Royal Bank of Canada cut its stake in Summit Hotel Properties, Inc. (NYSE:INN) by 29.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 38,082 shares of the real estate investment trust’s stock after selling 15,708 shares during the period. Royal Bank of Canada’s holdings in Summit Hotel Properties were worth $711,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in INN. Pacad Investment Ltd. purchased a new stake in shares of Summit Hotel Properties in the second quarter valued at about $114,000. Riverhead Capital Management LLC raised its holdings in shares of Summit Hotel Properties by 120.3% in the second quarter. Riverhead Capital Management LLC now owns 6,828 shares of the real estate investment trust’s stock valued at $127,000 after buying an additional 3,728 shares during the last quarter. GAM Holding AG raised its holdings in shares of Summit Hotel Properties by 25.7% in the second quarter. GAM Holding AG now owns 8,803 shares of the real estate investment trust’s stock valued at $164,000 after buying an additional 1,800 shares during the last quarter. LS Investment Advisors LLC raised its holdings in shares of Summit Hotel Properties by 5.4% in the second quarter. LS Investment Advisors LLC now owns 8,995 shares of the real estate investment trust’s stock valued at $168,000 after buying an additional 459 shares during the last quarter. Finally, Daiwa Securities Group Inc. raised its holdings in shares of Summit Hotel Properties by 31.0% in the second quarter. Daiwa Securities Group Inc. now owns 9,300 shares of the real estate investment trust’s stock valued at $173,000 after buying an additional 2,200 shares during the last quarter. 95.83% of the stock is owned by hedge funds and other institutional investors.

Summit Hotel Properties, Inc. (INN) opened at $15.77 on Thursday. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.64. Summit Hotel Properties, Inc. has a one year low of $12.63 and a one year high of $19.39. The stock has a market cap of $1,610.03, a PE ratio of 11.61 and a beta of 1.20.

Summit Hotel Properties (NYSE:INN) last issued its earnings results on Monday, October 30th. The real estate investment trust reported $0.17 earnings per share for the quarter, hitting the consensus estimate of $0.17. Summit Hotel Properties had a net margin of 20.21% and a return on equity of 8.96%. The company had revenue of $136.60 million for the quarter, compared to analyst estimates of $135.69 million. During the same period in the prior year, the business posted $0.37 earnings per share. The firm’s revenue for the quarter was up 15.5% compared to the same quarter last year. research analysts predict that Summit Hotel Properties, Inc. will post 1.27 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 30th. Shareholders of record on Thursday, November 16th will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Wednesday, November 15th. This represents a $0.68 annualized dividend and a yield of 4.31%. Summit Hotel Properties’s payout ratio is currently 82.93%.

A number of brokerages have recently commented on INN. Zacks Investment Research raised shares of Summit Hotel Properties from a “sell” rating to a “hold” rating in a report on Wednesday, November 1st. BidaskClub cut shares of Summit Hotel Properties from a “hold” rating to a “sell” rating in a report on Friday, August 11th. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $20.00 target price on shares of Summit Hotel Properties in a report on Friday, August 4th. UBS AG cut shares of Summit Hotel Properties from an “outperform” rating to a “market perform” rating in a report on Friday, July 14th. Finally, Raymond James Financial, Inc. upgraded shares of Summit Hotel Properties from a “market perform” rating to an “outperform” rating and set a $17.50 price target on the stock in a research note on Monday, October 30th. Two analysts have rated the stock with a sell rating, two have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $17.72.

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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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