Vident Investment Advisory LLC raised its stake in Summit Hotel Properties Inc (NYSE:INN) by 9.8% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 132,914 shares of the real estate investment trust’s stock after buying an additional 11,863 shares during the quarter. Vident Investment Advisory LLC owned approximately 0.13% of Summit Hotel Properties worth $2,024,000 as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of the business. Verition Fund Management LLC bought a new stake in Summit Hotel Properties in the fourth quarter valued at $271,000. LPL Financial LLC lifted its stake in Summit Hotel Properties by 2,255.2% in the fourth quarter. LPL Financial LLC now owns 460,056 shares of the real estate investment trust’s stock valued at $7,007,000 after buying an additional 440,522 shares during the last quarter. Millennium Management LLC lifted its stake in Summit Hotel Properties by 323.4% in the fourth quarter. Millennium Management LLC now owns 2,628,803 shares of the real estate investment trust’s stock valued at $40,037,000 after buying an additional 2,007,936 shares during the last quarter. Raymond James & Associates lifted its stake in Summit Hotel Properties by 7.7% in the fourth quarter. Raymond James & Associates now owns 227,495 shares of the real estate investment trust’s stock valued at $3,465,000 after buying an additional 16,347 shares during the last quarter. Finally, Two Sigma Advisers LP lifted its stake in Summit Hotel Properties by 34.3% in the fourth quarter. Two Sigma Advisers LP now owns 92,700 shares of the real estate investment trust’s stock valued at $1,412,000 after buying an additional 23,700 shares during the last quarter. Institutional investors own 98.76% of the company’s stock.
INN has been the topic of a number of recent research reports. Royal Bank of Canada reiterated a “buy” rating and issued a $16.00 target price on shares of Summit Hotel Properties in a research note on Tuesday, February 27th. Robert W. Baird set a $16.00 target price on Summit Hotel Properties and gave the company a “buy” rating in a research note on Monday, February 26th. Deutsche Bank cut their target price on Summit Hotel Properties from $17.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday, February 26th. Cantor Fitzgerald set a $17.00 target price on Summit Hotel Properties and gave the company a “buy” rating in a research note on Friday, February 23rd. Finally, Zacks Investment Research upgraded Summit Hotel Properties from a “sell” rating to a “hold” rating in a research note on Wednesday, December 6th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $16.83.
INN stock opened at $13.40 on Wednesday. The company has a market capitalization of $1,400.06, a price-to-earnings ratio of 10.09, a PEG ratio of 4.78 and a beta of 1.31. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.68. Summit Hotel Properties Inc has a fifty-two week low of $12.77 and a fifty-two week high of $19.39.
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 last year, the company earned $0.30 earnings per share. sell-side analysts predict that Summit Hotel Properties Inc will post 1.36 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 28th. Stockholders of record on Friday, February 16th were issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 5.37%. This is a positive change from Summit Hotel Properties’s previous quarterly dividend of $0.17. The ex-dividend date was Thursday, February 15th. Summit Hotel Properties’s dividend payout ratio (DPR) 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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