Bank of New York Mellon Corp lessened its holdings in Summit Hotel Properties Inc (NYSE:INN) by 4.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,625,685 shares of the real estate investment trust’s stock after selling 72,107 shares during the quarter. Bank of New York Mellon Corp owned 1.56% of Summit Hotel Properties worth $24,759,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Campbell & CO Investment Adviser LLC acquired a new stake in shares of Summit Hotel Properties in the 3rd quarter valued at $177,000. M&T Bank Corp acquired a new stake in shares of Summit Hotel Properties during the 4th quarter valued at $215,000. Accident Compensation Corp acquired a new stake in shares of Summit Hotel Properties during the 4th quarter valued at $350,000. Hartford Investment Management Co. acquired a new stake in shares of Summit Hotel Properties during the 3rd quarter valued at $358,000. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in shares of Summit Hotel Properties during the 3rd quarter valued at $391,000. 98.76% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts recently weighed in on the company. Zacks Investment Research downgraded Summit Hotel Properties from a “hold” rating to a “sell” rating in a report on Thursday, November 23rd. Janney Montgomery Scott downgraded Summit Hotel Properties from a “buy” rating to a “neutral” rating in a report on Monday, November 20th. Cantor Fitzgerald reissued a “buy” rating and set a $17.00 price objective on shares of Summit Hotel Properties in a report on Monday, November 20th. Deutsche Bank cut their price objective on Summit Hotel Properties from $17.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, February 26th. Finally, Robert W. Baird set a $16.00 price objective on Summit Hotel Properties and gave the company a “buy” rating in a report on Monday, February 26th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $16.83.
Summit Hotel Properties stock opened at $13.60 on Monday. The stock has a market capitalization of $1,418.85, a price-to-earnings ratio of 17.00, a P/E/G ratio of 4.85 and a beta of 1.31. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.68. Summit Hotel Properties Inc has a 12-month low of $12.77 and a 12-month high of $19.39.
Summit Hotel Properties (NYSE:INN) last announced its earnings results on Wednesday, February 21st. The real estate investment trust reported $0.30 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.05 by $0.25. The business had revenue of $131.75 million during the quarter, compared to analyst estimates of $126.28 million. Summit Hotel Properties had a return on equity of 8.41% and a net margin of 19.25%. Summit Hotel Properties’s revenue for the quarter was up 19.4% compared to the same quarter last year. During the same period last year, the company earned $0.30 EPS. equities research analysts anticipate that Summit Hotel Properties Inc will post 1.36 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, February 28th. Investors of record on Friday, February 16th were given a dividend of $0.18 per share. This is a positive change from Summit Hotel Properties’s previous quarterly dividend of $0.17. This represents a $0.72 annualized dividend and a yield of 5.29%. The ex-dividend date of this dividend was Thursday, February 15th. Summit Hotel Properties’s dividend payout ratio (DPR) is currently 90.00%.
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.
Receive News & Ratings for Summit Hotel Properties Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Summit Hotel Properties and related companies with MarketBeat.com's FREE daily email newsletter.