Summit Hotel Properties, Inc. (INN) Shares Sold by Franklin Resources Inc.
Franklin Resources Inc. lessened its position in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 1.6% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 745,753 shares of the real estate investment trust’s stock after selling 12,169 shares during the quarter. Franklin Resources Inc. owned 0.72% of Summit Hotel Properties worth $13,908,000 at the end of the most recent reporting period.
Other institutional investors have also recently bought and sold shares of the company. Daiwa Securities Group Inc. grew its stake in 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 purchasing an additional 2,000 shares during the last quarter. Pacad Investment Ltd. purchased a new stake in Summit Hotel Properties during the 2nd quarter valued at about $114,000. Ameritas Investment Partners Inc. purchased a new stake in Summit Hotel Properties during the 1st quarter valued at about $119,000. Point72 Asia Hong Kong Ltd purchased a new stake in Summit Hotel Properties during the 1st quarter valued at about $120,000. Finally, LS Investment Advisors LLC grew its stake in 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 purchasing an additional 5,275 shares during the last quarter. Institutional investors and hedge funds own 95.30% of the company’s stock.
Shares of Summit Hotel Properties, Inc. (INN) opened at 15.36 on Friday. The stock has a 50 day moving average price of $15.30 and a 200-day moving average price of $16.71. 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 $1.60 billion, a P/E ratio of 16.81 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 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.38 by ($0.02). Summit Hotel Properties had a net margin of 21.97% and a return on equity of 9.89%. The business had revenue of $124.11 million during the quarter, compared to analysts’ expectations of $132.21 million. During the same period in the prior year, the firm posted $0.42 EPS. Summit Hotel Properties’s revenue for the quarter was down 2.4% compared to the same quarter last year. Equities analysts predict that Summit Hotel Properties, Inc. will post $0.86 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 31st. Shareholders of record on Wednesday, August 16th were issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 4.43%. The ex-dividend date was Monday, August 14th. Summit Hotel Properties’s dividend payout ratio is presently 75.56%.
Several research firms have weighed in on INN. Robert W. Baird reiterated an “outperform” rating and set a $18.00 price target (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 target on the stock in a research note on Thursday, July 6th. BidaskClub downgraded Summit Hotel Properties from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 30th. Cantor Fitzgerald dropped their price target on Summit Hotel Properties to $19.00 and set a “buy” rating on the stock 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 investment analysts have rated the stock with a sell rating, three have given a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Summit Hotel Properties presently has a consensus rating of “Buy” and a consensus price target of $17.86.
In other Summit Hotel Properties news, Chairman Daniel P. Hansen acquired 10,000 shares of the stock in a transaction on Wednesday, August 9th. The shares were bought at an average price of $15.60 per share, with a total value of $156,000.00. Following the acquisition, the chairman now owns 800,256 shares of the company’s stock, valued at $12,483,993.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.71% of the stock is currently owned by insiders.
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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