BlackRock Inc. Boosts Position in Summit Hotel Properties, Inc. (INN)
BlackRock Inc. increased its holdings in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 23.3% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 16,762,916 shares of the real estate investment trust’s stock after purchasing an additional 3,170,833 shares during the quarter. BlackRock Inc. owned 16.08% of Summit Hotel Properties worth $312,629,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently made changes to their positions in INN. Pacad Investment Ltd. acquired a new stake in Summit Hotel Properties during the 2nd quarter worth approximately $114,000. Ameritas Investment Partners Inc. acquired a new position in shares of Summit Hotel Properties in the first quarter valued at approximately $119,000. Point72 Asia Hong Kong Ltd acquired a new position in shares of Summit Hotel Properties in the first quarter valued at approximately $120,000. Riverhead Capital Management LLC boosted its holdings in shares of Summit Hotel Properties by 120.3% in the second quarter. Riverhead Capital Management LLC now owns 6,828 shares of the real estate investment trust’s stock valued at $127,000 after buying an additional 3,728 shares during the period. Finally, Paloma Partners Management Co acquired a new position in shares of Summit Hotel Properties in the first quarter valued at approximately $162,000. Hedge funds and other institutional investors own 95.30% of the company’s stock.
In other news, Chairman Daniel P. Hansen purchased 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 9th. The shares were acquired at an average cost of $15.60 per share, with a total value of $156,000.00. Following the purchase, the chairman now owns 800,256 shares in the company, valued at $12,483,993.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.71% of the company’s stock.
Several equities research analysts have recently issued reports on INN shares. BidaskClub downgraded shares of Summit Hotel Properties from a “hold” rating to a “sell” rating in a research report on Friday, August 11th. Royal Bank Of Canada restated a “buy” rating and set a $20.00 price objective on shares of Summit Hotel Properties in a report on Friday, August 4th. UBS AG cut shares of Summit Hotel Properties from an “outperform” rating to a “market perform” rating in a research report on Friday, July 14th. Canaccord Genuity cut their price objective on shares of Summit Hotel Properties from $21.00 to $18.00 and set a “buy” rating on the stock in a research report on Friday, August 4th. Finally, Deutsche Bank AG reaffirmed a “buy” rating and issued a $17.00 target price (down from $19.00) on shares of Summit Hotel Properties in a research note on Wednesday, August 9th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $17.75.
Summit Hotel Properties, Inc. (NYSE:INN) opened at 15.99 on Monday. The firm has a market cap of $1.67 billion, a PE ratio of 17.49 and a beta of 1.22. Summit Hotel Properties, Inc. has a one year low of $12.45 and a one year high of $19.39. The company’s 50-day moving average is $15.30 and its 200 day moving average is $16.71.
Summit Hotel Properties (NYSE:INN) last released 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 Zacks’ consensus estimate of $0.38 by ($0.02). The company had revenue of $124.11 million for the quarter, compared to the consensus estimate of $132.21 million. Summit Hotel Properties had a return on equity of 9.89% and a net margin of 21.97%. Summit Hotel Properties’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same period last year, the company earned $0.42 EPS. Equities analysts anticipate that Summit Hotel Properties, Inc. will post $0.86 earnings per share for the current year.
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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 79 hotels with a total of 11,590 guestrooms located in 24 states.
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