First Trust Advisors LP Has $2,411,000 Position in Summit Hotel Properties Inc. (INN)
First Trust Advisors LP increased its position in shares of Summit Hotel Properties Inc. (NYSE:INN) by 160.0% during the second quarter, Holdings Channel reports. The firm owned 182,095 shares of the real estate investment trust’s stock after buying an additional 112,064 shares during the period. First Trust Advisors LP owned about 0.21% of Summit Hotel Properties worth $2,411,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Fisher Asset Management LLC boosted its stake in shares of Summit Hotel Properties by 1.1% in the first quarter. Fisher Asset Management LLC now owns 127,091 shares of the real estate investment trust’s stock worth $1,465,000 after buying an additional 1,384 shares during the period. Nisa Investment Advisors L.L.C. bought a new stake in shares of Summit Hotel Properties during the first quarter worth approximately $377,000. Virginia Retirement System bought a new stake in shares of Summit Hotel Properties during the first quarter worth approximately $2,274,000. Teachers Advisors Inc. boosted its stake in shares of Summit Hotel Properties by 5.6% in the first quarter. Teachers Advisors Inc. now owns 1,055,956 shares of the real estate investment trust’s stock worth $12,640,000 after buying an additional 55,980 shares during the period. Finally, Prudential Financial Inc. boosted its stake in shares of Summit Hotel Properties by 16.6% in the first quarter. Prudential Financial Inc. now owns 1,121,180 shares of the real estate investment trust’s stock worth $13,420,000 after buying an additional 159,880 shares during the period. Hedge funds and other institutional investors own 94.66% of the company’s stock.
Shares of Summit Hotel Properties Inc. (NYSE:INN) traded up 1.33% on Thursday, hitting $13.67. The company had a trading volume of 523,540 shares. Summit Hotel Properties Inc. has a 12-month low of $9.00 and a 12-month high of $14.58. The company has a market cap of $1.19 billion, a price-to-earnings ratio of 7.87 and a beta of 1.07. The company has a 50 day moving average of $13.89 and a 200-day moving average of $12.71.
Summit Hotel Properties (NYSE:INN) last posted its quarterly earnings results on Tuesday, August 2nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.03. The company had revenue of $127.19 million for the quarter, compared to analysts’ expectations of $127.70 million. Summit Hotel Properties had a return on equity of 19.19% and a net margin of 34.98%. The firm’s revenue was up 5.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.14 earnings per share. On average, analysts forecast that Summit Hotel Properties Inc. will post $1.35 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, August 31st. Shareholders of record on Tuesday, August 16th were issued a $0.1325 dividend. The ex-dividend date of this dividend was Friday, August 12th. This represents a $0.53 annualized dividend and a dividend yield of 3.88%. Summit Hotel Properties’s dividend payout ratio is currently 30.46%.
INN has been the topic of a number of analyst reports. Zacks Investment Research cut Summit Hotel Properties from a “strong-buy” rating to a “hold” rating in a report on Thursday, June 23rd. Deutsche Bank AG restated a “buy” rating on shares of Summit Hotel Properties in a report on Sunday, June 26th. Canaccord Genuity restated a “buy” rating on shares of Summit Hotel Properties in a report on Tuesday, August 2nd. Finally, JMP Securities raised their price objective on Summit Hotel Properties from $14.00 to $15.50 and gave the stock a “market outperform” rating in a report on Thursday, August 4th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Summit Hotel Properties presently has an average rating of “Buy” and an average target price of $16.95.
Summit Hotel Properties Company Profile
Summit Hotel Properties, Inc is a holding company and conducts all of its operations through its Summit Hotel OP, LP (operating partnership). The Company is a real estate investments trust (REIT) and self-managed hotel investment company. The Company operates in the segment of activities related to investing in real estate.
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