Neuberger Berman Group LLC bought a new stake in Summit Hotel Properties, Inc. (NYSE:INN) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 17,442 shares of the real estate investment trust’s stock, valued at approximately $325,000.

Several other hedge funds and other institutional investors have also modified their holdings of INN. Wells Fargo & Company MN raised its position in shares of Summit Hotel Properties by 2.9% in the first quarter. Wells Fargo & Company MN now owns 201,928 shares of the real estate investment trust’s stock valued at $3,226,000 after buying an additional 5,654 shares during the last quarter. First Trust Advisors LP raised its position in shares of Summit Hotel Properties by 0.9% in the first quarter. First Trust Advisors LP now owns 194,987 shares of the real estate investment trust’s stock valued at $3,116,000 after buying an additional 1,738 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Summit Hotel Properties by 13.2% in the first quarter. Bank of New York Mellon Corp now owns 1,745,238 shares of the real estate investment trust’s stock valued at $27,890,000 after buying an additional 203,102 shares during the last quarter. Suntrust Banks Inc. raised its position in shares of Summit Hotel Properties by 2.2% in the first quarter. Suntrust Banks Inc. now owns 14,371 shares of the real estate investment trust’s stock valued at $229,000 after buying an additional 315 shares during the last quarter. Finally, BNP Paribas Arbitrage SA raised its position in shares of Summit Hotel Properties by 7.7% in the first quarter. BNP Paribas Arbitrage SA now owns 48,589 shares of the real estate investment trust’s stock valued at $776,000 after buying an additional 3,460 shares during the last quarter. Institutional investors and hedge funds own 95.30% of the company’s stock.

Shares of Summit Hotel Properties, Inc. (NYSE:INN) opened at 15.36 on Monday. The stock has a market cap of $1.60 billion, a price-to-earnings ratio of 16.81 and a beta of 1.20. Summit Hotel Properties, Inc. has a one year low of $12.45 and a one year high of $19.39. The company has a 50 day moving average of $15.30 and a 200-day moving average of $16.71.

Summit Hotel Properties (NYSE:INN) last released its quarterly earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.02). The firm had revenue of $124.11 million for the quarter, compared to analyst estimates of $132.21 million. Summit Hotel Properties had a return on equity of 9.89% and a net margin of 21.97%. The company’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same period last year, the firm earned $0.42 EPS. On average, analysts anticipate that Summit Hotel Properties, Inc. will post $0.86 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Thursday, August 31st. Stockholders of record on Wednesday, August 16th were paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 4.43%. The ex-dividend date was Monday, August 14th. Summit Hotel Properties’s dividend payout ratio (DPR) is presently 75.56%.

A number of equities research analysts have recently commented on the stock. UBS AG cut shares of Summit Hotel Properties from an “outperform” rating to a “market perform” rating in a research report on Friday, July 14th. Zacks Investment Research upgraded shares of Summit Hotel Properties from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a research report on Wednesday, July 12th. Raymond James Financial, Inc. reiterated a “market perform” rating on shares of Summit Hotel Properties in a research report on Friday, July 14th. BidaskClub upgraded shares of Summit Hotel Properties from a “sell” rating to a “hold” rating in a research report on Wednesday, August 2nd. Finally, ValuEngine upgraded shares of Summit Hotel Properties from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, June 6th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $17.86.

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In other news, Chairman Daniel P. Hansen bought 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 9th. The stock was purchased at an average price of $15.60 per share, with a total value of $156,000.00. Following the purchase, the chairman now owns 800,256 shares of the company’s stock, valued at approximately $12,483,993.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.71% of the company’s stock.

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.

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

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