Summit Hotel Properties (INN) Hits New 1-Year Low at $10.68
Summit Hotel Properties Inc (NYSE:INN) shares reached a new 52-week low during trading on Thursday . The company traded as low as $10.68 and last traded at $10.92, with a volume of 49002 shares. The stock had previously closed at $10.94.
A number of research analysts have commented on INN shares. Deutsche Bank reduced their target price on Summit Hotel Properties from $16.00 to $14.00 and set a “buy” rating on the stock in a report on Thursday, November 1st. Raymond James reduced their target price on Summit Hotel Properties from $16.00 to $14.00 and set a “buy” rating on the stock in a report on Thursday, November 1st. Zacks Investment Research raised Summit Hotel Properties from a “hold” rating to a “buy” rating and set a $14.00 target price on the stock in a report on Friday, October 12th. TheStreet downgraded Summit Hotel Properties from a “b-” rating to a “c+” rating in a report on Monday, November 5th. Finally, Bank of America downgraded Summit Hotel Properties from a “buy” rating to a “neutral” rating in a report on Tuesday, October 23rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $15.17.
The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 1.52. The stock has a market capitalization of $1.16 billion, a price-to-earnings ratio of 8.18, a P/E/G ratio of 5.99 and a beta of 1.36.
The business also recently declared a quarterly dividend, which was paid on Friday, November 30th. Stockholders of record on Friday, November 16th were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 6.57%. The ex-dividend date of this dividend was Thursday, November 15th. Summit Hotel Properties’s payout ratio is 53.73%.
In related news, Chairman Daniel P. Hansen purchased 10,000 shares of the company’s stock in a transaction dated Friday, November 2nd. The shares were acquired at an average cost of $11.35 per share, for a total transaction of $113,500.00. Following the transaction, the chairman now owns 1,001,155 shares of the company’s stock, valued at $11,363,109.25. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.12% of the stock is currently owned by corporate insiders.
Several institutional investors have recently made changes to their positions in INN. Clearbridge Investments LLC raised its position in shares of Summit Hotel Properties by 1,036,353.0% during the 3rd quarter. Clearbridge Investments LLC now owns 1,565,044 shares of the real estate investment trust’s stock worth $21,175,000 after purchasing an additional 1,564,893 shares during the period. BlackRock Inc. raised its position in shares of Summit Hotel Properties by 8.5% during the 2nd quarter. BlackRock Inc. now owns 17,499,148 shares of the real estate investment trust’s stock worth $250,413,000 after purchasing an additional 1,371,193 shares during the period. Northern Trust Corp raised its position in shares of Summit Hotel Properties by 39.7% during the 2nd quarter. Northern Trust Corp now owns 2,675,449 shares of the real estate investment trust’s stock worth $38,286,000 after purchasing an additional 760,506 shares during the period. Segall Bryant & Hamill LLC acquired a new stake in shares of Summit Hotel Properties during the 2nd quarter worth approximately $10,777,000. Finally, Federated Investors Inc. PA acquired a new stake in shares of Summit Hotel Properties during the 2nd quarter worth approximately $10,523,000.
About Summit Hotel Properties (NYSE:INN)
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 October 30, 2018, the Company's portfolio consisted of 77 hotels with a total of 11,659 guestrooms located in 26 states.
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