Summit Hotel Properties, Inc. (INN) Holdings Boosted by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Summit Hotel Properties, Inc. (NYSE:INN) by 109.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 10,806 shares of the real estate investment trust’s stock after purchasing an additional 5,639 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Summit Hotel Properties were worth $202,000 as of its most recent filing with the SEC.

Other institutional investors have also bought and sold shares of the company. Goldman Sachs Group Inc. boosted its stake in Summit Hotel Properties by 4.9% in the first quarter. Goldman Sachs Group Inc. now owns 538,127 shares of the real estate investment trust’s stock worth $8,599,000 after purchasing an additional 25,273 shares in the last quarter. Credit Agricole S A raised its position in shares of Summit Hotel Properties by 58.8% during the first quarter. Credit Agricole S A now owns 77,191 shares of the real estate investment trust’s stock worth $1,234,000 after acquiring an additional 28,576 shares during the last quarter. Texas Permanent School Fund raised its position in shares of Summit Hotel Properties by 6.3% during the first quarter. Texas Permanent School Fund now owns 67,704 shares of the real estate investment trust’s stock worth $1,082,000 after acquiring an additional 3,993 shares during the last quarter. State of Tennessee Treasury Department raised its position in shares of Summit Hotel Properties by 17.8% during the first quarter. State of Tennessee Treasury Department now owns 81,054 shares of the real estate investment trust’s stock worth $1,295,000 after acquiring an additional 12,232 shares during the last quarter. Finally, Louisiana State Employees Retirement System raised its position in shares of Summit Hotel Properties by 11.3% during the second quarter. Louisiana State Employees Retirement System now owns 42,400 shares of the real estate investment trust’s stock worth $791,000 after acquiring an additional 4,300 shares during the last quarter. 95.30% of the stock is currently owned by institutional investors.

Shares of Summit Hotel Properties, Inc. (NYSE INN) opened at 15.50 on Friday. The company has a market cap of $1.62 billion, a P/E ratio of 16.96 and a beta of 1.20. The company has a 50-day moving average price of $15.46 and a 200-day moving average price of $16.70. Summit Hotel Properties, Inc. has a 12-month low of $12.45 and a 12-month high of $19.39.

Summit Hotel Properties (NYSE:INN) last posted its quarterly earnings data on Wednesday, August 2nd. The real estate investment trust reported $0.36 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.38 by ($0.02). Summit Hotel Properties had a return on equity of 9.89% and a net margin of 21.97%. The business had revenue of $124.11 million during the quarter, compared to the consensus estimate of $132.21 million. During the same period last year, the business posted $0.42 earnings per share. The business’s revenue was down 2.4% on a year-over-year basis. On average, analysts predict that Summit Hotel Properties, Inc. will post $0.86 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 31st. Stockholders of record on Wednesday, August 16th were given a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 4.39%. The ex-dividend date was Monday, August 14th. Summit Hotel Properties’s dividend payout ratio (DPR) is presently 75.56%.

A number of equities research analysts have recently weighed in on the company. Cantor Fitzgerald boosted their target price on Summit Hotel Properties from $18.00 to $19.00 and gave the stock an “overweight” rating in a research report on Thursday, May 25th. UBS AG downgraded Summit Hotel Properties from an “outperform” rating to a “market perform” rating in a research report on Friday, July 14th. Deutsche Bank AG boosted their target price on Summit Hotel Properties from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, May 25th. Raymond James Financial, Inc. restated a “market perform” rating on shares of Summit Hotel Properties in a research report on Friday, July 14th. Finally, Zacks Investment Research upgraded Summit Hotel Properties from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a research report on Wednesday, July 12th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $17.86.

In other Summit Hotel Properties news, Chairman Daniel P. Hansen acquired 10,000 shares of the stock in a transaction dated Wednesday, August 9th. The stock was purchased at an average cost of $15.60 per share, with a total value of $156,000.00. Following the transaction, the chairman now owns 800,256 shares in the company, valued at approximately $12,483,993.60. The acquisition was disclosed in a filing with the SEC, which is available at this link. Company insiders own 1.71% of the company’s stock.

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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 79 hotels with a total of 11,590 guestrooms located in 24 states.

Institutional Ownership by Quarter for Summit Hotel Properties (NYSE:INN)

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