Russell Investments Group Ltd. lowered its position in shares of Summit Hotel Properties Inc (NYSE:INN) by 31.9% in the second quarter, Holdings Channel reports. The institutional investor owned 123,723 shares of the real estate investment trust’s stock after selling 57,870 shares during the quarter. Russell Investments Group Ltd.’s holdings in Summit Hotel Properties were worth $1,771,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Point72 Asia Hong Kong Ltd acquired a new stake in shares of Summit Hotel Properties during the 1st quarter worth approximately $193,000. SG Americas Securities LLC increased its holdings in shares of Summit Hotel Properties by 73.1% during the 1st quarter. SG Americas Securities LLC now owns 15,706 shares of the real estate investment trust’s stock worth $214,000 after buying an additional 6,635 shares during the last quarter. Xact Kapitalforvaltning AB increased its holdings in shares of Summit Hotel Properties by 49.6% during the 1st quarter. Xact Kapitalforvaltning AB now owns 19,618 shares of the real estate investment trust’s stock worth $267,000 after buying an additional 6,500 shares during the last quarter. Profund Advisors LLC increased its holdings in shares of Summit Hotel Properties by 23.7% during the 1st quarter. Profund Advisors LLC now owns 19,734 shares of the real estate investment trust’s stock worth $269,000 after buying an additional 3,786 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in shares of Summit Hotel Properties during the 2nd quarter worth approximately $317,000. Institutional investors and hedge funds own 98.77% of the company’s stock.
Shares of NYSE INN opened at $13.33 on Thursday. The company has a market cap of $1.39 billion, a PE ratio of 10.08, a PEG ratio of 4.72 and a beta of 1.17. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.51 and a quick ratio of 1.51. Summit Hotel Properties Inc has a 1 year low of $12.77 and a 1 year high of $16.39.
Summit Hotel Properties (NYSE:INN) last posted its earnings results on Wednesday, August 1st. The real estate investment trust reported $0.40 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.03. Summit Hotel Properties had a net margin of 14.16% and a return on equity of 6.53%. The firm had revenue of $152.20 million during the quarter, compared to the consensus estimate of $151.13 million. During the same quarter last year, the firm earned $0.36 EPS. The firm’s revenue for the quarter was up 17.9% on a year-over-year basis. sell-side analysts expect that Summit Hotel Properties Inc will post 1.28 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, August 31st. Investors of record on Thursday, August 16th were issued a $0.18 dividend. The ex-dividend date of this dividend was Wednesday, August 15th. This represents a $0.72 annualized dividend and a yield of 5.40%. Summit Hotel Properties’s dividend payout ratio (DPR) is presently 53.73%.
A number of analysts have recently issued reports on the stock. Zacks Investment Research upgraded shares of Summit Hotel Properties from a “sell” rating to a “hold” rating in a report on Saturday, June 23rd. ValuEngine downgraded shares of Summit Hotel Properties from a “hold” rating to a “sell” rating in a report on Wednesday, June 6th. Two analysts have rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company. Summit Hotel Properties currently has a consensus rating of “Buy” and a consensus target price of $16.58.
Summit Hotel Properties 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 August 1, 2018, the Company's portfolio consisted of 77 hotels with a total of 11,657 guestrooms located in 26 states.
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