Summit Hotel Properties, Inc. (NYSE:INN) Chairman Purchases $156,000.00 in Stock
Summit Hotel Properties, Inc. (NYSE:INN) Chairman Daniel P. Hansen purchased 10,000 shares of the business’s stock in a transaction on Wednesday, August 9th. The shares were acquired at an average price of $15.60 per share, for a total transaction of $156,000.00. Following the completion of the purchase, the chairman now directly owns 800,256 shares of the company’s stock, valued at $12,483,993.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.
Shares of Summit Hotel Properties, Inc. (NYSE:INN) traded down 2.40% during trading on Wednesday, reaching $15.43. The company had a trading volume of 956,243 shares. The company has a market capitalization of $1.51 billion, a P/E ratio of 16.86 and a beta of 1.17. The firm has a 50-day moving average price of $18.25 and a 200-day moving average price of $16.88. 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 posted its quarterly earnings data 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 return on equity of 9.89% and a net margin of 21.97%. The business had revenue of $124.11 million for the quarter, compared to analysts’ expectations of $132.21 million. During the same quarter in the prior year, the firm earned $0.42 earnings per share. Summit Hotel Properties’s revenue for the quarter was down 2.4% compared to the same quarter last year. On average, analysts predict that Summit Hotel Properties, Inc. will post $0.80 EPS for the current fiscal year.
The firm also recently disclosed 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. The ex-dividend date of this dividend is Monday, August 14th. This represents a $0.68 annualized dividend and a yield of 4.41%. Summit Hotel Properties’s dividend payout ratio is presently 75.56%.
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A number of large investors have recently bought and sold shares of the company. Pacad Investment Ltd. acquired a new stake in Summit Hotel Properties during the second quarter valued at about $114,000. Daiwa Securities Group Inc. increased its stake in Summit Hotel Properties by 39.2% in the first quarter. Daiwa Securities Group Inc. now owns 7,100 shares of the real estate investment trust’s stock valued at $113,000 after buying an additional 2,000 shares in the last quarter. Ameritas Investment Partners Inc. acquired a new stake in Summit Hotel Properties during the first quarter valued at about $119,000. Point72 Asia Hong Kong Ltd acquired a new stake in Summit Hotel Properties during the first quarter valued at about $120,000. Finally, LS Investment Advisors LLC increased its stake in Summit Hotel Properties by 161.8% in the first quarter. LS Investment Advisors LLC now owns 8,536 shares of the real estate investment trust’s stock valued at $136,000 after buying an additional 5,275 shares in the last quarter. Institutional investors own 88.16% of the company’s stock.
A number of brokerages have recently commented on INN. Robert W. Baird reissued an “outperform” rating and set a $18.00 price objective (up from $17.00) on shares of Summit Hotel Properties in a research report on Friday, June 16th. Zacks Investment Research raised Summit Hotel Properties from a “hold” rating to a “buy” rating and set a $21.00 price objective for the company in a research report on Thursday, July 6th. BidaskClub downgraded Summit Hotel Properties from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 30th. Cantor Fitzgerald lowered their price objective on Summit Hotel Properties to $19.00 and set a “buy” rating for the company in a research report on Monday, June 5th. Finally, UBS AG downgraded Summit Hotel Properties from an “outperform” rating to a “market perform” rating in a research report on Friday, July 14th. Three investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $18.43.
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 81 hotels with a total of 11,608 guestrooms located in 24 states.
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