Martingale Asset Management L P Decreases Position in Summit Hotel Properties, Inc. (INN)

Martingale Asset Management L P cut its stake in Summit Hotel Properties, Inc. (NYSE:INN) by 6.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 330,106 shares of the real estate investment trust’s stock after selling 24,209 shares during the quarter. Martingale Asset Management L P owned approximately 0.32% of Summit Hotel Properties worth $6,157,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of INN. BlackRock Inc. lifted its stake in Summit Hotel Properties by 7,558.2% in the 1st quarter. BlackRock Inc. now owns 13,592,083 shares of the real estate investment trust’s stock valued at $217,201,000 after buying an additional 13,414,600 shares in the last quarter. State Street Corp lifted its stake in Summit Hotel Properties by 49.4% in the 1st quarter. State Street Corp now owns 3,628,861 shares of the real estate investment trust’s stock valued at $57,993,000 after buying an additional 1,199,672 shares in the last quarter. GW&K Investment Management LLC purchased a new position in Summit Hotel Properties in the 2nd quarter valued at about $17,718,000. Vanguard Group Inc. lifted its stake in Summit Hotel Properties by 6.0% in the 1st quarter. Vanguard Group Inc. now owns 12,990,135 shares of the real estate investment trust’s stock valued at $207,583,000 after buying an additional 732,109 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its stake in Summit Hotel Properties by 24.5% in the 1st quarter. Principal Financial Group Inc. now owns 3,341,478 shares of the real estate investment trust’s stock valued at $53,397,000 after buying an additional 656,792 shares in the last quarter. 95.30% of the stock is currently owned by hedge funds and other institutional investors.

In other news, Chairman Daniel P. Hansen acquired 10,000 shares of Summit Hotel Properties stock in a transaction that occurred on Wednesday, August 9th. The shares were acquired at an average price of $15.60 per share, with a total value of $156,000.00. Following the completion of the purchase, the chairman now owns 800,256 shares of the company’s stock, valued at approximately $12,483,993.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 1.71% of the company’s stock.

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Shares of Summit Hotel Properties, Inc. (NYSE INN) opened at 15.23 on Wednesday. The firm has a market cap of $1.59 billion, a P/E ratio of 16.66 and a beta of 1.20. Summit Hotel Properties, Inc. has a 12-month low of $12.45 and a 12-month high of $19.39. The firm has a 50-day moving average of $15.71 and a 200-day moving average of $16.72.

Summit Hotel Properties (NYSE:INN) last announced its quarterly earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.02). Summit Hotel Properties had a net margin of 21.97% and a return on equity of 9.89%. The business had revenue of $124.11 million during the quarter, compared to analysts’ expectations of $132.21 million. During the same period last year, the company earned $0.42 EPS. The firm’s revenue for the quarter was down 2.4% on a year-over-year basis. On average, equities analysts forecast that Summit Hotel Properties, Inc. will post $0.86 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 31st. Investors of record on Wednesday, August 16th were paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 4.46%. The ex-dividend date of this dividend was Monday, August 14th. Summit Hotel Properties’s payout ratio is 75.56%.

A number of analysts have commented on the stock. Robert W. Baird reiterated a “buy” rating and issued a $17.00 price objective on shares of Summit Hotel Properties in a report on Friday, September 8th. BidaskClub downgraded shares of Summit Hotel Properties from a “hold” rating to a “sell” rating in a report on Friday, August 11th. Royal Bank Of Canada reiterated a “buy” rating and issued a $20.00 price objective on shares of Summit Hotel Properties in a report on Friday, August 4th. UBS AG downgraded shares of Summit Hotel Properties from an “outperform” rating to a “market perform” rating in a report on Friday, July 14th. Finally, Canaccord Genuity cut their price objective on shares of Summit Hotel Properties from $21.00 to $18.00 and set a “buy” rating for the company in a report on Friday, August 4th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $17.86.

Summit Hotel Properties Company Profile

Summit Hotel Properties, Inc is a real estate investment trust (REIT). The Company is focused primarily on owning premium-branded, select-service hotels in the Upscale segment of the United States lodging industry. The Company’s portfolio consists of 79 hotels with a total of 11,590 guestrooms located in 24 states.

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Institutional Ownership by Quarter for Summit Hotel Properties (NYSE:INN)

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