0.17 per share. The ex-dividend date of this dividend was Monday, August 14th. This represents a $0.68 annualized dividend and a dividend yield of 4.43%. Summit Hotel Properties’s dividend payout ratio is currently 75.56%.

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.

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

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