Allianz Asset Management GmbH Has $1.51 Million Stake in Summit Hotel Properties Inc (INN)

Allianz Asset Management GmbH cut its stake in shares of Summit Hotel Properties Inc (NYSE:INN) by 68.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 111,200 shares of the real estate investment trust’s stock after selling 246,510 shares during the period. Allianz Asset Management GmbH’s holdings in Summit Hotel Properties were worth $1,513,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Swiss National Bank increased its position in shares of Summit Hotel Properties by 3.2% in the fourth quarter. Swiss National Bank now owns 175,700 shares of the real estate investment trust’s stock worth $2,676,000 after purchasing an additional 5,400 shares during the last quarter. Suntrust Banks Inc. increased its position in shares of Summit Hotel Properties by 40.6% in the fourth quarter. Suntrust Banks Inc. now owns 153,655 shares of the real estate investment trust’s stock worth $2,339,000 after purchasing an additional 44,366 shares during the last quarter. Envestnet Asset Management Inc. increased its position in shares of Summit Hotel Properties by 22.6% in the fourth quarter. Envestnet Asset Management Inc. now owns 43,973 shares of the real estate investment trust’s stock worth $669,000 after purchasing an additional 8,112 shares during the last quarter. Heitman Real Estate Securities LLC increased its position in shares of Summit Hotel Properties by 6.4% in the fourth quarter. Heitman Real Estate Securities LLC now owns 2,157,272 shares of the real estate investment trust’s stock worth $32,855,000 after purchasing an additional 130,040 shares during the last quarter. Finally, Pinebridge Investments L.P. increased its position in shares of Summit Hotel Properties by 220.5% in the fourth quarter. Pinebridge Investments L.P. now owns 41,449 shares of the real estate investment trust’s stock worth $631,000 after purchasing an additional 28,515 shares during the last quarter. Institutional investors own 98.54% of the company’s stock.

Several research analysts recently weighed in on INN shares. ValuEngine upgraded shares of Summit Hotel Properties from a “hold” rating to a “buy” rating in a research report on Wednesday, March 28th. Zacks Investment Research upgraded shares of Summit Hotel Properties from a “sell” rating to a “hold” rating in a research report on Thursday, April 12th. Finally, Bank of America upgraded shares of Summit Hotel Properties from an “underperform” rating to a “buy” rating in a research report on Thursday, April 12th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company. Summit Hotel Properties presently has a consensus rating of “Hold” and a consensus price target of $16.83.

Shares of INN opened at $14.31 on Friday. The company has a market capitalization of $1.50 billion, a price-to-earnings ratio of 10.68, a PEG ratio of 2.95 and a beta of 1.25. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.83. Summit Hotel Properties Inc has a 1 year low of $12.77 and a 1 year high of $19.10.

Summit Hotel Properties (NYSE:INN) last issued its earnings results on Wednesday, May 2nd. The real estate investment trust reported $0.01 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by ($0.03). The firm had revenue of $140.20 million during the quarter, compared to analysts’ expectations of $138.99 million. Summit Hotel Properties had a return on equity of 6.23% and a net margin of 14.10%. The firm’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.32 EPS. sell-side analysts anticipate that Summit Hotel Properties Inc will post 1.34 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Thursday, May 31st. Shareholders of record on Wednesday, May 16th were paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 5.03%. The ex-dividend date was Tuesday, May 15th. Summit Hotel Properties’s dividend payout ratio is currently 53.73%.

Summit Hotel Properties Profile

Summit Hotel Properties, Inc is a publicly-traded real estate investment trust focused on owning premium-branded hotels with efficient operating models primarily in the upscale segment of the lodging industry. As of February 21, 2018, the Company's portfolio consisted of 83 hotels with a total of 12,242 guestrooms located in 26 states.

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

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