Convergence Investment Partners LLC Sells 42,249 Shares of Summit Hotel Properties, Inc. (INN)

Convergence Investment Partners LLC decreased its stake in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 50.0% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 42,249 shares of the real estate investment trust’s stock after selling 42,249 shares during the period. Convergence Investment Partners LLC’s holdings in Summit Hotel Properties were worth $676,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its position in Summit Hotel Properties by 10.2% during the second quarter. Dimensional Fund Advisors LP now owns 1,374,090 shares of the real estate investment trust’s stock worth $25,627,000 after buying an additional 127,226 shares in the last quarter. New York State Common Retirement Fund increased its position in Summit Hotel Properties by 17.0% during the second quarter. New York State Common Retirement Fund now owns 109,400 shares of the real estate investment trust’s stock worth $2,040,000 after buying an additional 15,899 shares in the last quarter. Macquarie Group Ltd. increased its position in Summit Hotel Properties by 2.4% during the second quarter. Macquarie Group Ltd. now owns 2,944,594 shares of the real estate investment trust’s stock worth $54,917,000 after buying an additional 69,729 shares in the last quarter. Prudential Financial Inc. increased its position in Summit Hotel Properties by 48.5% during the third quarter. Prudential Financial Inc. now owns 973,365 shares of the real estate investment trust’s stock worth $15,564,000 after buying an additional 317,971 shares in the last quarter. Finally, IndexIQ Advisors LLC increased its position in Summit Hotel Properties by 54.4% during the second quarter. IndexIQ Advisors LLC now owns 153,946 shares of the real estate investment trust’s stock worth $2,871,000 after buying an additional 54,243 shares in the last quarter. 95.71% of the stock is owned by institutional investors.

Several research firms have weighed in on INN. Zacks Investment Research raised Summit Hotel Properties from a “sell” rating to a “hold” rating in a research report on Wednesday. Cantor Fitzgerald reissued a “buy” rating and set a $17.00 price target on shares of Summit Hotel Properties in a research report on Monday, November 20th. Janney Montgomery Scott downgraded Summit Hotel Properties from a “buy” rating to a “neutral” rating in a research report on Monday, November 20th. Raymond James Financial raised Summit Hotel Properties from a “market perform” rating to an “outperform” rating and set a $17.50 price target for the company in a research report on Monday, October 30th. Finally, KeyCorp set a $17.00 price objective on Summit Hotel Properties and gave the company a “buy” rating in a research report on Sunday, October 29th. Two equities 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 given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $17.50.

Shares of Summit Hotel Properties, Inc. (NYSE:INN) opened at $15.00 on Friday. The company has a market capitalization of $1,564.15, a price-to-earnings ratio of 11.28 and a beta of 1.18. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.61 and a quick ratio of 1.61. Summit Hotel Properties, Inc. has a 1 year low of $14.23 and a 1 year high of $19.39.

Summit Hotel Properties (NYSE:INN) last announced its quarterly earnings data on Monday, October 30th. The real estate investment trust reported $0.17 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.17. The business had revenue of $136.60 million during the quarter, compared to the consensus estimate of $135.69 million. Summit Hotel Properties had a return on equity of 8.96% and a net margin of 20.21%. The business’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.37 earnings per share. analysts expect that Summit Hotel Properties, Inc. will post 1.25 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 30th. Stockholders of record on Thursday, November 16th were given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.53%. The ex-dividend date of this dividend was Wednesday, November 15th. Summit Hotel Properties’s dividend payout ratio is currently 82.93%.

WARNING: “Convergence Investment Partners LLC Sells 42,249 Shares of Summit Hotel Properties, Inc. (INN)” was originally reported by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are viewing this piece on another site, it was copied illegally and republished in violation of US & international copyright & trademark law. The correct version of this piece can be accessed at https://www.dispatchtribunal.com/2017/12/08/convergence-investment-partners-llc-sells-42249-shares-of-summit-hotel-properties-inc-inn.html.

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)

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 MarketBeat.com's FREE daily email newsletter.

Leave a Reply