Comerica Bank cut its stake in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 5.9% during the second quarter, Holdings Channel reports. The fund owned 1,255,092 shares of the real estate investment trust’s stock after selling 78,720 shares during the period. Comerica Bank’s holdings in Summit Hotel Properties were worth $22,152,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in INN. Wells Fargo & Company MN increased its position in shares of Summit Hotel Properties by 2.9% in the first quarter. Wells Fargo & Company MN now owns 201,928 shares of the real estate investment trust’s stock valued at $3,226,000 after buying an additional 5,654 shares during the last quarter. Exane Derivatives purchased a new position in shares of Summit Hotel Properties during the first quarter valued at $736,000. DUPONT CAPITAL MANAGEMENT Corp increased its position in shares of Summit Hotel Properties by 487.9% in the first quarter. DUPONT CAPITAL MANAGEMENT Corp now owns 55,402 shares of the real estate investment trust’s stock valued at $885,000 after buying an additional 45,978 shares during the last quarter. Strs Ohio increased its position in shares of Summit Hotel Properties by 1.8% in the first quarter. Strs Ohio now owns 158,746 shares of the real estate investment trust’s stock valued at $2,536,000 after buying an additional 2,882 shares during the last quarter. Finally, Fisher Asset Management LLC increased its position in shares of Summit Hotel Properties by 40.4% in the first quarter. Fisher Asset Management LLC now owns 62,148 shares of the real estate investment trust’s stock valued at $993,000 after buying an additional 17,871 shares during the last quarter. 88.14% of the stock is owned by hedge funds and other institutional investors.

Shares of Summit Hotel Properties, Inc. (INN) opened at 15.15 on Wednesday. The firm has a 50-day moving average price of $17.57 and a 200 day moving average price of $16.88. Summit Hotel Properties, Inc. has a 12-month low of $12.45 and a 12-month high of $19.39. The stock has a market cap of $1.58 billion, a PE ratio of 16.58 and a beta of 1.17.

Summit Hotel Properties (NYSE:INN) last announced 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 consensus estimate of $0.38 by $0.02. The business had revenue of $124.11 million during the quarter, compared to analysts’ expectations of $132.21 million. Summit Hotel Properties had a return on equity of 9.89% and a net margin of 21.97%. The firm’s revenue was down 2.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.42 earnings per share. Equities research analysts predict that Summit Hotel Properties, Inc. will post $0.87 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 31st. Investors of record on Wednesday, August 16th will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 4.50%. The ex-dividend date is Monday, August 14th. Summit Hotel Properties’s dividend payout ratio is currently 75.56%.

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Several brokerages recently weighed in on INN. Robert W. Baird reissued an “outperform” rating and issued a $18.00 target price (up previously from $17.00) on shares of Summit Hotel Properties in a research note on Friday, June 16th. Zacks Investment Research raised shares of Summit Hotel Properties from a “hold” rating to a “buy” rating and set a $21.00 target price for the company in a research note on Thursday, July 6th. BidaskClub downgraded shares of Summit Hotel Properties from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 30th. Cantor Fitzgerald cut their target price on shares of Summit Hotel Properties to $19.00 and set a “buy” rating for the company in a research note on Monday, June 5th. Finally, UBS AG downgraded shares of Summit Hotel Properties from an “outperform” rating to a “market perform” rating in a research note on Friday, July 14th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $18.00.

In other Summit Hotel Properties news, Chairman Daniel P. Hansen acquired 10,000 shares of Summit Hotel Properties stock in a transaction that occurred on Wednesday, August 9th. The stock was purchased 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.94% of the stock is currently owned by corporate insiders.

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.

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

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