Summit Hotel Properties (NYSE:INN) Director Sells $121,000.00 in Stock

Summit Hotel Properties, Inc. (NYSE:INN) Director Mehulkumar Bhikhubhai Patel sold 25,000 shares of the company’s stock in a transaction on Monday, January 5th. The stock was sold at an average price of $4.84, for a total transaction of $121,000.00. Following the completion of the transaction, the director owned 444,295 shares of the company’s stock, valued at $2,150,387.80. This trade represents a 5.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Mehulkumar Bhikhubhai Patel also recently made the following trade(s):

• On Thursday, December 18th, Mehulkumar Bhikhubhai Patel sold 10,000 shares of Summit Hotel Properties stock. The shares were sold at an average price of $5.12, for a total value of $51,200.00.

Summit Hotel Properties Price Performance

INN stock traded up $0.07 during mid-day trading on Tuesday, hitting $4.88. 609,980 shares of the stock were exchanged, compared to its average volume of 571,893. The business has a fifty day moving average price of $5.14 and a 200 day moving average price of $5.32. Summit Hotel Properties, Inc. has a 12 month low of $3.57 and a 12 month high of $6.96. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.65 and a quick ratio of 0.65. The stock has a market capitalization of $530.40 million, a price-to-earnings ratio of -30.47 and a beta of 1.31.

Summit Hotel Properties (NYSE:INN) last announced its quarterly earnings data on Tuesday, November 4th. The real estate investment trust reported $0.17 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $0.02. The company had revenue of $177.12 million for the quarter, compared to analysts’ expectations of $179.03 million. Summit Hotel Properties had a return on equity of 0.02% and a net margin of 0.04%. On average, sell-side analysts anticipate that Summit Hotel Properties, Inc. will post 0.88 EPS for the current year.

Summit Hotel Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 28th. Stockholders of record on Friday, November 14th were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 6.6%. The ex-dividend date was Friday, November 14th. Summit Hotel Properties’s payout ratio is presently -200.00%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Long Pond Capital LP bought a new stake in shares of Summit Hotel Properties in the 2nd quarter worth approximately $47,846,000. UBS Group AG lifted its stake in Summit Hotel Properties by 18.9% in the third quarter. UBS Group AG now owns 6,936,070 shares of the real estate investment trust’s stock worth $38,079,000 after acquiring an additional 1,102,102 shares during the period. Strs Ohio lifted its stake in Summit Hotel Properties by 3,028.7% in the second quarter. Strs Ohio now owns 588,200 shares of the real estate investment trust’s stock worth $2,994,000 after acquiring an additional 569,400 shares during the period. Jacobs Levy Equity Management Inc. bought a new stake in Summit Hotel Properties in the first quarter valued at $1,541,000. Finally, Penserra Capital Management LLC purchased a new position in Summit Hotel Properties during the 2nd quarter valued at $1,257,000. Institutional investors own 96.47% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Summit Redstone set a $4.50 price target on shares of Summit Hotel Properties in a research report on Tuesday, November 4th. Wall Street Zen cut Summit Hotel Properties from a “hold” rating to a “sell” rating in a report on Saturday, October 18th. Robert W. Baird set a $5.00 price target on Summit Hotel Properties in a research report on Wednesday, December 17th. Bank of America reiterated an “underperform” rating and issued a $4.50 price objective (down previously from $5.75) on shares of Summit Hotel Properties in a research report on Tuesday, November 4th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Summit Hotel Properties in a report on Monday, December 29th. Two equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus price target of $4.67.

Summit Hotel Properties Company Profile

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.