First Trust Advisors LP lowered its stake in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 52.5% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 92,564 shares of the real estate investment trust’s stock after selling 102,423 shares during the period. First Trust Advisors LP owned about 0.10% of Summit Hotel Properties worth $1,726,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in INN. Daiwa Securities Group Inc. raised its stake in shares of Summit Hotel Properties by 39.2% during the 1st quarter. Daiwa Securities Group Inc. now owns 7,100 shares of the real estate investment trust’s stock valued at $113,000 after buying an additional 2,000 shares during the last quarter. Ameritas Investment Partners Inc. purchased a new position in shares of Summit Hotel Properties during the 1st quarter valued at about $119,000. Point72 Asia Hong Kong Ltd purchased a new position in shares of Summit Hotel Properties during the 1st quarter valued at about $120,000. LS Investment Advisors LLC raised its stake in shares of Summit Hotel Properties by 161.8% during the 1st quarter. LS Investment Advisors LLC now owns 8,536 shares of the real estate investment trust’s stock valued at $136,000 after buying an additional 5,275 shares during the last quarter. Finally, Paloma Partners Management Co purchased a new position in shares of Summit Hotel Properties during the 1st quarter valued at about $162,000. Institutional investors and hedge funds own 95.30% of the company’s stock.

In other news, Chairman Daniel P. Hansen acquired 10,000 shares of Summit Hotel Properties stock in a transaction that occurred on Wednesday, August 9th. The stock was purchased at an average price of $15.60 per share, for a total transaction of $156,000.00. Following the completion of the transaction, the chairman now directly owns 800,256 shares in the company, valued at $12,483,993.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.71% of the stock is owned by company insiders.

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A number of equities analysts have weighed in on the company. Robert W. Baird reiterated an “outperform” rating and set a $18.00 price objective (up previously from $17.00) on shares of Summit Hotel Properties in a research note on Friday, June 16th. Zacks Investment Research upgraded Summit Hotel Properties from a “hold” rating to a “buy” rating and set a $21.00 price objective for the company in a research note on Thursday, July 6th. BidaskClub lowered Summit Hotel Properties from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 30th. Cantor Fitzgerald reduced their price objective on Summit Hotel Properties to $19.00 and set a “buy” rating for the company in a research note on Monday, June 5th. Finally, Raymond James Financial, Inc. reiterated a “market perform” rating on shares of Summit Hotel Properties in a research note on Friday, July 14th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $17.86.

Summit Hotel Properties, Inc. (NYSE:INN) opened at 15.40 on Friday. The company has a 50 day moving average price of $15.52 and a 200 day moving average price of $16.70. Summit Hotel Properties, Inc. has a 52 week low of $12.45 and a 52 week high of $19.39. The stock has a market cap of $1.61 billion, a price-to-earnings ratio of 16.84 and a beta of 1.20.

Summit Hotel Properties (NYSE:INN) last announced its quarterly earnings data on Wednesday, August 2nd. The real estate investment trust reported $0.36 EPS for the quarter, missing the Zacks’ consensus estimate of $0.38 by ($0.02). The firm had revenue of $124.11 million during the quarter, compared to analyst estimates of $132.21 million. Summit Hotel Properties had a net margin of 21.97% and a return on equity of 9.89%. Summit Hotel Properties’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.42 EPS. Analysts expect that Summit Hotel Properties, Inc. will post $0.86 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 31st. Investors of record on Wednesday, August 16th were given a $0.17 dividend. The ex-dividend date was Monday, August 14th. This represents a $0.68 dividend on an annualized basis and a yield of 4.42%. Summit Hotel Properties’s payout ratio is currently 75.56%.

Summit Hotel Properties Profile

Summit Hotel Properties, Inc is a real estate investment trust (REIT). The Company is focused primarily on owning premium-branded, select-service hotels in the Upscale segment of the United States lodging industry. The Company’s portfolio consists of 79 hotels with a total of 11,590 guestrooms located in 24 states.

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Institutional Ownership by Quarter for Summit Hotel Properties (NYSE:INN)

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