Van ECK Associates Corp Cuts Stock Holdings in Summit Hotel Properties, Inc. (NYSE:INN)

Van ECK Associates Corp reduced its position in shares of Summit Hotel Properties, Inc. (NYSE:INNGet Rating) by 36.4% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,038 shares of the real estate investment trust’s stock after selling 3,463 shares during the period. Van ECK Associates Corp’s holdings in Summit Hotel Properties were worth $41,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Wipfli Financial Advisors LLC purchased a new position in Summit Hotel Properties during the third quarter worth about $26,000. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in Summit Hotel Properties by 9.0% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 132,478 shares of the real estate investment trust’s stock worth $890,000 after purchasing an additional 10,897 shares in the last quarter. Louisiana State Employees Retirement System acquired a new position in Summit Hotel Properties during the third quarter worth about $343,000. Captrust Financial Advisors acquired a new position in Summit Hotel Properties during the second quarter worth about $90,000. Finally, Legal & General Group Plc grew its position in Summit Hotel Properties by 2.2% during the second quarter. Legal & General Group Plc now owns 796,006 shares of the real estate investment trust’s stock worth $5,787,000 after buying an additional 16,816 shares during the period. 96.59% of the stock is owned by hedge funds and other institutional investors.

Summit Hotel Properties Stock Up 3.2 %

INN stock opened at $7.79 on Friday. The company’s 50 day simple moving average is $7.77 and its 200-day simple moving average is $7.79. The firm has a market capitalization of $832.72 million, a PE ratio of -38.95, a P/E/G ratio of 0.14 and a beta of 1.96. Summit Hotel Properties, Inc. has a 12 month low of $6.57 and a 12 month high of $10.58. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.14 and a quick ratio of 1.14.

Summit Hotel Properties Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 30th. Stockholders of record on Wednesday, November 16th were given a $0.04 dividend. The ex-dividend date was Tuesday, November 15th. This represents a $0.16 annualized dividend and a dividend yield of 2.05%. Summit Hotel Properties’s dividend payout ratio is presently -80.00%.

Wall Street Analyst Weigh In

INN has been the topic of several recent analyst reports. Robert W. Baird lowered shares of Summit Hotel Properties from an “outperform” rating to a “neutral” rating in a research report on Thursday, January 12th. TheStreet upgraded shares of Summit Hotel Properties from a “d+” rating to a “c-” rating in a research report on Tuesday, November 1st. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on shares of Summit Hotel Properties from $14.00 to $11.00 and set a “buy” rating on the stock in a research report on Tuesday, October 25th.

Insider Activity

In other news, Director Mehulkumar Bhikhubhai Patel sold 3,000 shares of the stock in a transaction that occurred on Wednesday, November 23rd. The shares were sold at an average price of $8.41, for a total value of $25,230.00. Following the sale, the director now directly owns 11,899 shares in the company, valued at $100,070.59. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.94% of the company’s stock.

About Summit Hotel Properties

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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 November 3, 2020, the Company's portfolio consisted of 72 hotels, 67 of which are wholly owned, with a total of 11,288 guestrooms located in 23 states.

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

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