Credit Suisse AG trimmed its holdings in shares of Summit Hotel Properties Inc (NYSE:INN) by 2.0% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 207,455 shares of the real estate investment trust’s stock after selling 4,339 shares during the period. Credit Suisse AG’s holdings in Summit Hotel Properties were worth $2,561,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of the business. ProShare Advisors LLC boosted its position in Summit Hotel Properties by 17.1% during the fourth quarter. ProShare Advisors LLC now owns 16,927 shares of the real estate investment trust’s stock valued at $209,000 after buying an additional 2,473 shares during the period. Raymond James Financial Services Advisors Inc. purchased a new stake in Summit Hotel Properties during the fourth quarter valued at about $213,000. Driehaus Capital Management LLC boosted its position in Summit Hotel Properties by 34.1% during the fourth quarter. Driehaus Capital Management LLC now owns 390,930 shares of the real estate investment trust’s stock valued at $4,824,000 after buying an additional 99,310 shares during the period. Pictet Asset Management Ltd. boosted its position in Summit Hotel Properties by 4.0% during the fourth quarter. Pictet Asset Management Ltd. now owns 23,400 shares of the real estate investment trust’s stock valued at $289,000 after buying an additional 900 shares during the period. Finally, Great West Life Assurance Co. Can purchased a new stake in Summit Hotel Properties during the fourth quarter valued at about $2,505,000.
Summit Hotel Properties stock opened at $4.16 on Thursday. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.82. The firm has a 50-day moving average of $8.59 and a 200-day moving average of $11.09. The firm has a market cap of $422.80 million, a P/E ratio of 6.50 and a beta of 1.31. Summit Hotel Properties Inc has a 1-year low of $2.32 and a 1-year high of $12.63.
Summit Hotel Properties (NYSE:INN) last posted its earnings results on Tuesday, February 25th. The real estate investment trust reported $0.05 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.02 by $0.03. The company had revenue of $133.78 million during the quarter, compared to analyst estimates of $130.67 million. Summit Hotel Properties had a net margin of 15.04% and a return on equity of 6.86%. Summit Hotel Properties’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.30 earnings per share. Research analysts forecast that Summit Hotel Properties Inc will post 1.09 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 14th were issued a dividend of $0.18 per share. The ex-dividend date of this dividend was Thursday, February 13th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 17.31%. Summit Hotel Properties’s dividend payout ratio is currently 57.60%.
INN has been the subject of several analyst reports. ValuEngine upgraded shares of Summit Hotel Properties from a “strong sell” rating to a “sell” rating in a research report on Friday, January 10th. Royal Bank of Canada reiterated a “buy” rating and set a $13.00 target price on shares of Summit Hotel Properties in a report on Sunday, December 22nd. Zacks Investment Research lowered shares of Summit Hotel Properties from a “hold” rating to a “sell” rating in a report on Tuesday, March 17th. Finally, Capital One Financial upgraded shares of Summit Hotel Properties from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $13.00 to $13.50 in a report on Monday, January 13th. Two investment analysts have rated the stock with a sell rating and three have assigned a buy rating to the company. Summit Hotel Properties currently has an average rating of “Hold” and a consensus price target of $13.63.
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 April 18, 2019, the Company's portfolio consisted of 69 hotels with a total of 10,714 guestrooms located in 24 states.
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