Rhumbline Advisers increased its holdings in shares of Summit Hotel Properties Inc (NYSE:INN) by 15.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 257,661 shares of the real estate investment trust’s stock after purchasing an additional 33,846 shares during the period. Rhumbline Advisers owned approximately 0.25% of Summit Hotel Properties worth $3,924,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in INN. Nationwide Fund Advisors grew its stake in Summit Hotel Properties by 23.4% during the third quarter. Nationwide Fund Advisors now owns 325,021 shares of the real estate investment trust’s stock worth $5,197,000 after purchasing an additional 61,599 shares during the period. First Trust Advisors LP grew its stake in Summit Hotel Properties by 28.3% during the third quarter. First Trust Advisors LP now owns 118,746 shares of the real estate investment trust’s stock worth $1,899,000 after purchasing an additional 26,182 shares during the period. Crossmark Global Holdings Inc. acquired a new stake in Summit Hotel Properties during the third quarter worth approximately $429,000. Prudential Financial Inc. grew its stake in Summit Hotel Properties by 48.5% during the third quarter. Prudential Financial Inc. now owns 973,365 shares of the real estate investment trust’s stock worth $15,564,000 after purchasing an additional 317,971 shares during the period. Finally, Principal Financial Group Inc. grew its stake in Summit Hotel Properties by 4.9% during the third quarter. Principal Financial Group Inc. now owns 4,135,461 shares of the real estate investment trust’s stock worth $66,127,000 after purchasing an additional 191,859 shares during the period. 98.76% of the stock is owned by institutional investors and hedge funds.
Shares of Summit Hotel Properties Inc (NYSE:INN) opened at $13.50 on Wednesday. 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 one year low of $12.77 and a one year high of $19.39. The company has a market capitalization of $1,401.11, a P/E ratio of 16.88, a price-to-earnings-growth ratio of 4.78 and a beta of 1.31.
The company also recently disclosed 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 5.33%. 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 dividend payout ratio (DPR) is 90.00%.
Several equities research analysts recently commented on INN shares. Janney Montgomery Scott cut Summit Hotel Properties from a “buy” rating to a “neutral” rating in a research note on Monday, November 20th. Cantor Fitzgerald reaffirmed a “buy” rating and set a $17.00 target price on shares of Summit Hotel Properties in a research note on Monday, November 20th. Zacks Investment Research cut Summit Hotel Properties from a “hold” rating to a “sell” rating in a research note on Thursday, November 23rd. Deutsche Bank decreased their target price on Summit Hotel Properties from $17.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, February 26th. Finally, 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. Three investment analysts have rated the stock with a sell rating, two have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Hold” and an average 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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