Thrivent Financial For Lutherans lessened its stake in Summit Hotel Properties Inc (NYSE:INN) by 24.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 684,577 shares of the real estate investment trust’s stock after selling 222,563 shares during the quarter. Thrivent Financial For Lutherans owned 0.66% of Summit Hotel Properties worth $10,426,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. Campbell & CO Investment Adviser LLC acquired a new position in Summit Hotel Properties in the 3rd quarter worth about $177,000. M&T Bank Corp acquired a new position in Summit Hotel Properties in the 4th quarter worth about $215,000. Hartford Investment Management Co. acquired a new position in Summit Hotel Properties in the 3rd quarter worth about $358,000. Accident Compensation Corp acquired a new position in Summit Hotel Properties in the 4th quarter worth about $350,000. Finally, Dynamic Technology Lab Private Ltd acquired a new position in Summit Hotel Properties in the 3rd quarter worth about $391,000. 98.76% of the stock is owned by institutional investors and hedge funds.
A number of research firms recently weighed in on INN. Zacks Investment Research cut Summit Hotel Properties from a “hold” rating to a “sell” rating in a report on Thursday, February 1st. Deutsche Bank reduced their price target on Summit Hotel Properties from $17.00 to $16.00 and set a “buy” rating for the company in a report on Monday, February 26th. Cantor Fitzgerald set a $17.00 price target on Summit Hotel Properties and gave the stock a “buy” rating in a report on Friday, February 23rd. Robert W. Baird set a $16.00 price target on Summit Hotel Properties and gave the stock a “buy” rating in a report on Monday, February 26th. Finally, Janney Montgomery Scott cut Summit Hotel Properties from a “buy” rating to a “neutral” rating in a report on Monday, November 20th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $16.83.
Summit Hotel Properties (NYSE:INN) last announced its earnings results on Wednesday, February 21st. The real estate investment trust reported $0.30 EPS for the quarter, beating analysts’ consensus estimates of $0.05 by $0.25. Summit Hotel Properties had a return on equity of 8.41% and a net margin of 19.25%. The business had revenue of $131.75 million during the quarter, compared to analysts’ expectations of $126.28 million. During the same quarter in the prior year, the firm earned $0.30 earnings per share. The business’s revenue was up 19.4% compared to the same quarter last year. equities research analysts expect that Summit Hotel Properties Inc will post 1.36 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, February 28th. Shareholders of record on Friday, February 16th were issued a dividend of $0.18 per share. The ex-dividend date was Thursday, February 15th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 5.33%. This is a boost from Summit Hotel Properties’s previous quarterly dividend of $0.17. Summit Hotel Properties’s dividend payout ratio is presently 90.00%.
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Summit Hotel Properties 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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