Investment Centers of America Inc. raised its position in shares of Summit Hotel Properties Inc. (NYSE:INN) by 12.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,052,944 shares of the real estate investment trust’s stock after buying an additional 115,013 shares during the period. Summit Hotel Properties makes up about 1.4% of Investment Centers of America Inc.’s portfolio, making the stock its 11th largest position. Investment Centers of America Inc. owned 1.21% of Summit Hotel Properties worth $13,942,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. BlackRock Institutional Trust Company N.A. increased its stake in Summit Hotel Properties by 0.8% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 3,035,633 shares of the real estate investment trust’s stock worth $36,337,000 after buying an additional 22,834 shares during the last quarter. M&T Bank Corp increased its stake in Summit Hotel Properties by 7.8% in the first quarter. M&T Bank Corp now owns 13,326 shares of the real estate investment trust’s stock worth $160,000 after buying an additional 962 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in Summit Hotel Properties by 120.3% in the first quarter. Goldman Sachs Group Inc. now owns 139,047 shares of the real estate investment trust’s stock worth $1,665,000 after buying an additional 75,927 shares during the last quarter. Wellington Management Group LLP increased its stake in Summit Hotel Properties by 2.3% in the first quarter. Wellington Management Group LLP now owns 3,970,702 shares of the real estate investment trust’s stock worth $47,529,000 after buying an additional 90,622 shares during the last quarter. Finally, Bayesian Capital Management LP acquired a new stake in Summit Hotel Properties during the first quarter worth about $170,000. 94.50% of the stock is currently owned by institutional investors.

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

Summit Hotel Properties Inc. (NYSE:INN) opened at 13.78 on Friday. The company has a market capitalization of $1.20 billion, a PE ratio of 7.34 and a beta of 0.92. The stock has a 50 day moving average of $13.10 and a 200-day moving average of $13.10. Summit Hotel Properties Inc. has a 12-month low of $9.00 and a 12-month high of $14.58.

Summit Hotel Properties (NYSE:INN) last released its quarterly earnings results on Wednesday, November 2nd. The real estate investment trust reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.04. Summit Hotel Properties had a net margin of 38.34% and a return on equity of 19.64%. The firm had revenue of $118.34 million for the quarter, compared to analysts’ expectations of $117.99 million. During the same quarter last year, the company earned $0.37 EPS. The firm’s revenue for the quarter was down 5.4% compared to the same quarter last year. Equities analysts expect that Summit Hotel Properties Inc. will post $1.37 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 30th. Shareholders of record on Wednesday, November 16th will be issued a $0.1625 dividend. The ex-dividend date of this dividend is Monday, November 14th. This represents a $0.65 dividend on an annualized basis and a yield of 4.72%. This is a positive change from Summit Hotel Properties’s previous quarterly dividend of $0.13. Summit Hotel Properties’s dividend payout ratio (DPR) is presently 28.19%.

A number of equities research analysts recently issued reports on INN shares. Canaccord Genuity reaffirmed a “buy” rating on shares of Summit Hotel Properties in a research note on Tuesday, August 2nd. JMP Securities upped their price target on shares of Summit Hotel Properties from $14.00 to $15.50 and gave the company a “market outperform” rating in a research note on Thursday, August 4th. Finally, Zacks Investment Research upgraded shares of Summit Hotel Properties from a “sell” rating to a “hold” rating in a research report on Tuesday, August 23rd. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $17.22.

Summit Hotel Properties Company Profile

Summit Hotel Properties, Inc is a holding company and conducts all of its operations through its Summit Hotel OP, LP (operating partnership). The Company is a real estate investments trust (REIT) and self-managed hotel investment company. The Company operates in the segment of activities related to investing in real estate.

5 Day Chart for NYSE:INN

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