Bank of New York Mellon Corp raised its holdings in shares of Summit Hotel Properties Inc (NYSE:INN) by 1.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,685,576 shares of the real estate investment trust’s stock after purchasing an additional 31,005 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.61% of Summit Hotel Properties worth $24,120,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Cornerstone Wealth Management LLC purchased a new stake in Summit Hotel Properties during the second quarter valued at about $400,000. Point72 Asia Hong Kong Ltd purchased a new stake in Summit Hotel Properties during the first quarter valued at about $193,000. Canandaigua National Bank & Trust Co. purchased a new stake in Summit Hotel Properties during the first quarter valued at about $194,000. SG Americas Securities LLC lifted its holdings in Summit Hotel Properties by 73.1% during the first quarter. SG Americas Securities LLC now owns 15,706 shares of the real estate investment trust’s stock valued at $214,000 after purchasing an additional 6,635 shares during the last quarter. Finally, Xact Kapitalforvaltning AB lifted its holdings in Summit Hotel Properties by 49.6% during the first quarter. Xact Kapitalforvaltning AB now owns 19,618 shares of the real estate investment trust’s stock valued at $267,000 after purchasing an additional 6,500 shares during the last quarter. 98.79% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts have recently issued reports on INN shares. Zacks Investment Research downgraded shares of Summit Hotel Properties from a “hold” rating to a “sell” rating in a report on Thursday, August 2nd. ValuEngine downgraded shares of Summit Hotel Properties from a “hold” rating to a “sell” rating in a report on Wednesday, June 6th. Two analysts have rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $16.58.
Shares of Summit Hotel Properties stock opened at $13.53 on Friday. Summit Hotel Properties Inc has a 12-month low of $12.77 and a 12-month high of $16.39. The stock has a market capitalization of $1.41 billion, a PE ratio of 10.10, a PEG ratio of 4.80 and a beta of 1.17. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.79.
Summit Hotel Properties (NYSE:INN) last announced its quarterly earnings results on Wednesday, August 1st. The real estate investment trust reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.03. Summit Hotel Properties had a net margin of 14.16% and a return on equity of 6.53%. The firm had revenue of $152.20 million for the quarter, compared to the consensus estimate of $151.13 million. During the same period in the prior year, the firm posted $0.36 earnings per share. The company’s revenue for the quarter was up 17.9% on a year-over-year basis. analysts anticipate that Summit Hotel Properties Inc will post 1.28 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, August 31st. Stockholders of record on Thursday, August 16th were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 5.32%. The ex-dividend date was Wednesday, August 15th. Summit Hotel Properties’s payout ratio is 53.73%.
Summit Hotel Properties 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.
Further Reading: Asset Allocation, Balancing Your Investments
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