Thrivent Financial for Lutherans Trims Stock Holdings in Summit Hotel Properties, Inc. $INN

Thrivent Financial for Lutherans lowered its position in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 73.9% in the third quarter, HoldingsChannel.com reports. The fund owned 148,010 shares of the real estate investment trust’s stock after selling 419,360 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Summit Hotel Properties were worth $813,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Summit Hotel Properties by 4.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 62,254 shares of the real estate investment trust’s stock valued at $337,000 after purchasing an additional 2,528 shares during the period. Jane Street Group LLC increased its holdings in Summit Hotel Properties by 1.7% in the 1st quarter. Jane Street Group LLC now owns 165,679 shares of the real estate investment trust’s stock worth $896,000 after buying an additional 2,793 shares during the period. Bank of Montreal Can increased its holdings in Summit Hotel Properties by 0.4% in the 2nd quarter. Bank of Montreal Can now owns 793,512 shares of the real estate investment trust’s stock worth $4,039,000 after buying an additional 3,303 shares during the period. Amundi raised its position in Summit Hotel Properties by 3.4% during the 1st quarter. Amundi now owns 109,185 shares of the real estate investment trust’s stock worth $591,000 after buying an additional 3,623 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its stake in Summit Hotel Properties by 53.6% during the 2nd quarter. BNP Paribas Financial Markets now owns 10,807 shares of the real estate investment trust’s stock valued at $55,000 after acquiring an additional 3,773 shares during the period. 96.47% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Summit Hotel Properties news, Director Mehulkumar Bhikhubhai Patel sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $4.84, for a total value of $121,000.00. Following the sale, the director directly owned 444,295 shares of the company’s stock, valued at approximately $2,150,387.80. This trade represents a 5.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.37% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Robert W. Baird set a $5.00 price objective on shares of Summit Hotel Properties in a research note on Wednesday, December 17th. Bank of America reaffirmed an “underperform” rating and issued a $4.50 price target (down from $5.75) on shares of Summit Hotel Properties in a report on Tuesday, November 4th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Summit Hotel Properties in a research note on Monday, December 29th. Deutsche Bank Aktiengesellschaft set a $6.00 price objective on Summit Hotel Properties and gave the company a “buy” rating in a report on Tuesday, January 13th. Finally, Zacks Research lowered Summit Hotel Properties from a “hold” rating to a “strong sell” rating in a report on Monday, January 5th. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, Summit Hotel Properties currently has an average rating of “Reduce” and a consensus target price of $5.00.

Summit Hotel Properties Stock Down 2.5%

INN opened at $4.50 on Monday. The company has a fifty day moving average of $4.76 and a two-hundred day moving average of $5.17. The stock has a market capitalization of $489.06 million, a price-to-earnings ratio of -28.09 and a beta of 1.29. Summit Hotel Properties, Inc. has a fifty-two week low of $3.57 and a fifty-two week high of $6.69. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.65 and a current ratio of 0.65.

Summit Hotel Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 27th. Investors of record on Friday, February 13th will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 7.1%. The ex-dividend date is Friday, February 13th. Summit Hotel Properties’s payout ratio is currently -200.00%.

Summit Hotel Properties Company Profile

Summit Hotel Properties is a real estate investment trust (REIT) that acquires, owns and operates branded select-service hotels and extended-stay properties across the United States. The company focuses on upper-midscale and upscale lodging segments, targeting established national brands to combine the operational efficiencies of limited-service properties with strong franchise affiliation.

The company’s portfolio comprises over thirty hotels carrying well-known flags such as Marriott, Hilton, Hyatt and IHG.