BlackRock Inc. lowered its holdings in Summit Hotel Properties Inc (NYSE:INN) by 0.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,314,125 shares of the real estate investment trust’s stock after selling 103,103 shares during the period. BlackRock Inc. owned approximately 15.64% of Summit Hotel Properties worth $248,463,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also bought and sold shares of INN. Nationwide Fund Advisors raised its position in shares of Summit Hotel Properties by 23.4% in the third quarter. Nationwide Fund Advisors now owns 325,021 shares of the real estate investment trust’s stock valued at $5,197,000 after purchasing an additional 61,599 shares during the period. First Trust Advisors LP increased its holdings in Summit Hotel Properties by 28.3% during the 3rd quarter. First Trust Advisors LP now owns 118,746 shares of the real estate investment trust’s stock worth $1,899,000 after acquiring an additional 26,182 shares during the period. Crossmark Global Holdings Inc. bought a new stake in Summit Hotel Properties during the 3rd quarter worth approximately $429,000. Prudential Financial Inc. increased its holdings in Summit Hotel Properties by 48.5% during the 3rd quarter. Prudential Financial Inc. now owns 973,365 shares of the real estate investment trust’s stock worth $15,564,000 after acquiring an additional 317,971 shares during the period. Finally, Principal Financial Group Inc. increased its holdings in Summit Hotel Properties by 4.9% during the 3rd quarter. Principal Financial Group Inc. now owns 4,135,461 shares of the real estate investment trust’s stock worth $66,127,000 after acquiring an additional 191,859 shares during the period. 98.76% of the stock is currently owned by institutional investors.
Summit Hotel Properties Inc (NYSE INN) opened at $13.43 on Tuesday. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.68. Summit Hotel Properties Inc has a 12 month low of $12.77 and a 12 month high of $19.39. The company has a market cap of $1,384.41, a P/E ratio of 16.79, a price-to-earnings-growth ratio of 4.73 and a beta of 1.31.
The business also recently declared a quarterly dividend, which was paid on Wednesday, February 28th. Shareholders of record on Friday, February 16th were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 5.36%. The ex-dividend date was Thursday, February 15th. 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%.
A number of analysts recently weighed in on INN shares. Zacks Investment Research raised shares of Summit Hotel Properties from a “sell” rating to a “hold” rating in a report on Wednesday, December 6th. Cantor Fitzgerald reaffirmed a “buy” rating and set a $17.00 target price on shares of Summit Hotel Properties in a report on Monday, November 20th. Janney Montgomery Scott lowered shares of Summit Hotel Properties from a “buy” rating to a “neutral” rating in a report on Monday, November 20th. Royal Bank of Canada reaffirmed a “buy” rating and set a $16.00 target price on shares of Summit Hotel Properties in a report on Tuesday, February 27th. Finally, Robert W. Baird set a $16.00 target price on shares of Summit Hotel Properties and gave the stock a “buy” rating in a report on Monday, February 26th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $16.83.
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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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