Asset Management One Co. Ltd. grew its position in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 33.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 297,383 shares of the real estate investment trust’s stock after buying an additional 74,413 shares during the period. Asset Management One Co. Ltd. owned approximately 0.29% of Summit Hotel Properties worth $4,755,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. BlackRock Inc. boosted its stake in Summit Hotel Properties by 23.3% in the second quarter. BlackRock Inc. now owns 16,762,916 shares of the real estate investment trust’s stock valued at $312,629,000 after buying an additional 3,170,833 shares in the last quarter. Vanguard Group Inc. boosted its stake in Summit Hotel Properties by 28.3% in the second quarter. Vanguard Group Inc. now owns 16,660,607 shares of the real estate investment trust’s stock valued at $310,721,000 after buying an additional 3,670,472 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Summit Hotel Properties by 4.9% in the third quarter. Principal Financial Group Inc. now owns 4,135,461 shares of the real estate investment trust’s stock valued at $66,127,000 after buying an additional 191,859 shares in the last quarter. State Street Corp boosted its stake in Summit Hotel Properties by 11.1% in the second quarter. State Street Corp now owns 4,031,665 shares of the real estate investment trust’s stock valued at $75,190,000 after buying an additional 402,804 shares in the last quarter. Finally, Macquarie Group Ltd. boosted its stake in Summit Hotel Properties by 1.2% in the third quarter. Macquarie Group Ltd. now owns 2,978,880 shares of the real estate investment trust’s stock valued at $47,632,000 after buying an additional 34,286 shares in the last quarter. Institutional investors own 95.67% of the company’s stock.

Shares of Summit Hotel Properties, Inc. (INN) opened at $15.13 on Wednesday. The company has a market capitalization of $1,611.07, a P/E ratio of 11.62 and a beta of 1.18. Summit Hotel Properties, Inc. has a 1-year low of $14.23 and a 1-year high of $19.39. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.64.

Summit Hotel Properties (NYSE:INN) last announced its earnings results on Monday, October 30th. The real estate investment trust reported $0.17 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.17. The company had revenue of $136.60 million for the quarter, compared to analysts’ expectations 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 earnings per share. sell-side analysts expect that Summit Hotel Properties, Inc. will post 1.25 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Thursday, November 30th. Investors of record on Thursday, November 16th were given a dividend of $0.17 per share. The ex-dividend date was Wednesday, November 15th. This represents a $0.68 annualized dividend and a dividend yield of 4.49%. Summit Hotel Properties’s payout ratio is 82.93%.

A number of brokerages have recently commented on INN. Zacks Investment Research lowered Summit Hotel Properties from a “hold” rating to a “sell” rating in a research note on Wednesday, October 4th. Janney Montgomery Scott lowered Summit Hotel Properties from a “buy” rating to a “neutral” rating in a research note on Monday, November 20th. Robert W. Baird reaffirmed a “buy” rating and issued a $17.00 price objective on shares of Summit Hotel Properties in a research note on Friday, September 8th. KeyCorp set a $17.00 price objective on Summit Hotel Properties and gave the stock a “buy” rating in a research note on Sunday, October 29th. Finally, Cantor Fitzgerald reaffirmed a “buy” rating and issued a $17.00 price objective on shares of Summit Hotel Properties in a research note on Monday, November 20th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Summit Hotel Properties has a consensus rating of “Buy” and an average price target of $17.50.

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

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