Mason Street Advisors LLC Purchases New Position in Summit Hotel Properties Inc. (INN)
Mason Street Advisors LLC purchased a new position in shares of Summit Hotel Properties Inc. (NYSE:INN) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 17,055 shares of the real estate investment trust’s stock, valued at approximately $226,000.
A number of other institutional investors have also recently made changes to their positions in INN. Amalgamated Bank purchased a new position in shares of Summit Hotel Properties during the second quarter worth approximately $144,000. PineBridge Investments L.P. raised its stake in Summit Hotel Properties by 4.3% in the second quarter. PineBridge Investments L.P. now owns 11,064 shares of the real estate investment trust’s stock valued at $146,000 after buying an additional 459 shares during the last quarter. Raymond James Trust N.A. bought a new stake in Summit Hotel Properties during the second quarter valued at about $147,000. Intrust Bank NA bought a new stake in Summit Hotel Properties during the second quarter valued at about $149,000. Finally, Teacher Retirement System of Texas raised its stake in Summit Hotel Properties by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 12,122 shares of the real estate investment trust’s stock valued at $160,000 after buying an additional 1,469 shares during the last quarter. 94.66% of the stock is owned by institutional investors.
Summit Hotel Properties Inc. (NYSE:INN) opened at 12.76 on Wednesday. The firm’s 50-day moving average price is $13.55 and its 200 day moving average price is $12.86. The stock has a market capitalization of $1.11 billion, a P/E ratio of 7.34 and a beta of 0.98. Summit Hotel Properties Inc. has a 12-month low of $9.00 and a 12-month high of $14.58.
Summit Hotel Properties (NYSE:INN) last announced its earnings results on Tuesday, August 2nd. The real estate investment trust reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.03. Summit Hotel Properties had a net margin of 34.98% and a return on equity of 19.19%. The business earned $127.19 million during the quarter, compared to the consensus estimate of $127.70 million. During the same quarter in the prior year, the firm earned $0.14 earnings per share. The business’s quarterly revenue was up 5.4% compared to the same quarter last year. On average, equities analysts anticipate that Summit Hotel Properties Inc. will post $1.35 EPS for the current year.
Several research firms have recently issued reports on INN. Zacks Investment Research raised Summit Hotel Properties from a “sell” rating to a “hold” rating in a research note on Tuesday, August 23rd. Canaccord Genuity reaffirmed a “buy” rating and issued a $16.00 price objective on shares of Summit Hotel Properties in a research note on Tuesday, August 16th. JMP Securities raised their price objective on Summit Hotel Properties from $14.00 to $15.50 and gave the company a “market outperform” rating in a research note on Thursday, August 4th. Finally, Deutsche Bank AG reaffirmed a “buy” rating on shares of Summit Hotel Properties in a research note on Sunday, June 26th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. The company has an average rating of “Buy” and an average price target 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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