Trade Report: The Pensionfund Sabic Sold shares of Summit Hotel Properties Inc. (INN)

The Pensionfund Sabic Sold shares of Summit Hotel Properties Inc. (INN)

Pensionfund Sabic decreased its stake in shares of Summit Hotel Properties Inc. (NYSE:INN) by 44.5% during the third quarter, Holdings Channel reports. The fund owned 18,700 shares of the real estate investment trust’s stock after selling 15,000 shares during the period. Pensionfund Sabic’s holdings in Summit Hotel Properties were worth $246,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the stock. ClariVest Asset Management LLC raised its stake in shares of Summit Hotel Properties by 109.4% in the second quarter. ClariVest Asset Management LLC now owns 127,500 shares of the real estate investment trust’s stock valued at $1,688,000 after buying an additional 66,600 shares during the last quarter. American Century Companies Inc. raised its stake in shares of Summit Hotel Properties by 9.2% in the second quarter. American Century Companies Inc. now owns 1,528,133 shares of the real estate investment trust’s stock valued at $20,232,000 after buying an additional 128,233 shares during the last quarter. Genesee Valley Trust Co. increased its position 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 period. Pitcairn Co. increased its position in Summit Hotel Properties by 176.1% in the second quarter. Pitcairn Co. now owns 50,762 shares of the real estate investment trust’s stock valued at $672,000 after buying an additional 32,377 shares during the period. Finally, Louisiana State Employees Retirement System increased its position in Summit Hotel Properties by 0.5% in the second quarter. Louisiana State Employees Retirement System now owns 38,600 shares of the real estate investment trust’s stock valued at $511,000 after buying an additional 200 shares during the period. Institutional investors and hedge funds own 93.02% of the company’s stock.

Shares of Summit Hotel Properties Inc. (NYSE:INN) traded up 0.07% on Friday, hitting $14.19. 150,226 shares of the company traded hands. The firm’s 50 day moving average price is $13.32 and its 200-day moving average price is $13.26. The stock has a market capitalization of $1.24 billion, a price-to-earnings ratio of 7.56 and a beta of 0.92. Summit Hotel Properties Inc. has a 1-year low of $9.00 and a 1-year high of $14.58.

Summit Hotel Properties (NYSE:INN) last posted its earnings results on Wednesday, November 2nd. The real estate investment trust reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.04. The firm earned $118.34 million during the quarter, compared to the consensus estimate 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 quarterly revenue was down 5.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.37 EPS. On average, equities research analysts expect that Summit Hotel Properties Inc. will post $1.37 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 30th. Investors of record on Wednesday, November 16th will be issued a dividend of $0.1625 per share. This represents a $0.65 annualized dividend and a yield of 4.58%. The ex-dividend date of this dividend is Monday, November 14th. This is a positive change from Summit Hotel Properties’s previous quarterly dividend of $0.13. Summit Hotel Properties’s dividend payout ratio is presently 34.57%.

Several research firms have commented on INN. Canaccord Genuity set a $16.00 price target on shares of Summit Hotel Properties and gave the stock a “buy” rating in a research note on Wednesday, November 2nd. Zacks Investment Research raised shares of Summit Hotel Properties from a “sell” rating to a “hold” rating in a research note on Wednesday, November 9th. Finally, JMP Securities lifted their price target on shares of Summit Hotel Properties from $14.00 to $15.50 and gave the stock a “market outperform” rating in a research note on Thursday, August 4th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $17.22.

Summit Hotel Properties Company Profile

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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