Macquarie Group Ltd. Acquires 34,286 Shares of Summit Hotel Properties, Inc. (INN)
Macquarie Group Ltd. increased its holdings in Summit Hotel Properties, Inc. (NYSE:INN) by 1.2% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,978,880 shares of the real estate investment trust’s stock after buying an additional 34,286 shares during the period. Macquarie Group Ltd. owned about 2.86% of Summit Hotel Properties worth $47,632,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Pacad Investment Ltd. purchased a new position in Summit Hotel Properties in the 2nd quarter valued at about $114,000. Riverhead Capital Management LLC increased its position in 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 worth $127,000 after buying an additional 3,728 shares during the period. Paloma Partners Management Co acquired a new stake in Summit Hotel Properties in the first quarter worth $162,000. GAM Holding AG increased its holdings in shares of Summit Hotel Properties by 25.7% during the second quarter. GAM Holding AG now owns 8,803 shares of the real estate investment trust’s stock valued at $164,000 after purchasing an additional 1,800 shares during the period. Finally, LS Investment Advisors LLC increased its holdings in shares of Summit Hotel Properties by 5.4% during the second quarter. LS Investment Advisors LLC now owns 8,995 shares of the real estate investment trust’s stock valued at $168,000 after purchasing an additional 459 shares during the period. Institutional investors and hedge funds own 91.78% of the company’s stock.
Several equities research analysts have recently issued reports on the company. Zacks Investment Research upgraded Summit Hotel Properties from a “hold” rating to a “buy” rating and set a $20.00 price target for the company in a report on Monday, July 31st. Robert W. Baird reissued a “buy” rating and issued a $17.00 price objective on shares of Summit Hotel Properties in a research note on Friday, September 8th. Deutsche Bank AG reissued a “buy” rating and issued a $17.00 price objective (down from $19.00) on shares of Summit Hotel Properties in a research note on Wednesday, August 9th. Canaccord Genuity cut their price objective 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. Finally, Royal Bank Of Canada reissued a “buy” rating and issued a $20.00 price objective on shares of Summit Hotel Properties in a research note on Friday, August 4th. Two investment analysts have rated the stock with a sell rating, three have given 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 an average target price of $17.50.
Shares of Summit Hotel Properties, Inc. (NYSE INN) traded down $0.12 during mid-day trading on Tuesday, reaching $15.20. The company had a trading volume of 994,500 shares, compared to its average volume of 883,201. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.64. The firm has a market cap of $1,597.52, a price-to-earnings ratio of 11.52 and a beta of 1.20. Summit Hotel Properties, Inc. has a twelve month low of $13.94 and a twelve month high of $19.39.
Summit Hotel Properties (NYSE:INN) last announced its quarterly earnings results on Monday, October 30th. The real estate investment trust reported $0.17 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.17. The business had revenue of $136.60 million for the quarter, compared to analyst estimates of $135.69 million. Summit Hotel Properties had a return on equity of 8.96% and a net margin of 20.21%. Summit Hotel Properties’s quarterly revenue was up 15.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.37 EPS. research analysts anticipate that Summit Hotel Properties, Inc. will post 1.27 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 30th. Investors of record on Thursday, November 16th will be issued a $0.17 dividend. The ex-dividend date of this dividend is Wednesday, November 15th. This represents a $0.68 dividend on an annualized basis and a yield of 4.47%. Summit Hotel Properties’s dividend payout ratio is presently 82.93%.
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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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