IndexIQ Advisors LLC increased its position in Summit Hotel Properties, Inc. (NYSE:INN) by 54.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 153,946 shares of the real estate investment trust’s stock after buying an additional 54,243 shares during the period. IndexIQ Advisors LLC owned 0.15% of Summit Hotel Properties worth $2,871,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of INN. Goldman Sachs Group Inc. increased its position in Summit Hotel Properties by 4.9% in the first quarter. Goldman Sachs Group Inc. now owns 538,127 shares of the real estate investment trust’s stock worth $8,599,000 after buying an additional 25,273 shares in the last quarter. Credit Agricole S A increased its position in Summit Hotel Properties by 58.8% in the first quarter. Credit Agricole S A now owns 77,191 shares of the real estate investment trust’s stock worth $1,234,000 after buying an additional 28,576 shares in the last quarter. Texas Permanent School Fund increased its position in Summit Hotel Properties by 6.3% in the first quarter. Texas Permanent School Fund now owns 67,704 shares of the real estate investment trust’s stock worth $1,082,000 after buying an additional 3,993 shares in the last quarter. State of Tennessee Treasury Department increased its position in Summit Hotel Properties by 17.8% in the first quarter. State of Tennessee Treasury Department now owns 81,054 shares of the real estate investment trust’s stock worth $1,295,000 after buying an additional 12,232 shares in the last quarter. Finally, Louisiana State Employees Retirement System increased its position in Summit Hotel Properties by 11.3% in the second quarter. Louisiana State Employees Retirement System now owns 42,400 shares of the real estate investment trust’s stock worth $791,000 after buying an additional 4,300 shares in the last quarter. 95.29% of the stock is currently owned by institutional investors.

Shares of Summit Hotel Properties, Inc. (INN) opened at 14.66 on Wednesday. The stock has a 50 day moving average of $16.69 and a 200 day moving average of $16.80. The firm has a market cap of $1.53 billion, a price-to-earnings ratio of 16.04 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.

Summit Hotel Properties (NYSE:INN) last announced its quarterly earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.36 earnings per share (EPS) for the quarter, missing the 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 business had revenue of $124.11 million for the quarter, compared to analyst estimates of $132.21 million. During the same period in the prior year, the business earned $0.42 EPS. The company’s revenue for the quarter was down 2.4% compared to the same quarter last year. Equities analysts predict that Summit Hotel Properties, Inc. will post $0.85 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Wednesday, August 16th will be issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 4.64%. The ex-dividend date of this dividend is Monday, August 14th. Summit Hotel Properties’s dividend payout ratio is 75.56%.

TRADEMARK VIOLATION WARNING: “Summit Hotel Properties, Inc. (INN) Stake Boosted by IndexIQ Advisors LLC” was originally posted by Watch List News and is the sole property of of Watch List News. If you are accessing this piece on another publication, it was illegally copied and republished in violation of U.S. and international trademark & copyright law. The legal version of this piece can be viewed at https://www.watchlistnews.com/summit-hotel-properties-inc-inn-stake-boosted-by-indexiq-advisors-llc/1531436.html.

A number of equities analysts have weighed in on INN shares. KeyCorp reaffirmed a “hold” rating on shares of Summit Hotel Properties in a research note on Friday, August 25th. Deutsche Bank AG reissued a “buy” rating and issued a $17.00 price objective (down previously from $19.00) on shares of Summit Hotel Properties in a research report on Wednesday, August 9th. Robert W. Baird reissued an “outperform” rating and issued a $18.00 price objective (up previously from $17.00) on shares of Summit Hotel Properties in a research report on Friday, June 16th. Cantor Fitzgerald dropped their price objective on shares of Summit Hotel Properties to $19.00 and set a “buy” rating for the company in a research report on Monday, June 5th. Finally, BidaskClub lowered shares of Summit Hotel Properties from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, six have assigned 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 price target of $18.00.

In other Summit Hotel Properties news, Chairman Daniel P. Hansen purchased 10,000 shares of the business’s stock in a transaction on Wednesday, August 9th. The stock was acquired at an average price of $15.60 per share, with a total value of $156,000.00. Following the acquisition, the chairman now directly owns 800,256 shares of the company’s stock, valued at approximately $12,483,993.60. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 1.71% of the company’s stock.

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.

Want to see what other hedge funds are holding INN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Summit Hotel Properties, Inc. (NYSE:INN).

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

Receive News & Ratings for Summit Hotel Properties Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Summit Hotel Properties Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.