Summit Hotel Properties (NYSE:INN) Director Mehulkumar Bhikhubhai Patel Sells 10,000 Shares

Summit Hotel Properties, Inc. (NYSE:INN) Director Mehulkumar Bhikhubhai Patel sold 10,000 shares of the stock in a transaction dated Thursday, December 18th. The stock was sold at an average price of $5.12, for a total value of $51,200.00. Following the completion of the sale, the director directly owned 469,295 shares of the company’s stock, valued at approximately $2,402,790.40. This represents a 2.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Summit Hotel Properties Trading Down 2.1%

NYSE:INN opened at $5.00 on Tuesday. The stock has a market cap of $543.46 million, a PE ratio of -31.22 and a beta of 1.30. Summit Hotel Properties, Inc. has a fifty-two week low of $3.57 and a fifty-two week high of $6.99. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.65 and a quick ratio of 0.65. The stock’s 50-day moving average is $5.24 and its two-hundred day moving average is $5.31.

Summit Hotel Properties (NYSE:INN) last posted its quarterly earnings results on Tuesday, November 4th. The real estate investment trust reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $0.02. Summit Hotel Properties had a net margin of 0.04% and a return on equity of 0.02%. The business had revenue of $177.12 million during the quarter, compared to analyst estimates of $179.03 million. As a group, equities research analysts forecast that Summit Hotel Properties, Inc. will post 0.88 earnings per share for the current fiscal year.

Summit Hotel Properties Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 28th. Stockholders of record on Friday, November 14th were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 6.4%. The ex-dividend date was Friday, November 14th. Summit Hotel Properties’s payout ratio is currently -200.00%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. boosted its position in Summit Hotel Properties by 16.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,848,480 shares of the real estate investment trust’s stock worth $10,000,000 after purchasing an additional 257,720 shares during the period. Invesco Ltd. raised its position in shares of Summit Hotel Properties by 75.0% in the first quarter. Invesco Ltd. now owns 784,585 shares of the real estate investment trust’s stock valued at $4,245,000 after purchasing an additional 336,150 shares during the period. Martingale Asset Management L P lifted its stake in shares of Summit Hotel Properties by 50.4% in the first quarter. Martingale Asset Management L P now owns 307,142 shares of the real estate investment trust’s stock worth $1,662,000 after buying an additional 102,875 shares during the last quarter. OMERS ADMINISTRATION Corp bought a new stake in shares of Summit Hotel Properties during the 1st quarter worth $184,000. Finally, State of Wyoming boosted its holdings in shares of Summit Hotel Properties by 31.6% during the 1st quarter. State of Wyoming now owns 42,504 shares of the real estate investment trust’s stock worth $230,000 after buying an additional 10,216 shares during the period. 96.47% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on INN shares. Zacks Research raised Summit Hotel Properties from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 21st. Weiss Ratings reiterated a “sell (d+)” rating on shares of Summit Hotel Properties in a report on Monday, December 15th. Summit Redstone set a $4.50 price objective on Summit Hotel Properties in a report on Tuesday, November 4th. Bank of America reaffirmed an “underperform” rating and set a $4.50 price objective (down previously from $5.75) on shares of Summit Hotel Properties in a research report on Tuesday, November 4th. Finally, Robert W. Baird set a $5.00 target price on shares of Summit Hotel Properties in a research report on Wednesday, December 17th. Two investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus target price of $4.67.

About Summit Hotel Properties

Summit Hotel Properties is a real estate investment trust (REIT) that acquires, owns and operates branded select-service hotels and extended-stay properties across the United States. The company focuses on upper-midscale and upscale lodging segments, targeting established national brands to combine the operational efficiencies of limited-service properties with strong franchise affiliation.

The company’s portfolio comprises over thirty hotels carrying well-known flags such as Marriott, Hilton, Hyatt and IHG.