Thrivent Financial for Lutherans Cuts Stock Holdings in Summit Hotel Properties, Inc. $INN

Thrivent Financial for Lutherans lessened its holdings in Summit Hotel Properties, Inc. (NYSE:INN) by 89.4% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 567,370 shares of the real estate investment trust’s stock after selling 4,792,265 shares during the period. Thrivent Financial for Lutherans owned about 0.52% of Summit Hotel Properties worth $2,888,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of INN. Public Sector Pension Investment Board lifted its holdings in Summit Hotel Properties by 8.4% during the second quarter. Public Sector Pension Investment Board now owns 372,587 shares of the real estate investment trust’s stock worth $1,896,000 after buying an additional 28,777 shares during the period. CANADA LIFE ASSURANCE Co raised its position in shares of Summit Hotel Properties by 4.3% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 244,889 shares of the real estate investment trust’s stock worth $1,246,000 after acquiring an additional 10,108 shares in the last quarter. Tower Research Capital LLC TRC lifted its stake in shares of Summit Hotel Properties by 148.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 10,793 shares of the real estate investment trust’s stock worth $55,000 after purchasing an additional 6,442 shares during the last quarter. Corient Private Wealth LLC bought a new stake in Summit Hotel Properties during the second quarter valued at about $86,000. Finally, Man Group plc grew its stake in Summit Hotel Properties by 6.6% in the second quarter. Man Group plc now owns 458,749 shares of the real estate investment trust’s stock valued at $2,335,000 after purchasing an additional 28,207 shares during the last quarter. 96.47% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Summit Hotel Properties

In other news, Director Mehulkumar Bhikhubhai Patel sold 10,000 shares of the stock in a transaction dated Thursday, December 18th. The stock was sold at an average price of $5.12, for a total value of $51,200.00. Following the transaction, the director directly owned 469,295 shares of the company’s stock, valued at approximately $2,402,790.40. This represents a 2.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.37% of the company’s stock.

Summit Hotel Properties Trading Down 2.1%

Shares of Summit Hotel Properties stock opened at $5.00 on Tuesday. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 1.14. Summit Hotel Properties, Inc. has a 12-month low of $3.57 and a 12-month high of $6.99. The firm has a market capitalization of $543.46 million, a price-to-earnings ratio of -31.22 and a beta of 1.30. The firm’s 50 day simple moving average is $5.24 and its two-hundred day simple moving average is $5.31.

Summit Hotel Properties (NYSE:INN) last posted its quarterly earnings data on Tuesday, November 4th. The real estate investment trust reported $0.17 EPS for the quarter, topping the consensus estimate of $0.15 by $0.02. Summit Hotel Properties had a net margin of 0.04% and a return on equity of 0.02%. The business had revenue of $177.12 million during the quarter, compared to the consensus estimate of $179.03 million. Analysts predict that Summit Hotel Properties, Inc. will post 0.88 EPS for the current year.

Summit Hotel Properties Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 28th. Shareholders of record on Friday, November 14th were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 6.4%. The ex-dividend date was Friday, November 14th. Summit Hotel Properties’s payout ratio is presently -200.00%.

Wall Street Analysts Forecast Growth

Several analysts have commented on INN shares. Bank of America reissued an “underperform” rating and set a $4.50 price target (down from $5.75) on shares of Summit Hotel Properties in a research report on Tuesday, November 4th. Summit Redstone set a $4.50 target price on shares of Summit Hotel Properties in a research report on Tuesday, November 4th. Weiss Ratings restated a “sell (d+)” rating on shares of Summit Hotel Properties in a research note on Monday, December 15th. Robert W. Baird set a $5.00 price target on Summit Hotel Properties in a research report on Wednesday, December 17th. Finally, Wall Street Zen lowered Summit Hotel Properties from a “hold” rating to a “sell” rating in a report on Saturday, October 18th. Two equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Summit Hotel Properties currently has an average rating of “Reduce” and an average price target of $4.67.

About Summit Hotel Properties

Summit Hotel Properties is a real estate investment trust (REIT) that acquires, owns and operates branded select-service hotels and extended-stay properties across the United States. The company focuses on upper-midscale and upscale lodging segments, targeting established national brands to combine the operational efficiencies of limited-service properties with strong franchise affiliation.

The company’s portfolio comprises over thirty hotels carrying well-known flags such as Marriott, Hilton, Hyatt and IHG.