Oppenheimer Asset Management Inc. decreased its stake in Summit Hotel Properties Inc (NYSE:INN) by 6.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 54,306 shares of the real estate investment trust’s stock after selling 3,896 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Summit Hotel Properties were worth $630,000 as of its most recent filing with the Securities and Exchange Commission.
Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with MarketBeat.com's FREE daily email newsletter.
Several other hedge funds also recently modified their holdings of INN. Private Capital Group LLC increased its stake in shares of Summit Hotel Properties by 82.7% in the second quarter. Private Capital Group LLC now owns 3,263 shares of the real estate investment trust’s stock valued at $47,000 after buying an additional 1,477 shares during the period. Tower Research Capital LLC TRC acquired a new stake in Summit Hotel Properties during the second quarter worth approximately $69,000. NJ State Employees Deferred Compensation Plan acquired a new stake in Summit Hotel Properties during the third quarter worth approximately $117,000. Coldstream Capital Management Inc. acquired a new stake in Summit Hotel Properties during the second quarter worth approximately $123,000. Finally, CWM Advisors LLC grew its stake in Summit Hotel Properties by 8.5% during the second quarter. CWM Advisors LLC now owns 14,840 shares of the real estate investment trust’s stock worth $170,000 after purchasing an additional 1,160 shares during the period.
NYSE INN opened at $12.04 on Friday. The business has a 50 day simple moving average of $11.86 and a 200 day simple moving average of $11.65. Summit Hotel Properties Inc has a one year low of $9.29 and a one year high of $12.63. The stock has a market capitalization of $1.31 billion, a P/E ratio of 8.92 and a beta of 1.19. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.24 and a quick ratio of 1.24.
Summit Hotel Properties (NYSE:INN) last released its earnings results on Tuesday, November 5th. The real estate investment trust reported $0.07 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.24). Summit Hotel Properties had a return on equity of 6.65% and a net margin of 14.44%. The business had revenue of $133.69 million for the quarter, compared to analyst estimates of $133.52 million. During the same period in the prior year, the business earned $0.35 EPS. The company’s revenue for the quarter was down 6.1% on a year-over-year basis. Equities analysts expect that Summit Hotel Properties Inc will post 1.25 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be paid a $0.18 dividend. The ex-dividend date is Thursday, November 14th. This represents a $0.72 dividend on an annualized basis and a yield of 5.98%. Summit Hotel Properties’s dividend payout ratio (DPR) is presently 53.33%.
In other Summit Hotel Properties news, COO Craig J. Aniszewski sold 40,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $11.60, for a total value of $464,000.00. Following the completion of the sale, the chief operating officer now owns 397,913 shares of the company’s stock, valued at $4,615,790.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.32% of the company’s stock.
INN has been the subject of several recent analyst reports. ValuEngine cut Summit Hotel Properties from a “hold” rating to a “sell” rating in a research note on Friday, November 1st. Zacks Investment Research cut Summit Hotel Properties from a “buy” rating to a “hold” rating in a research note on Friday, November 1st. Finally, TheStreet cut Summit Hotel Properties from a “b-” rating to a “c+” rating in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $13.25.
About Summit Hotel Properties
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.
Want to see what other hedge funds are holding INN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Summit Hotel Properties Inc (NYSE:INN).