The First Citizens Bank & Trust Co. Reduced the position of Summit Hotel Properties Inc. (INN)

The First Citizens Bank & Trust Co. Reduced the position of Summit Hotel Properties Inc. (INN)

First Citizens Bank & Trust Co. reduced its stake in shares of Summit Hotel Properties Inc. (NYSE:INN) by 8.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 48,121 shares of the real estate investment trust’s stock after selling 4,658 shares during the period. First Citizens Bank & Trust Co.’s holdings in Summit Hotel Properties were worth $637,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Genesee Valley Trust Co. raised its stake in Summit Hotel Properties by 8.0% in the second quarter. Genesee Valley Trust Co. now owns 18,340 shares of the real estate investment trust’s stock valued at $243,000 after buying an additional 1,360 shares during the last quarter. Wellington Management Group LLP raised its stake in Summit Hotel Properties by 2.3% in the first quarter. Wellington Management Group LLP now owns 3,970,702 shares of the real estate investment trust’s stock valued at $47,529,000 after buying an additional 90,622 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in Summit Hotel Properties by 0.8% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 3,035,633 shares of the real estate investment trust’s stock valued at $36,337,000 after buying an additional 22,834 shares during the last quarter. M&T Bank Corp raised its stake in Summit Hotel Properties by 7.8% in the first quarter. M&T Bank Corp now owns 13,326 shares of the real estate investment trust’s stock valued at $160,000 after buying an additional 962 shares during the last quarter. Finally, BNP Paribas Arbitrage SA raised its stake in 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. 94.66% of the stock is currently owned by institutional investors.

Summit Hotel Properties Inc. (NYSE:INN) traded down 0.38% on Friday, hitting $13.04. 268,505 shares of the company traded hands. The stock’s 50-day moving average is $13.48 and its 200 day moving average is $12.86. Summit Hotel Properties Inc. has a 12 month low of $9.00 and a 12 month high of $14.58. The stock has a market cap of $1.14 billion, a PE ratio of 7.50 and a beta of 0.98.

Summit Hotel Properties (NYSE:INN) last issued its quarterly earnings data on Tuesday, August 2nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.03. Summit Hotel Properties had a net margin of 34.98% and a return on equity of 19.19%. The company had revenue of $127.19 million for the quarter, compared to the consensus estimate of $127.70 million. During the same period last year, the firm posted $0.14 EPS. Summit Hotel Properties’s revenue for the quarter was up 5.4% on a year-over-year basis. Equities research analysts expect that Summit Hotel Properties Inc. will post $1.35 earnings per share for the current fiscal year.

INN has been the topic of several recent research reports. Zacks Investment Research lowered shares of Summit Hotel Properties from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 13th. JMP Securities upped their price objective on shares of Summit Hotel Properties from $14.00 to $15.50 and gave the stock a “market outperform” rating in a research report on Thursday, August 4th. Canaccord Genuity reiterated a “buy” rating on shares of Summit Hotel Properties in a research report on Tuesday, August 2nd. Finally, Deutsche Bank AG reiterated a “buy” rating on shares of Summit Hotel Properties in a research report on Sunday, June 26th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Summit Hotel Properties has a consensus rating of “Buy” and a consensus price target of $16.95.

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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