Emerald Acquisition Ltd. purchased a new position in Summit Hotel Properties Inc. (NYSE:INN) during the second quarter, Holdings Channel reports. The firm purchased 246,423 shares of the real estate investment trust’s stock, valued at approximately $3,241,000. Emerald Acquisition Ltd. owned 0.28% of Summit Hotel Properties at the end of the most recent quarter.
Other large investors have also recently made changes to their positions in the company. Intrust Bank NA purchased a new stake in shares of Summit Hotel Properties during the second quarter worth about $149,000. KBC Group NV raised its stake in shares of Summit Hotel Properties by 30.6% in the second quarter. KBC Group NV now owns 87,514 shares of the real estate investment trust’s stock worth $1,158,000 after buying an additional 20,499 shares during the period. Swiss National Bank raised its stake in shares of Summit Hotel Properties by 2.0% in the second quarter. Swiss National Bank now owns 152,700 shares of the real estate investment trust’s stock worth $2,022,000 after buying an additional 3,000 shares during the period. Mizuho Trust & Banking Co. Ltd. raised its stake in shares of Summit Hotel Properties by 6.8% in the second quarter. Mizuho Trust & Banking Co. Ltd. now owns 17,119 shares of the real estate investment trust’s stock worth $227,000 after buying an additional 1,087 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Summit Hotel Properties by 495.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,474 shares of the real estate investment trust’s stock worth $298,000 after buying an additional 18,700 shares during the period. 94.66% of the stock is currently owned by institutional investors and hedge funds.
Shares of Summit Hotel Properties Inc. (NYSE:INN) traded up 1.17% on Friday, reaching $13.83. 345,149 shares of the company were exchanged. The company has a market capitalization of $1.21 billion, a price-to-earnings ratio of 7.96 and a beta of 1.07. The company’s 50-day moving average is $13.88 and its 200-day moving average is $12.73. Summit Hotel Properties Inc. has a 52 week low of $9.00 and a 52 week high of $14.58.
Summit Hotel Properties (NYSE:INN) last posted its quarterly earnings data on Tuesday, August 2nd. The real estate investment trust reported $0.42 earnings per share for the quarter, beating the Zacks’ 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 business had revenue of $127.19 million for the quarter, compared to analysts’ expectations of $127.70 million. During the same quarter in the previous year, the business posted $0.14 earnings per share. The business’s revenue was up 5.4% compared to the same quarter last year. On average, equities analysts expect that Summit Hotel Properties Inc. will post $1.35 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 31st. Shareholders of record on Tuesday, August 16th were given a dividend of $0.1325 per share. This represents a $0.53 dividend on an annualized basis and a yield of 3.83%. The ex-dividend date was Friday, August 12th. Summit Hotel Properties’s dividend payout ratio (DPR) is 30.46%.
A number of brokerages have issued reports on INN. Zacks Investment Research raised shares of Summit Hotel Properties from a “sell” rating to a “hold” rating in a report on Tuesday, August 23rd. Canaccord Genuity reaffirmed a “buy” rating and issued a $16.00 target price on shares of Summit Hotel Properties in a research report on Tuesday, August 16th. JMP Securities raised their target price 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. Finally, Deutsche Bank AG reaffirmed a “buy” rating on shares of Summit Hotel Properties in a research report on Sunday, June 26th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. The stock 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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