Public Sector Pension investment Board trimmed its stake in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 20.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 54,022 shares of the real estate investment trust’s stock after selling 13,700 shares during the quarter. Public Sector Pension investment Board owned approximately 0.05% of Summit Hotel Properties worth $1,008,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. BlackRock Inc. raised its stake in shares of Summit Hotel Properties by 23.3% in the 2nd quarter. BlackRock Inc. now owns 16,762,916 shares of the real estate investment trust’s stock valued at $312,629,000 after purchasing an additional 3,170,833 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Summit Hotel Properties by 6.0% during the first quarter. Vanguard Group Inc. now owns 12,990,135 shares of the real estate investment trust’s stock worth $207,583,000 after purchasing an additional 732,109 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Summit Hotel Properties by 1.0% during the first quarter. Wellington Management Group LLP now owns 4,118,206 shares of the real estate investment trust’s stock worth $65,808,000 after purchasing an additional 40,438 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of Summit Hotel Properties by 18.0% during the second quarter. Principal Financial Group Inc. now owns 3,943,602 shares of the real estate investment trust’s stock worth $73,548,000 after purchasing an additional 602,124 shares during the last quarter. Finally, State Street Corp lifted its position in shares of Summit Hotel Properties by 49.4% during the first quarter. State Street Corp now owns 3,628,861 shares of the real estate investment trust’s stock worth $57,993,000 after purchasing an additional 1,199,672 shares during the last quarter. 95.30% of the stock is owned by institutional investors.

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In other news, Chairman Daniel P. Hansen purchased 10,000 shares of Summit Hotel Properties stock in a transaction on Wednesday, August 9th. The shares were purchased at an average cost of $15.60 per share, for a total transaction of $156,000.00. Following the completion of the transaction, the chairman now directly owns 800,256 shares in the company, valued at $12,483,993.60. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.71% of the stock is owned by insiders.

Several analysts have issued reports on INN shares. Zacks Investment Research upgraded Summit Hotel Properties from a “hold” rating to a “buy” rating and set a $21.00 price objective on the stock in a research note on Thursday, July 6th. Canaccord Genuity decreased their target price on Summit Hotel Properties from $21.00 to $18.00 and set a “buy” rating for the company in a research report on Friday, August 4th. ValuEngine upgraded Summit Hotel Properties from a “buy” rating to a “strong-buy” rating in a report on Tuesday, June 6th. Royal Bank Of Canada reiterated a “buy” rating and issued a $20.00 price target on shares of Summit Hotel Properties in a report on Friday, August 4th. Finally, KeyCorp raised Summit Hotel Properties from a “sector weight” rating to an “overweight” rating and set a $17.00 price target on the stock in a research report on Tuesday, September 26th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $17.75.

Shares of Summit Hotel Properties, Inc. (NYSE:INN) opened at 16.00 on Tuesday. The company has a market capitalization of $1.67 billion, a P/E ratio of 17.51 and a beta of 1.22. The company has a 50-day moving average of $15.13 and a 200 day moving average of $16.73. Summit Hotel Properties, Inc. has a 12 month low of $12.45 and a 12 month high of $19.39.

Summit Hotel Properties (NYSE:INN) last issued its earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.36 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.38 by ($0.02). Summit Hotel Properties had a net margin of 21.97% and a return on equity of 9.89%. The firm had revenue of $124.11 million during the quarter, compared to analyst estimates of $132.21 million. During the same quarter in the prior year, the firm posted $0.42 EPS. The firm’s revenue for the quarter was down 2.4% on a year-over-year basis. Analysts forecast that Summit Hotel Properties, Inc. will post $0.86 EPS for the current year.

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.

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

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