KBC Group NV reduced its stake in shares of Summit Hotel Properties Inc (NYSE:INN) by 20.4% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 159,121 shares of the real estate investment trust’s stock after selling 40,858 shares during the period. KBC Group NV’s holdings in Summit Hotel Properties were worth $2,423,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Ameritas Investment Partners Inc. grew its holdings in shares of Summit Hotel Properties by 20.1% in the second quarter. Ameritas Investment Partners Inc. now owns 8,982 shares of the real estate investment trust’s stock valued at $168,000 after purchasing an additional 1,506 shares in the last quarter. Virtu KCG Holdings LLC purchased a new position in shares of Summit Hotel Properties in the second quarter valued at $198,000. Campbell & CO Investment Adviser LLC purchased a new position in shares of Summit Hotel Properties in the third quarter valued at $177,000. Parametrica Management Ltd purchased a new position in shares of Summit Hotel Properties in the third quarter valued at $184,000. Finally, Raymond James Financial Services Advisors Inc. purchased a new position in shares of Summit Hotel Properties in the second quarter valued at $235,000. 94.56% of the stock is owned by institutional investors and hedge funds.
A number of research analysts recently weighed in on the stock. Zacks Investment Research lowered shares of Summit Hotel Properties from a “hold” rating to a “sell” rating in a report on Thursday, February 1st. KeyCorp set a $17.00 target price on shares of Summit Hotel Properties and gave the company a “buy” rating in a report on Sunday, October 29th. Raymond James Financial raised shares of Summit Hotel Properties from a “market perform” rating to an “outperform” rating and set a $17.50 target price for the company in a report on Monday, October 30th. Janney Montgomery Scott lowered shares of Summit Hotel Properties from a “buy” rating to a “neutral” rating in a report on Monday, November 20th. Finally, Cantor Fitzgerald reissued a “buy” rating and issued a $17.00 target price on shares of Summit Hotel Properties in a report on Monday, November 20th. Three analysts have rated the stock with a sell rating, two have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $17.50.
Shares of Summit Hotel Properties Inc (NYSE INN) opened at $14.19 on Wednesday. The stock has a market capitalization of $1,504.71, a price-to-earnings ratio of 10.85, a P/E/G ratio of 2.18 and a beta of 1.22. Summit Hotel Properties Inc has a 52-week low of $13.94 and a 52-week high of $19.39. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.61 and a quick ratio of 1.61.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, February 28th. Investors of record on Friday, February 16th will be given a $0.18 dividend. The ex-dividend date of this dividend is Thursday, February 15th. This is an increase from Summit Hotel Properties’s previous quarterly dividend of $0.17. This represents a $0.72 dividend on an annualized basis and a yield of 5.07%. Summit Hotel Properties’s dividend payout ratio (DPR) is currently 87.80%.
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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 83 hotels with a total of 12,242 guestrooms located in 26 states.
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