Strs Ohio Has $1.62 Million Position in Summit Hotel Properties, Inc. $INN

Strs Ohio lessened its stake in Summit Hotel Properties, Inc. (NYSE:INN) by 49.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 295,900 shares of the real estate investment trust’s stock after selling 292,300 shares during the period. Strs Ohio owned about 0.27% of Summit Hotel Properties worth $1,624,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Samalin Investment Counsel LLC acquired a new position in shares of Summit Hotel Properties in the third quarter worth approximately $192,000. SG Americas Securities LLC raised its holdings in Summit Hotel Properties by 319.1% during the 3rd quarter. SG Americas Securities LLC now owns 51,494 shares of the real estate investment trust’s stock worth $283,000 after purchasing an additional 39,208 shares during the last quarter. Corient Private Wealth LLC bought a new position in Summit Hotel Properties during the 2nd quarter worth approximately $86,000. Public Sector Pension Investment Board lifted its position in shares of Summit Hotel Properties by 8.4% in the 2nd quarter. Public Sector Pension Investment Board now owns 372,587 shares of the real estate investment trust’s stock worth $1,896,000 after purchasing an additional 28,777 shares during the period. Finally, CANADA LIFE ASSURANCE Co boosted its stake in shares of Summit Hotel Properties by 4.3% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 244,889 shares of the real estate investment trust’s stock valued at $1,246,000 after purchasing an additional 10,108 shares during the last quarter. Institutional investors and hedge funds own 96.47% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on INN shares. Zacks Research downgraded shares of Summit Hotel Properties from a “hold” rating to a “strong sell” rating in a research note on Monday, January 5th. Weiss Ratings reissued a “sell (d+)” rating on shares of Summit Hotel Properties in a research report on Monday, December 29th. Robert W. Baird set a $5.00 target price on Summit Hotel Properties in a research report on Wednesday, December 17th. Summit Redstone set a $4.50 target price on Summit Hotel Properties in a research note on Tuesday, November 4th. Finally, Bank of America reissued an “underperform” rating and issued a $4.50 price target (down from $5.75) on shares of Summit Hotel Properties in a research note on Tuesday, November 4th. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Reduce” and a consensus price target of $5.00.

Insider Activity

In other news, Director Mehulkumar Bhikhubhai Patel sold 25,000 shares of the business’s stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $4.84, for a total transaction of $121,000.00. Following the completion of the sale, the director directly owned 444,295 shares of the company’s stock, valued at $2,150,387.80. The trade was a 5.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 3.37% of the stock is owned by corporate insiders.

Summit Hotel Properties Stock Performance

Shares of Summit Hotel Properties stock opened at $4.60 on Wednesday. The business has a 50-day simple moving average of $4.94 and a 200 day simple moving average of $5.26. The firm has a market capitalization of $500.48 million, a price-to-earnings ratio of -28.75 and a beta of 1.31. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.65 and a quick ratio of 0.65. Summit Hotel Properties, Inc. has a one year low of $3.57 and a one year high of $6.96.

Summit Hotel Properties (NYSE:INN) last released its quarterly earnings data on Tuesday, November 4th. The real estate investment trust reported $0.17 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $177.12 million during the quarter, compared to the consensus estimate of $179.03 million. On average, research analysts anticipate that Summit Hotel Properties, Inc. will post 0.88 earnings per share for the current fiscal year.

Summit Hotel Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 27th. Shareholders of record on Friday, February 13th will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 7.0%. The ex-dividend date of this dividend is Friday, February 13th. Summit Hotel Properties’s dividend payout ratio (DPR) is -200.00%.

Summit Hotel Properties Profile

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.