LPL Financial LLC grew its stake in Summit Hotel Properties Inc (NYSE:INN) by 2,255.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 460,056 shares of the real estate investment trust’s stock after acquiring an additional 440,522 shares during the quarter. LPL Financial LLC owned about 0.44% of Summit Hotel Properties worth $7,007,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Campbell & CO Investment Adviser LLC purchased a new position in shares of Summit Hotel Properties in the 3rd quarter valued at $177,000. M&T Bank Corp purchased a new position in shares of Summit Hotel Properties in the 4th quarter valued at $215,000. Hartford Investment Management Co. purchased a new position in shares of Summit Hotel Properties in the 3rd quarter valued at $358,000. Accident Compensation Corp purchased a new position in Summit Hotel Properties during the 4th quarter worth $350,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in Summit Hotel Properties during the 3rd quarter worth $391,000. Institutional investors and hedge funds own 98.76% of the company’s stock.
Summit Hotel Properties Inc (NYSE:INN) opened at $13.21 on Friday. Summit Hotel Properties Inc has a one year low of $12.77 and a one year high of $19.39. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.29 and a current ratio of 1.29. The firm has a market capitalization of $1,392.76, a price-to-earnings ratio of 10.04, a P/E/G ratio of 4.76 and a beta of 1.31.
Summit Hotel Properties (NYSE:INN) last issued its quarterly earnings results on Wednesday, February 21st. The real estate investment trust reported $0.30 EPS for the quarter, topping the Zacks’ consensus estimate of $0.05 by $0.25. Summit Hotel Properties had a return on equity of 8.41% and a net margin of 19.25%. The company had revenue of $131.75 million during the quarter, compared to analysts’ expectations of $126.28 million. During the same quarter in the previous year, the firm posted $0.30 EPS. The firm’s revenue was up 19.4% compared to the same quarter last year. analysts predict that Summit Hotel Properties Inc will post 1.36 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, February 28th. Shareholders of record on Friday, February 16th were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $0.72 dividend on an annualized basis and a yield of 5.45%. This is a boost from Summit Hotel Properties’s previous quarterly dividend of $0.17. Summit Hotel Properties’s payout ratio is currently 90.00%.
Several brokerages recently weighed in on INN. Zacks Investment Research downgraded Summit Hotel Properties from a “hold” rating to a “sell” rating in a research note on Thursday, February 1st. Deutsche Bank dropped their target price on Summit Hotel Properties from $17.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday, February 26th. Cantor Fitzgerald set a $17.00 target price on Summit Hotel Properties and gave the stock a “buy” rating in a research note on Friday, February 23rd. Robert W. Baird set a $16.00 target price on Summit Hotel Properties and gave the stock a “buy” rating in a research note on Monday, February 26th. Finally, Royal Bank of Canada restated a “buy” rating and set a $16.00 target price on shares of Summit Hotel Properties in a research note on Tuesday, February 27th. Three investment 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 stock. The stock has a consensus rating of “Hold” and a consensus target price of $16.83.
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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 83 hotels with a total of 12,242 guestrooms located in 26 states.
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