Northern Trust Corp Purchases 760,506 Shares of Summit Hotel Properties Inc (INN)
Northern Trust Corp boosted its position in Summit Hotel Properties Inc (NYSE:INN) by 39.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,675,449 shares of the real estate investment trust’s stock after acquiring an additional 760,506 shares during the period. Northern Trust Corp owned 2.55% of Summit Hotel Properties worth $38,286,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. Paloma Partners Management Co bought a new position in Summit Hotel Properties during the second quarter worth about $182,000. Tower Research Capital LLC TRC bought a new position in Summit Hotel Properties during the second quarter worth about $185,000. Xact Kapitalforvaltning AB boosted its holdings in Summit Hotel Properties by 49.6% during the first quarter. Xact Kapitalforvaltning AB now owns 19,618 shares of the real estate investment trust’s stock worth $267,000 after buying an additional 6,500 shares during the last quarter. Profund Advisors LLC boosted its holdings in Summit Hotel Properties by 23.7% during the first quarter. Profund Advisors LLC now owns 19,734 shares of the real estate investment trust’s stock worth $269,000 after buying an additional 3,786 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in Summit Hotel Properties during the second quarter worth about $317,000. Hedge funds and other institutional investors own 98.77% of the company’s stock.
Separately, Zacks Investment Research upgraded Summit Hotel Properties from a “strong sell” rating to a “hold” rating in a report on Thursday, October 4th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the company. Summit Hotel Properties has an average rating of “Buy” and a consensus price target of $16.21.
Summit Hotel Properties (NYSE:INN) last released its quarterly earnings data on Wednesday, August 1st. The real estate investment trust reported $0.40 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.03. Summit Hotel Properties had a return on equity of 6.53% and a net margin of 14.16%. The business had revenue of $152.20 million for the quarter, compared to analysts’ expectations of $151.13 million. During the same quarter in the previous year, the business posted $0.36 EPS. Summit Hotel Properties’s revenue for the quarter was up 17.9% on a year-over-year basis. As a group, equities analysts expect that Summit Hotel Properties Inc will post 1.28 EPS for the current fiscal year.
Summit Hotel Properties Profile
Summit Hotel Properties, Inc is a publicly-traded real estate investment trust focused on owning premium-branded hotels with efficient operating models primarily in the upscale segment of the lodging industry. As of August 1, 2018, the Company's portfolio consisted of 77 hotels with a total of 11,657 guestrooms located in 26 states.
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