Sei Investments Co. Cuts Holdings in Summit Hotel Properties, Inc. (INN)
Sei Investments Co. lessened its stake in Summit Hotel Properties, Inc. (NYSE:INN) by 11.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,010 shares of the real estate investment trust’s stock after selling 3,793 shares during the period. Sei Investments Co.’s holdings in Summit Hotel Properties were worth $447,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Elgethun Capital Management increased its stake in shares of Summit Hotel Properties by 0.6% in the 2nd quarter. Elgethun Capital Management now owns 41,959 shares of the real estate investment trust’s stock worth $783,000 after acquiring an additional 243 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its position in Summit Hotel Properties by 1.7% during the 2nd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 15,169 shares of the real estate investment trust’s stock valued at $283,000 after purchasing an additional 250 shares during the last quarter. M&T Bank Corp grew its position in Summit Hotel Properties by 3.0% during the 2nd quarter. M&T Bank Corp now owns 13,673 shares of the real estate investment trust’s stock valued at $255,000 after purchasing an additional 402 shares during the last quarter. US Bancorp DE grew its position in Summit Hotel Properties by 1.8% during the 2nd quarter. US Bancorp DE now owns 22,649 shares of the real estate investment trust’s stock valued at $423,000 after purchasing an additional 405 shares during the last quarter. Finally, Aperio Group LLC boosted its holdings in shares of Summit Hotel Properties by 2.8% during the 2nd quarter. Aperio Group LLC now owns 30,382 shares of the real estate investment trust’s stock valued at $567,000 after acquiring an additional 835 shares during the last quarter. 95.71% of the stock is owned by institutional investors and hedge funds.
INN has been the topic of a number of recent analyst reports. Cantor Fitzgerald reaffirmed a “buy” rating and set a $17.00 price target on shares of Summit Hotel Properties in a report on Monday, November 20th. KeyCorp set a $17.00 price objective on shares of Summit Hotel Properties and gave the stock a “buy” rating in a report on Sunday, October 29th. Robert W. Baird reissued a “buy” rating and issued a $17.00 price objective on shares of Summit Hotel Properties in a report on Friday, September 8th. Zacks Investment Research raised shares of Summit Hotel Properties from a “sell” rating to a “hold” rating in a report on Wednesday, December 6th. Finally, Janney Montgomery Scott cut shares of Summit Hotel Properties from a “buy” rating to a “neutral” rating in a research note on Monday, November 20th. Two research analysts have rated the stock with a sell rating, three have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Summit Hotel Properties presently has an average rating of “Buy” and a consensus target price of $17.50.
Summit Hotel Properties, Inc. (NYSE:INN) traded down $0.02 during midday trading on Tuesday, reaching $14.94. 334,800 shares of the company’s stock traded hands, compared to its average volume of 865,797. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.61 and a quick ratio of 1.61. The stock has a market capitalization of $1,559.98, a price-to-earnings ratio of 11.25 and a beta of 1.18. Summit Hotel Properties, Inc. has a 52 week low of $14.23 and a 52 week high of $19.39.
Summit Hotel Properties (NYSE:INN) last posted its quarterly earnings data on Monday, October 30th. The real estate investment trust reported $0.17 EPS for the quarter, hitting the consensus estimate of $0.17. The company had revenue of $136.60 million during the quarter, compared to analyst estimates of $135.69 million. Summit Hotel Properties had a net margin of 20.21% and a return on equity of 8.96%. Summit Hotel Properties’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.37 earnings per share. research analysts anticipate that Summit Hotel Properties, Inc. will post 1.25 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, November 30th. Stockholders of record on Thursday, November 16th were paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.55%. The ex-dividend date of this dividend was Wednesday, November 15th. Summit Hotel Properties’s dividend payout ratio is currently 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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