Summit Hotel Properties Inc (INN) Shares Bought by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. grew its stake in Summit Hotel Properties Inc (NYSE:INN) by 31.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 56,408 shares of the real estate investment trust’s stock after purchasing an additional 13,528 shares during the period. Oppenheimer Asset Management Inc. owned about 0.05% of Summit Hotel Properties worth $763,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Robeco Institutional Asset Management B.V. boosted its stake in shares of Summit Hotel Properties by 74.1% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 705,000 shares of the real estate investment trust’s stock valued at $9,855,000 after purchasing an additional 300,000 shares in the last quarter. Duff & Phelps Investment Management Co. boosted its stake in shares of Summit Hotel Properties by 4.4% in the 3rd quarter. Duff & Phelps Investment Management Co. now owns 1,904,875 shares of the real estate investment trust’s stock valued at $25,773,000 after purchasing an additional 81,000 shares in the last quarter. State of New Jersey Common Pension Fund D boosted its stake in shares of Summit Hotel Properties by 8.4% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 221,200 shares of the real estate investment trust’s stock valued at $2,993,000 after purchasing an additional 17,200 shares in the last quarter. United Services Automobile Association boosted its stake in shares of Summit Hotel Properties by 24.2% in the 2nd quarter. United Services Automobile Association now owns 745,647 shares of the real estate investment trust’s stock valued at $10,670,000 after purchasing an additional 145,089 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in shares of Summit Hotel Properties by 39.7% in the 2nd quarter. Northern Trust Corp now owns 2,675,449 shares of the real estate investment trust’s stock valued at $38,286,000 after purchasing an additional 760,506 shares in the last quarter. Institutional investors own 99.06% of the company’s stock.

NYSE:INN opened at $11.46 on Tuesday. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.52 and a current ratio of 1.52. Summit Hotel Properties Inc has a one year low of $10.91 and a one year high of $16.15. The company has a market cap of $1.18 billion, a P/E ratio of 8.55, a price-to-earnings-growth ratio of 5.16 and a beta of 1.35.

Summit Hotel Properties (NYSE:INN) last posted its earnings results on Tuesday, October 30th. The real estate investment trust reported $0.33 EPS for the quarter, missing the consensus estimate of $0.35 by ($0.02). Summit Hotel Properties had a return on equity of 7.79% and a net margin of 16.76%. The business had revenue of $142.34 million for the quarter, compared to analyst estimates of $141.18 million. During the same quarter in the prior year, the business earned $0.35 earnings per share. The firm’s quarterly revenue was up 4.2% on a year-over-year basis. On average, analysts expect that Summit Hotel Properties Inc will post 1.28 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 30th. Investors of record on Friday, November 16th will be given a dividend of $0.18 per share. The ex-dividend date is Thursday, November 15th. This represents a $0.72 annualized dividend and a yield of 6.28%. Summit Hotel Properties’s dividend payout ratio is presently 53.73%.

In other Summit Hotel Properties news, Chairman Daniel P. Hansen bought 10,000 shares of the business’s stock in a transaction that occurred on Friday, November 2nd. The shares were acquired at an average cost of $11.35 per share, for a total transaction of $113,500.00. Following the transaction, the chairman now directly owns 1,001,155 shares in the company, valued at $11,363,109.25. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 2.12% of the stock is owned by company insiders.

INN has been the topic of a number of research analyst reports. Zacks Investment Research downgraded shares of Summit Hotel Properties from a “hold” rating to a “sell” rating in a research note on Thursday, August 2nd. Bank of America downgraded shares of Summit Hotel Properties from a “buy” rating to a “neutral” rating in a research note on Tuesday, October 23rd. ValuEngine downgraded shares of Summit Hotel Properties from a “sell” rating to a “strong sell” rating in a research report on Tuesday, October 23rd. Deutsche Bank cut their target price on shares of Summit Hotel Properties from $16.00 to $14.00 and set a “buy” rating on the stock in a research report on Thursday, November 1st. Finally, Raymond James cut their target price on shares of Summit Hotel Properties from $16.00 to $14.00 and set a “buy” rating on the stock in a research report on Thursday, November 1st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $15.17.

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Summit Hotel Properties Company 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 August 1, 2018, the Company's portfolio consisted of 77 hotels with a total of 11,657 guestrooms located in 26 states.

See Also: Stock Split

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

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