State Street Corp grew its position in shares of Summit Hotel Properties Inc (NYSE:INN) by 4.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,954,222 shares of the real estate investment trust’s stock after purchasing an additional 231,830 shares during the period. State Street Corp owned 5.66% of Summit Hotel Properties worth $69,069,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Wasatch Advisors Inc. lifted its stake in shares of Summit Hotel Properties by 44.7% during the second quarter. Wasatch Advisors Inc. now owns 2,366,926 shares of the real estate investment trust’s stock valued at $27,149,000 after buying an additional 730,933 shares during the period. Mackay Shields LLC purchased a new stake in Summit Hotel Properties in the 3rd quarter worth approximately $5,328,000. Morgan Stanley raised its holdings in Summit Hotel Properties by 630.6% in the 2nd quarter. Morgan Stanley now owns 520,559 shares of the real estate investment trust’s stock valued at $5,971,000 after acquiring an additional 449,311 shares during the last quarter. Deprince Race & Zollo Inc. raised its holdings in Summit Hotel Properties by 63.9% in the 2nd quarter. Deprince Race & Zollo Inc. now owns 934,663 shares of the real estate investment trust’s stock valued at $10,721,000 after acquiring an additional 364,376 shares during the last quarter. Finally, Nuveen Asset Management LLC lifted its stake in shares of Summit Hotel Properties by 7.8% during the 2nd quarter. Nuveen Asset Management LLC now owns 4,947,789 shares of the real estate investment trust’s stock worth $56,752,000 after purchasing an additional 359,590 shares during the period.
Several equities research analysts have recently issued reports on the company. Zacks Investment Research cut Summit Hotel Properties from a “buy” rating to a “hold” rating in a report on Friday, November 1st. ValuEngine lowered Summit Hotel Properties from a “hold” rating to a “sell” rating in a research note on Friday, November 1st. Finally, TheStreet lowered Summit Hotel Properties from a “b-” rating to a “c+” rating in a research note on Wednesday, November 6th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $13.25.
Summit Hotel Properties (NYSE:INN) last released its earnings results on Tuesday, November 5th. The real estate investment trust reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.24). Summit Hotel Properties had a net margin of 14.44% and a return on equity of 6.64%. The company had revenue of $133.69 million during the quarter, compared to analysts’ expectations of $133.52 million. During the same quarter in the previous year, the firm posted $0.35 earnings per share. Summit Hotel Properties’s revenue for the quarter was down 6.1% compared to the same quarter last year. Analysts expect that Summit Hotel Properties Inc will post 1.2 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were issued a $0.18 dividend. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 5.90%. Summit Hotel Properties’s dividend payout ratio (DPR) is presently 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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