Today, IndexIQ Advisors LLC invests in 18,255 by buying Summit Hotel Properties Inc. (INN) shares

Today, IndexIQ Advisors LLC invests in 18,255 by buying Summit Hotel Properties Inc. (INN) shares
IndexIQ Advisors LLC increased its stake in Summit Hotel Properties Inc. (NYSE:INN) by 26.7% during the third quarter, Holdings Channel reports. The firm owned 86,527 shares of the real estate investment trust’s stock after buying an additional 18,255 shares during the period. IndexIQ Advisors LLC owned 0.10% of Summit Hotel Properties worth $1,139,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Goldman Sachs Group Inc. increased its stake in shares of Summit Hotel Properties by 120.3% in the first quarter. Goldman Sachs Group Inc. now owns 139,047 shares of the real estate investment trust’s stock valued at $1,665,000 after buying an additional 75,927 shares during the last quarter. Legal & General Group Plc increased its stake in shares of Summit Hotel Properties by 7.7% in the first quarter. Legal & General Group Plc now owns 160,711 shares of the real estate investment trust’s stock valued at $1,921,000 after buying an additional 11,464 shares during the last quarter. Panagora Asset Management Inc. increased its stake in shares of Summit Hotel Properties by 21.9% in the first quarter. Panagora Asset Management Inc. now owns 569,858 shares of the real estate investment trust’s stock valued at $6,821,000 after buying an additional 102,299 shares during the last quarter. BNP Paribas Arbitrage SA increased its stake in shares of Summit Hotel Properties by 126.6% in the second quarter. BNP Paribas Arbitrage SA now owns 27,770 shares of the real estate investment trust’s stock valued at $368,000 after buying an additional 15,515 shares during the last quarter. Finally, Raymond James Trust N.A. acquired a new stake in shares of Summit Hotel Properties during the second quarter valued at $147,000. 93.02% of the stock is currently owned by institutional investors and hedge funds.

Shares of Summit Hotel Properties Inc. (NYSE:INN) traded up 0.233% during trading on Friday, hitting $14.213. The company had a trading volume of 110,899 shares. Summit Hotel Properties Inc. has a 12-month low of $9.00 and a 12-month high of $14.58. The firm has a 50 day moving average of $13.27 and a 200 day moving average of $13.25. The stock has a market cap of $1.24 billion, a PE ratio of 7.572 and a beta of 0.92.

Summit Hotel Properties (NYSE:INN) last released its earnings results on Wednesday, November 2nd. The real estate investment trust reported $0.37 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.33 by $0.04. The firm earned $118.34 million during the quarter, compared to analysts’ expectations of $117.99 million. Summit Hotel Properties had a return on equity of 19.64% and a net margin of 38.34%. The company’s revenue was down 5.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.37 EPS. On average, analysts forecast that Summit Hotel Properties Inc. will post $1.37 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 30th. Shareholders of record on Wednesday, November 16th will be issued a dividend of $0.1625 per share. This represents a $0.65 dividend on an annualized basis and a yield of 4.58%. The ex-dividend date is Monday, November 14th. This is a boost from Summit Hotel Properties’s previous quarterly dividend of $0.13. Summit Hotel Properties’s dividend payout ratio is 34.57%.

Several brokerages have weighed in on INN. Zacks Investment Research raised Summit Hotel Properties from a “sell” rating to a “hold” rating in a research note on Wednesday, November 9th. JMP Securities lifted their target price on Summit Hotel Properties from $14.00 to $15.50 and gave the company a “market outperform” rating in a research note on Thursday, August 4th. Finally, Canaccord Genuity reaffirmed a “buy” rating on shares of Summit Hotel Properties in a research note on Tuesday, August 2nd. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $17.22.

About Summit Hotel Properties

Summit Hotel Properties, Inc is a holding company and conducts all of its operations through its Summit Hotel OP, LP (operating partnership). The Company is a real estate investments trust (REIT) and self-managed hotel investment company. The Company operates in the segment of activities related to investing in real estate.

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