Summit Hotel Properties (NYSE:INN) Director Mehulkumar Bhikhubhai Patel Sells 25,000 Shares

Summit Hotel Properties, Inc. (NYSE:INN) Director Mehulkumar Bhikhubhai Patel sold 25,000 shares of the business’s stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $4.84, for a total transaction of $121,000.00. Following the transaction, the director owned 444,295 shares in the company, valued at $2,150,387.80. This represents a 5.33% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 stock was sold at an average price of $5.12, for a total transaction of $51,200.00.

Summit Hotel Properties Stock Up 1.4%

Summit Hotel Properties stock traded up $0.07 during trading hours on Tuesday, hitting $4.88. 609,980 shares of the stock traded hands, compared to its average volume of 571,893. Summit Hotel Properties, Inc. has a one year low of $3.57 and a one year high of $6.96. The firm’s 50-day moving average price is $5.14 and its two-hundred day moving average price is $5.32. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 1.14. The company has a market cap of $530.40 million, a PE ratio of -30.47 and a beta of 1.31.

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

Summit Hotel Properties Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 28th. Stockholders of record on Friday, November 14th were issued a dividend of $0.08 per share. 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 -200.00%.

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Quarry LP bought a new position in shares of Summit Hotel Properties in the third quarter worth approximately $35,000. Signaturefd LLC raised its holdings in Summit Hotel Properties by 36.4% in the 2nd quarter. Signaturefd LLC now owns 8,656 shares of the real estate investment trust’s stock worth $44,000 after acquiring an additional 2,309 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in Summit Hotel Properties by 148.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 10,793 shares of the real estate investment trust’s stock valued at $55,000 after acquiring an additional 6,442 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in Summit Hotel Properties by 53.6% during the 2nd quarter. BNP Paribas Financial Markets now owns 10,807 shares of the real estate investment trust’s stock valued at $55,000 after purchasing an additional 3,773 shares during the last quarter. Finally, Coldstream Capital Management Inc. increased its holdings in shares of Summit Hotel Properties by 119.6% in the 2nd quarter. Coldstream Capital Management Inc. now owns 11,438 shares of the real estate investment trust’s stock worth $58,000 after purchasing an additional 6,229 shares in the last quarter. 96.47% of the stock is owned by hedge funds and other institutional investors.

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.