Monarch Partners Asset Management LLC raised its holdings in shares of Summit Hotel Properties Inc (NYSE:INN) by 7.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 840,955 shares of the real estate investment trust’s stock after buying an additional 60,990 shares during the period. Summit Hotel Properties comprises 1.5% of Monarch Partners Asset Management LLC’s portfolio, making the stock its 22nd largest holding. Monarch Partners Asset Management LLC owned 0.80% of Summit Hotel Properties worth $9,755,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Swiss National Bank increased its holdings in Summit Hotel Properties by 2.1% during the second quarter. Swiss National Bank now owns 195,000 shares of the real estate investment trust’s stock valued at $2,237,000 after buying an additional 4,100 shares during the last quarter. Natixis Advisors L.P. increased its holdings in Summit Hotel Properties by 4.3% during the second quarter. Natixis Advisors L.P. now owns 48,166 shares of the real estate investment trust’s stock valued at $552,000 after buying an additional 1,991 shares during the last quarter. Citadel Advisors LLC increased its holdings in Summit Hotel Properties by 275.3% during the second quarter. Citadel Advisors LLC now owns 176,605 shares of the real estate investment trust’s stock valued at $2,026,000 after buying an additional 129,545 shares during the last quarter. Crossmark Global Holdings Inc. increased its holdings in Summit Hotel Properties by 7.9% during the second quarter. Crossmark Global Holdings Inc. now owns 15,970 shares of the real estate investment trust’s stock valued at $183,000 after buying an additional 1,170 shares during the last quarter. Finally, Chicago Equity Partners LLC purchased a new stake in Summit Hotel Properties during the third quarter valued at approximately $2,418,000.
A number of analysts have commented on INN shares. TheStreet cut shares of Summit Hotel Properties from a “b-” rating to a “c+” rating in a report on Wednesday. Zacks Investment Research cut shares of Summit Hotel Properties from a “buy” rating to a “hold” rating in a report on Friday, November 1st. Finally, ValuEngine cut shares of Summit Hotel Properties from a “hold” rating to a “sell” rating in a research note on Friday, November 1st. Two analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. Summit Hotel Properties currently has a consensus rating of “Hold” and a consensus target price of $13.25.
Shares of NYSE INN traded up $0.13 during midday trading on Friday, reaching $12.04. The stock had a trading volume of 546,939 shares, compared to its average volume of 683,028. The stock has a 50-day moving average of $11.85 and a 200-day moving average of $11.65. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.24 and a current ratio of 1.24. The company has a market capitalization of $1.31 billion, a price-to-earnings ratio of 8.92 and a beta of 1.19. Summit Hotel Properties Inc has a 12-month low of $9.29 and a 12-month high of $12.63.
Summit Hotel Properties (NYSE:INN) last announced its quarterly earnings data on Tuesday, November 5th. The real estate investment trust reported $0.07 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.31 by ($0.24). The firm had revenue of $133.69 million during the quarter, compared to analysts’ expectations of $133.52 million. Summit Hotel Properties had a return on equity of 6.65% and a net margin of 14.44%. The business’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same period last year, the company earned $0.35 earnings per share. As a group, analysts forecast that Summit Hotel Properties Inc will post 1.25 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Stockholders 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 dividend yield of 5.98%. Summit Hotel Properties’s dividend payout ratio (DPR) is presently 53.33%.
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.
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