Duff & Phelps Investment Management Co. trimmed its holdings in shares of Summit Hotel Properties Inc (NYSE:INN) by 22.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,101,890 shares of the real estate investment trust’s stock after selling 321,307 shares during the period. Duff & Phelps Investment Management Co. owned approximately 1.05% of Summit Hotel Properties worth $12,639,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of INN. Norges Bank purchased a new stake in Summit Hotel Properties during the 4th quarter valued at $14,408,000. Monarch Partners Asset Management LLC purchased a new position in shares of Summit Hotel Properties in the 1st quarter worth $8,167,000. Deprince Race & Zollo Inc. purchased a new position in shares of Summit Hotel Properties in the 1st quarter worth $6,507,000. Westwood Holdings Group Inc. boosted its stake in shares of Summit Hotel Properties by 16.5% in the 1st quarter. Westwood Holdings Group Inc. now owns 2,927,687 shares of the real estate investment trust’s stock worth $33,405,000 after buying an additional 413,811 shares during the last quarter. Finally, Wasatch Advisors Inc. boosted its stake in shares of Summit Hotel Properties by 19.7% in the 1st quarter. Wasatch Advisors Inc. now owns 1,635,993 shares of the real estate investment trust’s stock worth $18,667,000 after buying an additional 268,768 shares during the last quarter. Institutional investors and hedge funds own 99.87% of the company’s stock.
A number of equities analysts have recently issued reports on INN shares. Capital One Financial started coverage on Summit Hotel Properties in a research note on Tuesday, June 25th. They issued an “equal weight” rating and a $13.00 price target on the stock. Zacks Investment Research upgraded Summit Hotel Properties from a “sell” rating to a “hold” rating and set a $13.00 price target on the stock in a research note on Saturday, July 20th. TheStreet upgraded Summit Hotel Properties from a “c” rating to a “b-” rating in a research note on Friday, May 3rd. Deutsche Bank restated a “buy” rating and issued a $14.00 price target on shares of Summit Hotel Properties in a research note on Sunday, April 21st. Finally, ValuEngine upgraded Summit Hotel Properties from a “sell” rating to a “hold” rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $13.40.
NYSE INN traded up $0.18 on Friday, hitting $11.20. 759,500 shares of the company traded hands, compared to its average volume of 712,818. The company has a market capitalization of $1.19 billion, a price-to-earnings ratio of 8.30 and a beta of 1.22. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.69. The business’s 50 day moving average price is $11.43 and its 200-day moving average price is $11.57. Summit Hotel Properties Inc has a 52-week low of $9.29 and a 52-week high of $14.09.
Summit Hotel Properties (NYSE:INN) last released its earnings results on Wednesday, July 31st. The real estate investment trust reported $0.43 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.09. The company had revenue of $142.93 million for the quarter, compared to the consensus estimate of $141.05 million. Summit Hotel Properties had a return on equity of 8.82% and a net margin of 18.95%. Summit Hotel Properties’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.40 earnings per share. As a group, sell-side analysts predict that Summit Hotel Properties Inc will post 1.2 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be given a dividend of $0.18 per share. The ex-dividend date is Thursday, August 15th. This represents a $0.72 annualized dividend and a yield of 6.43%. Summit Hotel Properties’s dividend payout ratio (DPR) is presently 53.33%.
About Summit Hotel Properties
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 April 18, 2019, the Company's portfolio consisted of 69 hotels with a total of 10,714 guestrooms located in 24 states.
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