Miles Capital Inc. increased its stake in Summit Hotel Properties Inc (NYSE:INN) by 12.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,927 shares of the real estate investment trust’s stock after acquiring an additional 1,802 shares during the period. Miles Capital Inc.’s holdings in Summit Hotel Properties were worth $183,000 at the end of the most recent reporting period.
Other institutional investors have also bought and sold shares of the company. SG Americas Securities LLC grew its holdings in shares of Summit Hotel Properties by 33.3% during the first quarter. SG Americas Securities LLC now owns 14,216 shares of the real estate investment trust’s stock worth $162,000 after buying an additional 3,554 shares during the last quarter. CWM Advisors LLC boosted its holdings 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 acquiring an additional 1,160 shares in the last quarter. Crossmark Global Holdings Inc. boosted its holdings in Summit Hotel Properties by 7.9% during the second quarter. Crossmark Global Holdings Inc. now owns 15,970 shares of the real estate investment trust’s stock worth $183,000 after buying an additional 1,170 shares in the last quarter. Pictet Asset Management Ltd. boosted its holdings in Summit Hotel Properties by 53.4% during the first quarter. Pictet Asset Management Ltd. now owns 18,100 shares of the real estate investment trust’s stock worth $207,000 after buying an additional 6,300 shares in the last quarter. Finally, Everence Capital Management Inc. bought a new stake in Summit Hotel Properties during the first quarter worth approximately $213,000.
Several equities research analysts recently commented on the stock. Zacks Investment Research downgraded shares of Summit Hotel Properties from a “buy” rating to a “hold” rating in a research report on Wednesday, August 28th. Capital One Financial began coverage on shares of Summit Hotel Properties in a research report on Tuesday, June 25th. They issued an “equal weight” rating and a $13.00 price target on the stock. Finally, ValuEngine upgraded shares of Summit Hotel Properties from a “sell” rating to a “hold” rating in a research report on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $13.40.
Shares of NYSE INN traded down $0.06 during trading on Friday, reaching $11.98. The company had a trading volume of 46,645 shares, compared to its average volume of 628,616. Summit Hotel Properties Inc has a 52 week low of $9.29 and a 52 week high of $13.62. The stock has a market cap of $1.22 billion, a PE ratio of 8.89 and a beta of 1.19. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.24 and a current ratio of 1.24. The business’s 50 day moving average price is $11.28 and its 200-day moving average price is $11.55.
Summit Hotel Properties (NYSE:INN) last announced its earnings results on Wednesday, July 31st. The real estate investment trust reported $0.43 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.09. Summit Hotel Properties had a net margin of 18.95% and a return on equity of 8.82%. The company had revenue of $142.93 million during the quarter, compared to the consensus estimate of $141.05 million. During the same period in the previous year, the firm posted $0.40 earnings per share. The company’s revenue was down 6.1% on a year-over-year basis. Equities analysts anticipate that Summit Hotel Properties Inc will post 1.2 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were issued a dividend of $0.18 per share. The ex-dividend date was Thursday, August 15th. This represents a $0.72 annualized dividend and a yield of 6.01%. Summit Hotel Properties’s payout ratio is 53.33%.
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 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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