Sumitomo Mitsui Trust Holdings Inc. grew its holdings in Summit Hotel Properties Inc (NYSE:INN) by 19.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 152,103 shares of the real estate investment trust’s stock after buying an additional 25,203 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Summit Hotel Properties were worth $1,764,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Private Capital Group LLC lifted its position in shares of Summit Hotel Properties by 82.7% in the second quarter. Private Capital Group LLC now owns 3,263 shares of the real estate investment trust’s stock valued at $47,000 after buying an additional 1,477 shares during the last quarter. Tower Research Capital LLC TRC acquired a new stake in shares of Summit Hotel Properties in the second quarter valued at approximately $69,000. NJ State Employees Deferred Compensation Plan acquired a new stake in shares of Summit Hotel Properties in the third quarter valued at approximately $117,000. Coldstream Capital Management Inc. acquired a new stake in shares of Summit Hotel Properties in the second quarter valued at approximately $123,000. Finally, CWM Advisors LLC lifted its position in shares of Summit Hotel Properties by 8.5% in the second quarter. CWM Advisors LLC now owns 14,840 shares of the real estate investment trust’s stock valued at $170,000 after buying an additional 1,160 shares during the last quarter.
In related news, COO Craig J. Aniszewski sold 40,000 shares of Summit Hotel Properties stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $11.60, for a total transaction of $464,000.00. Following the completion of the sale, the chief operating officer now directly owns 397,913 shares of the company’s stock, valued at approximately $4,615,790.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 2.32% of the company’s stock.
NYSE:INN traded down $0.04 during mid-day trading on Wednesday, hitting $11.93. 699,680 shares of the stock were exchanged, compared to its average volume of 682,555. The stock has a market capitalization of $1.26 billion, a price-to-earnings ratio of 8.84 and a beta of 1.19. The firm’s 50-day simple moving average is $11.88 and its 200 day simple moving average is $11.66. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.05 and a current ratio of 1.05. Summit Hotel Properties Inc has a fifty-two week low of $9.29 and a fifty-two week high of $12.63.
Summit Hotel Properties (NYSE:INN) last released its quarterly earnings results on Tuesday, November 5th. The real estate investment trust reported $0.07 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.31 by ($0.24). The firm had revenue of $133.69 million for the quarter, compared to analyst estimates of $133.52 million. Summit Hotel Properties had a return on equity of 6.64% and a net margin of 14.44%. The business’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.35 earnings per share. On average, analysts predict that Summit Hotel Properties Inc will post 1.25 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be issued a dividend of $0.18 per share. The ex-dividend date is Thursday, November 14th. This represents a $0.72 annualized dividend and a yield of 6.04%. Summit Hotel Properties’s payout ratio is currently 53.33%.
A number of analysts have recently issued reports on the company. TheStreet cut Summit Hotel Properties from a “b-” rating to a “c+” rating in a research report on Wednesday, November 6th. ValuEngine cut Summit Hotel Properties from a “hold” rating to a “sell” rating in a report on Friday, November 1st. Finally, Zacks Investment Research cut Summit Hotel Properties from a “buy” rating to a “hold” rating in a report on Friday, November 1st. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $13.25.
Summit Hotel Properties Company 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 April 18, 2019, the Company's portfolio consisted of 69 hotels with a total of 10,714 guestrooms located in 24 states.
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