Allianz Asset Management GmbH reduced its stake in Summit Hotel Properties Inc (NYSE:INN) by 36.6% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 357,710 shares of the real estate investment trust’s stock after selling 206,386 shares during the period. Allianz Asset Management GmbH owned 0.34% of Summit Hotel Properties worth $5,448,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. Campbell & CO Investment Adviser LLC bought a new position in shares of Summit Hotel Properties in the 3rd quarter worth $177,000. M&T Bank Corp bought a new position in Summit Hotel Properties during the fourth quarter worth about $215,000. Hartford Investment Management Co. bought a new position in Summit Hotel Properties during the third quarter worth about $358,000. Accident Compensation Corp bought a new position in Summit Hotel Properties during the fourth quarter worth about $350,000. Finally, Dynamic Technology Lab Private Ltd bought a new position in Summit Hotel Properties during the third quarter worth about $391,000. Institutional investors and hedge funds own 98.76% of the company’s stock.
Several research analysts have weighed in on the company. Zacks Investment Research lowered Summit Hotel Properties from a “hold” rating to a “sell” rating in a report on Thursday, February 1st. Deutsche Bank reduced their target price on Summit Hotel Properties from $17.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, February 26th. Cantor Fitzgerald set a $17.00 target price on Summit Hotel Properties and gave the stock a “buy” rating in a report on Friday, February 23rd. Robert W. Baird set a $16.00 target price on Summit Hotel Properties and gave the stock a “buy” rating in a report on Monday, February 26th. Finally, Janney Montgomery Scott lowered Summit Hotel Properties from a “buy” rating to a “neutral” rating in a report on Monday, November 20th. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating, seven 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 “Hold” and a consensus target price of $16.83.
Shares of Summit Hotel Properties Inc (NYSE INN) opened at $13.60 on Friday. The company has a market capitalization of $1,404.24, a PE ratio of 17.00, a PEG ratio of 4.80 and a beta of 1.31. Summit Hotel Properties Inc has a twelve month low of $12.77 and a twelve month high of $19.39. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.68.
Summit Hotel Properties (NYSE:INN) last issued its quarterly earnings results on Wednesday, February 21st. The real estate investment trust reported $0.30 EPS for the quarter, beating analysts’ consensus estimates of $0.05 by $0.25. The company had revenue of $131.75 million for the quarter, compared to analyst estimates of $126.28 million. Summit Hotel Properties had a return on equity of 8.41% and a net margin of 19.25%. The company’s quarterly revenue was up 19.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.30 earnings per share. sell-side analysts anticipate that Summit Hotel Properties Inc will post 1.36 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, February 28th. Stockholders of record on Friday, February 16th were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 5.29%. This is a positive change from Summit Hotel Properties’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend was Thursday, February 15th. Summit Hotel Properties’s payout ratio is 90.00%.
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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 83 hotels with a total of 12,242 guestrooms located in 26 states.
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