Summit Hotel Properties, Inc. (NYSE:INN) Shares Acquired by Russell Investments Group Ltd.

Russell Investments Group Ltd. boosted its stake in Summit Hotel Properties, Inc. (NYSE:INN – Get Rating) by 2.8% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 317,695 shares of the real estate investment trust’s stock after acquiring an additional 8,640 shares during the period. Russell Investments Group Ltd. owned 0.30% of Summit Hotel Properties worth $2,294,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Wipfli Financial Advisors LLC purchased a new position in shares of Summit Hotel Properties during the 3rd quarter worth approximately $26,000. Quadrant Capital Group LLC raised its position in shares of Summit Hotel Properties by 62.4% in the 3rd quarter. Quadrant Capital Group LLC now owns 5,435 shares of the real estate investment trust’s stock worth $37,000 after buying an additional 2,088 shares during the period. Keebeck Alpha LP purchased a new position in shares of Summit Hotel Properties in the 3rd quarter worth $76,000. Zacks Investment Management purchased a new position in shares of Summit Hotel Properties in the 3rd quarter worth $82,000. Finally, Captrust Financial Advisors purchased a new position in Summit Hotel Properties in the second quarter valued at about $90,000. Institutional investors and hedge funds own 96.59% of the company’s stock.

Insider Buying and Selling at Summit Hotel Properties

In other Summit Hotel Properties news, CEO Jonathan P. Stanner purchased 21,870 shares of the business’s stock in a transaction on Thursday, March 16th. The stock was purchased at an average price of $6.90 per share, for a total transaction of $150,903.00. Following the completion of the purchase, the chief executive officer now directly owns 1,217,705 shares in the company, valued at $8,402,164.50. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Summit Hotel Properties news, Director Hope S. Taitz acquired 5,000 shares of Summit Hotel Properties stock in a transaction on Thursday, March 16th. The shares were purchased at an average cost of $6.89 per share, with a total value of $34,450.00. Following the completion of the purchase, the director now owns 64,965 shares in the company, valued at $447,608.85. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Jonathan P. Stanner acquired 21,870 shares of Summit Hotel Properties stock in a transaction on Thursday, March 16th. The stock was acquired at an average cost of $6.90 per share, for a total transaction of $150,903.00. Following the completion of the purchase, the chief executive officer now owns 1,217,705 shares of the company’s stock, valued at approximately $8,402,164.50. The disclosure for this purchase can be found here. Corporate insiders own 3.00% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Raymond James lowered their target price on Summit Hotel Properties from $10.00 to $8.50 and set an “outperform” rating for the company in a research note on Wednesday, March 29th. Two equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $9.83.

Summit Hotel Properties Trading Down 2.4 %

NYSE INN opened at $6.78 on Friday. Summit Hotel Properties, Inc. has a 1-year low of $6.07 and a 1-year high of $9.48. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.05. The company has a market capitalization of $728.65 million, a PE ratio of -75.33, a price-to-earnings-growth ratio of 0.75 and a beta of 2.01. The firm’s fifty day simple moving average is $6.67 and its 200-day simple moving average is $7.46.

Summit Hotel Properties Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 31st. Shareholders of record on Wednesday, May 17th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 3.54%. This is a boost from Summit Hotel Properties’s previous quarterly dividend of $0.04. The ex-dividend date is Tuesday, May 16th. Summit Hotel Properties’s dividend payout ratio is -266.67%.

Summit Hotel Properties Profile

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Summit Hotel Properties, Inc is a real estate investment trust, which operates as a self-managed hotel investment company. It focuses on owning premium-branded select-service hotels. Its hotels are located in corporate offices, retail centers, airports, state capitols, convention centers, universities, and leisure attractions.