Dimensional Fund Advisors LP Has $19.93 Million Position in Summit Hotel Properties, Inc. (NYSE:INN)
Dimensional Fund Advisors LP increased its stake in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 3.9% during the first quarter, Holdings Channel reports. The fund owned 1,246,864 shares of the real estate investment trust’s stock after buying an additional 46,495 shares during the period. Dimensional Fund Advisors LP’s holdings in Summit Hotel Properties were worth $19,925,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in INN. Daiwa Securities Group Inc. raised its position in Summit Hotel Properties by 39.2% in the first quarter. Daiwa Securities Group Inc. now owns 7,100 shares of the real estate investment trust’s stock valued at $113,000 after buying an additional 2,000 shares during the last quarter. Ameritas Investment Partners Inc. bought a new position in Summit Hotel Properties during the first quarter valued at $119,000. LS Investment Advisors LLC raised its position in Summit Hotel Properties by 161.8% in the first quarter. LS Investment Advisors LLC now owns 8,536 shares of the real estate investment trust’s stock valued at $136,000 after buying an additional 5,275 shares during the last quarter. Quantitative Systematic Strategies LLC bought a new position in Summit Hotel Properties during the first quarter valued at $164,000. Finally, 361 Capital LLC bought a new position in Summit Hotel Properties during the first quarter valued at $185,000. 88.16% of the stock is currently owned by hedge funds and other institutional investors.
Summit Hotel Properties, Inc. (NYSE INN) traded up 1.16% during midday trading on Friday, hitting $15.71. The stock had a trading volume of 1,367,929 shares. The stock has a market capitalization of $1.64 billion, a price-to-earnings ratio of 17.19 and a beta of 1.17. Summit Hotel Properties, Inc. has a 52 week low of $12.45 and a 52 week high of $19.39. The company’s 50 day moving average price is $17.80 and its 200-day moving average price is $16.88.
Summit Hotel Properties (NYSE:INN) last posted its quarterly earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $124.11 million for the quarter, compared to analyst estimates of $132.21 million. During the same period last year, the company posted $0.42 earnings per share. The firm’s quarterly revenue was down 2.4% compared to the same quarter last year. Equities analysts anticipate that Summit Hotel Properties, Inc. will post $0.87 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 31st. Investors of record on Wednesday, August 16th will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 4.33%. The ex-dividend date is Monday, August 14th. Summit Hotel Properties’s dividend payout ratio (DPR) is currently 75.56%.
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Several research firms have weighed in on INN. Canaccord Genuity cut their target price on Summit Hotel Properties from $21.00 to $18.00 and set a “buy” rating on the stock in a research note on Friday, August 4th. BidaskClub raised Summit Hotel Properties from a “sell” rating to a “hold” rating in a research note on Wednesday, August 2nd. Royal Bank Of Canada reissued a “buy” rating and issued a $20.00 target price on shares of Summit Hotel Properties in a research note on Friday, August 4th. UBS AG lowered Summit Hotel Properties from an “outperform” rating to a “market perform” rating in a research note on Friday, July 14th. Finally, Deutsche Bank AG reissued a “buy” rating and issued a $17.00 target price (down previously from $19.00) on shares of Summit Hotel Properties in a research note on Wednesday. One analyst has rated the stock with a sell rating, two have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $18.43.
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. 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 81 hotels with a total of 11,608 guestrooms located in 24 states.
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