Summit Hotel Properties, Inc. (NYSE:INN) Stake Boosted by Dimensional Fund Advisors LP
Dimensional Fund Advisors LP increased its position in Summit Hotel Properties, Inc. (NYSE:INN) by 3.9% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 1,246,864 shares of the real estate investment trust’s stock after buying an additional 46,495 shares during the period. Dimensional Fund Advisors LP owned approximately 1.33% of Summit Hotel Properties worth $19,925,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of INN. Exane Derivatives bought a new position in Summit Hotel Properties during the first quarter worth $736,000. DUPONT CAPITAL MANAGEMENT Corp boosted its stake in shares of Summit Hotel Properties by 487.9% in the first quarter. DUPONT CAPITAL MANAGEMENT Corp now owns 55,402 shares of the real estate investment trust’s stock worth $885,000 after buying an additional 45,978 shares during the last quarter. Strs Ohio boosted its stake in shares of Summit Hotel Properties by 1.8% in the first quarter. Strs Ohio now owns 158,746 shares of the real estate investment trust’s stock worth $2,536,000 after buying an additional 2,882 shares during the last quarter. Fisher Asset Management LLC boosted its stake in shares of Summit Hotel Properties by 40.4% in the first quarter. Fisher Asset Management LLC now owns 62,148 shares of the real estate investment trust’s stock worth $993,000 after buying an additional 17,871 shares during the last quarter. Finally, James Investment Research Inc. acquired a new stake in shares of Summit Hotel Properties during the first quarter worth approximately $1,900,000. 88.16% of the stock is currently owned by institutional investors and hedge funds.
Shares of Summit Hotel Properties, Inc. (NYSE:INN) traded up 1.16% during midday trading on Friday, reaching $15.71. 1,367,929 shares of the company were exchanged. Summit Hotel Properties, Inc. has a 52-week low of $12.45 and a 52-week high of $19.39. The firm’s 50 day moving average is $17.80 and its 200-day moving average is $16.88. The company has a market capitalization of $1.64 billion, a PE ratio of 17.19 and a beta of 1.17.
Summit Hotel Properties (NYSE:INN) last issued its quarterly earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by $0.02. Summit Hotel Properties had a net margin of 21.97% and a return on equity of 9.89%. The firm had revenue of $124.11 million for the quarter, compared to analyst estimates of $132.21 million. During the same period last year, the company earned $0.42 EPS. The company’s revenue was down 2.4% compared to the same quarter last year. On average, equities analysts forecast that Summit Hotel Properties, Inc. will post $0.87 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 31st. Stockholders of record on Wednesday, August 16th will be paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 4.33%. The ex-dividend date is Monday, August 14th. Summit Hotel Properties’s dividend payout ratio (DPR) is presently 75.56%.
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A number of brokerages recently commented on INN. Robert W. Baird reissued an “outperform” rating and issued a $18.00 price objective (up from $17.00) on shares of Summit Hotel Properties in a research note on Friday, June 16th. Zacks Investment Research raised shares of Summit Hotel Properties from a “hold” rating to a “buy” rating and set a $21.00 price objective on the stock in a research note on Thursday, July 6th. BidaskClub cut shares of Summit Hotel Properties from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 30th. Cantor Fitzgerald lowered their price objective on shares of Summit Hotel Properties to $19.00 and set a “buy” rating on the stock in a research note on Monday, June 5th. Finally, UBS AG cut shares of Summit Hotel Properties from an “outperform” rating to a “market perform” rating in a research note on Friday, July 14th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $18.43.
In other news, Chairman Daniel P. Hansen purchased 10,000 shares of the business’s stock in a transaction dated Wednesday, August 9th. The shares were acquired at an average price of $15.60 per share, with a total value of $156,000.00. Following the completion of the purchase, the chairman now directly owns 800,256 shares of the company’s stock, valued at approximately $12,483,993.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.94% of the company’s stock.
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 81 hotels with a total of 11,608 guestrooms located in 24 states.
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