OppenheimerFunds Inc. boosted its position in Summit Hotel Properties, Inc. (NYSE:INN) by 19.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 24,106 shares of the real estate investment trust’s stock after buying an additional 3,942 shares during the period. OppenheimerFunds Inc.’s holdings in Summit Hotel Properties were worth $385,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Daiwa Securities Group Inc. increased its position in Summit Hotel Properties by 39.2% in the first quarter. Daiwa Securities Group Inc. now owns 7,100 shares of the real estate investment trust’s stock worth $113,000 after buying an additional 2,000 shares in the last quarter. Ameritas Investment Partners Inc. purchased a new position in Summit Hotel Properties during the first quarter worth about $119,000. LS Investment Advisors LLC increased its position in Summit Hotel Properties by 161.8% in the first quarter. LS Investment Advisors LLC now owns 8,536 shares of the real estate investment trust’s stock worth $136,000 after buying an additional 5,275 shares in the last quarter. Quantitative Systematic Strategies LLC purchased a new position in Summit Hotel Properties during the first quarter worth about $164,000. Finally, 361 Capital LLC purchased a new position in Summit Hotel Properties during the first quarter worth about $185,000. Hedge funds and other institutional investors own 88.04% of the company’s stock.
Summit Hotel Properties, Inc. (NYSE:INN) opened at 16.37 on Monday. Summit Hotel Properties, Inc. has a one year low of $12.45 and a one year high of $19.39. The firm has a market capitalization of $1.61 billion, a PE ratio of 17.89 and a beta of 1.17. The company’s 50-day moving average price is $18.43 and its 200 day moving average price is $16.89.
Summit Hotel Properties (NYSE:INN) last issued its quarterly earnings data on Wednesday, August 2nd. The real estate investment trust reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.38 by $0.02. Summit Hotel Properties had a return on equity of 9.89% and a net margin of 21.97%. The business had revenue of $124.11 million during the quarter, compared to the consensus estimate of $132.21 million. During the same period last year, the company earned $0.42 earnings per share. The business’s quarterly revenue was down 2.4% compared to the same quarter last year. On average, analysts forecast that Summit Hotel Properties, Inc. will post $0.83 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Wednesday, August 16th will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 4.15%. The ex-dividend date is Monday, August 14th. Summit Hotel Properties’s payout ratio is currently 75.56%.
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Several research analysts have weighed in on INN shares. Cantor Fitzgerald lowered their target price on Summit Hotel Properties to $19.00 and set a “buy” rating on the stock in a research note on Monday, June 5th. Canaccord Genuity reiterated a “buy” rating and issued a $18.00 target price (down from $19.00) on shares of Summit Hotel Properties in a research note on Monday, May 15th. Robert W. Baird restated an “outperform” rating and issued a $18.00 price target (up from $17.00) on shares of Summit Hotel Properties in a research note on Friday, June 16th. Zacks Investment Research upgraded Summit Hotel Properties from a “hold” rating to a “buy” rating and set a $21.00 price target on the stock in a research note on Thursday, July 6th. Finally, BidaskClub downgraded Summit Hotel Properties from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 30th. Three analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Summit Hotel Properties has a consensus rating of “Buy” and a consensus target price of $18.57.
About Summit Hotel Properties
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 81 hotels with a total of 11,608 guestrooms located in 24 states.
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