Summit Hotel Properties (NYSE:INN) Director Sells $51,200.00 in Stock

Summit Hotel Properties, Inc. (NYSE:INN) Director Mehulkumar Bhikhubhai Patel sold 10,000 shares of Summit Hotel Properties stock in a transaction dated Thursday, December 18th. The shares were sold at an average price of $5.12, for a total transaction of $51,200.00. Following the sale, the director owned 469,295 shares in the company, valued at approximately $2,402,790.40. This trade represents a 2.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Summit Hotel Properties Price Performance

INN traded down $0.11 during midday trading on Monday, reaching $5.00. 561,805 shares of the company’s stock were exchanged, compared to its average volume of 1,090,518. Summit Hotel Properties, Inc. has a one year low of $3.57 and a one year high of $6.99. The firm has a market capitalization of $543.46 million, a price-to-earnings ratio of -31.22 and a beta of 1.30. The business has a 50-day simple moving average of $5.25 and a two-hundred day simple moving average of $5.30. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 1.14.

Summit Hotel Properties (NYSE:INN) last issued its earnings results on Tuesday, November 4th. The real estate investment trust reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $0.02. Summit Hotel Properties had a return on equity of 0.02% and a net margin of 0.04%.The business had revenue of $177.12 million during the quarter, compared to analysts’ expectations of $179.03 million. As a group, research analysts predict that Summit Hotel Properties, Inc. will post 0.88 EPS for the current year.

Summit Hotel Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 28th. Shareholders of record on Friday, November 14th were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 6.4%. The ex-dividend date of this dividend was Friday, November 14th. Summit Hotel Properties’s dividend payout ratio is currently -200.00%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in INN. Long Pond Capital LP bought a new position in shares of Summit Hotel Properties in the 2nd quarter valued at about $47,846,000. UBS Group AG grew its position in shares of Summit Hotel Properties by 18.9% in the 3rd quarter. UBS Group AG now owns 6,936,070 shares of the real estate investment trust’s stock valued at $38,079,000 after acquiring an additional 1,102,102 shares during the period. Strs Ohio increased its position in Summit Hotel Properties by 3,028.7% during the second quarter. Strs Ohio now owns 588,200 shares of the real estate investment trust’s stock worth $2,994,000 after buying an additional 569,400 shares during the last quarter. Invesco Ltd. lifted its position in shares of Summit Hotel Properties by 75.0% in the first quarter. Invesco Ltd. now owns 784,585 shares of the real estate investment trust’s stock valued at $4,245,000 after buying an additional 336,150 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. acquired a new position in shares of Summit Hotel Properties during the 1st quarter worth approximately $1,541,000. Institutional investors and hedge funds own 96.47% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on INN. Summit Redstone set a $4.50 price objective on Summit Hotel Properties in a research report on Tuesday, November 4th. Zacks Research upgraded shares of Summit Hotel Properties from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 21st. Robert W. Baird set a $5.00 price target on Summit Hotel Properties in a research report on Wednesday, December 17th. Bank of America reissued an “underperform” rating and set a $4.50 price objective (down previously from $5.75) on shares of Summit Hotel Properties in a research note on Tuesday, November 4th. Finally, Wall Street Zen downgraded Summit Hotel Properties from a “hold” rating to a “sell” rating in a research note on Saturday, October 18th. Two research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus price target of $4.67.

About Summit Hotel Properties

Summit Hotel Properties is a real estate investment trust (REIT) that acquires, owns and operates branded select-service hotels and extended-stay properties across the United States. The company focuses on upper-midscale and upscale lodging segments, targeting established national brands to combine the operational efficiencies of limited-service properties with strong franchise affiliation.

The company’s portfolio comprises over thirty hotels carrying well-known flags such as Marriott, Hilton, Hyatt and IHG.