Wipfli Financial Advisors LLC purchased a new position in shares of Summit Hotel Properties, Inc. (NYSE:INN – Get Rating) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 3,830 shares of the real estate investment trust’s stock, valued at approximately $26,000.
Several other large investors have also recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Summit Hotel Properties by 3.9% in the first quarter. Vanguard Group Inc. now owns 15,777,812 shares of the real estate investment trust’s stock worth $157,148,000 after buying an additional 599,123 shares during the period. State Street Corp increased its holdings in shares of Summit Hotel Properties by 0.6% in the second quarter. State Street Corp now owns 6,982,325 shares of the real estate investment trust’s stock worth $50,762,000 after buying an additional 42,653 shares during the period. Jennison Associates LLC increased its holdings in shares of Summit Hotel Properties by 8.8% in the second quarter. Jennison Associates LLC now owns 5,916,261 shares of the real estate investment trust’s stock worth $43,011,000 after buying an additional 479,164 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Summit Hotel Properties by 3.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,874,658 shares of the real estate investment trust’s stock worth $18,672,000 after buying an additional 57,160 shares during the period. Finally, Legal & General Group Plc increased its holdings in Summit Hotel Properties by 2.2% during the 2nd quarter. Legal & General Group Plc now owns 796,006 shares of the real estate investment trust’s stock valued at $5,787,000 after purchasing an additional 16,816 shares during the period. Hedge funds and other institutional investors own 96.59% of the company’s stock.
Analyst Upgrades and Downgrades
INN has been the topic of a number of research analyst reports. Robert W. Baird downgraded Summit Hotel Properties from an “outperform” rating to a “neutral” rating in a report on Thursday, January 12th. TheStreet upgraded Summit Hotel Properties from a “d+” rating to a “c-” rating in a report on Tuesday, November 1st. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on Summit Hotel Properties from $14.00 to $11.00 and set a “buy” rating on the stock in a report on Tuesday, October 25th.
Insider Buying and Selling at Summit Hotel Properties
Summit Hotel Properties Stock Performance
Summit Hotel Properties stock opened at $7.79 on Friday. The stock’s 50 day simple moving average is $7.77 and its two-hundred day simple moving average is $7.79. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.14 and a current ratio of 1.14. The stock has a market cap of $832.72 million, a price-to-earnings ratio of -38.95, a PEG ratio of 0.14 and a beta of 1.96. Summit Hotel Properties, Inc. has a fifty-two week low of $6.57 and a fifty-two week high of $10.58.
Summit Hotel Properties Cuts Dividend
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 30th. Shareholders of record on Wednesday, November 16th were given a dividend of $0.04 per share. The ex-dividend date was Tuesday, November 15th. This represents a $0.16 annualized dividend and a yield of 2.05%. Summit Hotel Properties’s payout ratio is -80.00%.
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 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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