CenterBook Partners LP Buys New Holdings in Summit Hotel Properties, Inc. $INN

CenterBook Partners LP bought a new stake in shares of Summit Hotel Properties, Inc. (NYSE:INN) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 88,283 shares of the real estate investment trust’s stock, valued at approximately $527,000.

A number of other large investors also recently added to or reduced their stakes in the business. Inscription Capital LLC boosted its stake in Summit Hotel Properties by 32.5% in the 3rd quarter. Inscription Capital LLC now owns 29,940 shares of the real estate investment trust’s stock worth $179,000 after purchasing an additional 7,350 shares during the period. Chicago Partners Investment Group LLC bought a new stake in shares of Summit Hotel Properties during the third quarter valued at approximately $123,000. Moss Adams Wealth Advisors LLC bought a new position in shares of Summit Hotel Properties during the third quarter worth $177,000. State of Wyoming bought a new position in shares of Summit Hotel Properties during the third quarter worth $388,000. Finally, Asset Management One Co. Ltd. boosted its position in shares of Summit Hotel Properties by 7.7% during the third quarter. Asset Management One Co. Ltd. now owns 159,884 shares of the real estate investment trust’s stock worth $955,000 after acquiring an additional 11,423 shares during the last quarter. 96.47% of the stock is owned by hedge funds and other institutional investors.

Summit Hotel Properties Price Performance

NYSE:INN opened at $7.28 on Thursday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.16. The company has a market capitalization of $784.61 million, a P/E ratio of -38.29, a P/E/G ratio of 4.12 and a beta of 1.27. Summit Hotel Properties, Inc. has a 12 month low of $3.97 and a 12 month high of $7.47. The business’s 50-day moving average is $6.31 and its 200 day moving average is $5.67.

Summit Hotel Properties (NYSE:INN) last announced its quarterly earnings results on Tuesday, November 3rd. The real estate investment trust reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.03. The company had revenue of $185.71 million during the quarter, compared to analyst estimates of $180.92 million. Summit Hotel Properties had a negative return on equity of 0.31% and a negative net margin of 0.49%. On average, equities research analysts forecast that Summit Hotel Properties, Inc. will post 0.79 earnings per share for the current fiscal year.

Summit Hotel Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 30th. Stockholders of record on Monday, November 16th will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 4.4%. The ex-dividend date of this dividend is Monday, November 16th. Summit Hotel Properties’s dividend payout ratio is -168.42%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Zacks Research cut shares of Summit Hotel Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 24th. Weiss Ratings cut shares of Summit Hotel Properties from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, October 8th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Summit Hotel Properties has an average rating of “Hold” and an average price target of $6.00.

Summit Hotel Properties Profile

Summit Hotel Properties, Inc. is a real estate investment trust that owns and invests in hotels in the United States. Its portfolio focuses primarily on select-service and limited-service properties, which offer lodging and essential guest amenities without the extensive facilities of full-service hotels. The company’s hotels operate under well-known hospitality brands, including brands affiliated with Marriott, Hilton, Hyatt and IHG. Summit targets markets it considers attractive for lodging investment, including urban and other locations with barriers to new hotel development.