Key Points
- Director Mehulkumar Bhikhubhai Patel sold 10,000 shares at an average price of $5.12 for $51,200, reducing his stake by 2.09% to 469,295 shares (SEC filing disclosed).
- Summit paid a quarterly dividend of $0.08 (annualized $0.32) for a 6.4% yield
- The stock is trading around $5.00 (52-week range $3.57–$6.99) with a market cap of ~$543M, and analysts hold a consensus "Reduce" rating with a $4.67 target price.
Summit Hotel Properties, Inc. (NYSE:INN - Get Free Report) Director Mehulkumar Bhikhubhai Patel sold 10,000 shares of the firm's stock in a transaction dated Thursday, December 18th. The shares were sold at an average price of $5.12, for a total value of $51,200.00. Following the completion of the sale, the director directly owned 469,295 shares in the company, valued at approximately $2,402,790.40. This represents a 2.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.
Summit Hotel Properties Trading Down 2.1%
Summit Hotel Properties stock opened at $5.00 on Tuesday. Summit Hotel Properties, Inc. has a 52 week low of $3.57 and a 52 week high of $6.99. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.65 and a current ratio of 0.65. The firm has a market capitalization of $543.46 million, a PE ratio of -31.22 and a beta of 1.30. The business's 50-day simple moving average is $5.24 and its 200-day simple moving average is $5.31.
Summit Hotel Properties (NYSE:INN - Get Free Report) last released its earnings results on Tuesday, November 4th. The real estate investment trust reported $0.17 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.15 by $0.02. The firm had revenue of $177.12 million for the quarter, compared to analyst estimates of $179.03 million. Summit Hotel Properties had a return on equity of 0.02% and a net margin of 0.04%. Equities research analysts forecast that Summit Hotel Properties, Inc. will post 0.88 earnings per share for the current year.
Summit Hotel Properties Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, November 28th. Investors of record on Friday, November 14th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, November 14th. This represents a $0.32 dividend on an annualized basis and a yield of 6.4%. Summit Hotel Properties's payout ratio is -200.00%.
Institutional Investors Weigh In On Summit Hotel Properties
A number of institutional investors have recently added to or reduced their stakes in INN. Quarry LP bought a new stake in shares of Summit Hotel Properties in the 3rd quarter valued at approximately $35,000. Signaturefd LLC grew its position in Summit Hotel Properties by 36.4% in the second quarter. Signaturefd LLC now owns 8,656 shares of the real estate investment trust's stock valued at $44,000 after acquiring an additional 2,309 shares during the period. Tower Research Capital LLC TRC raised its stake in Summit Hotel Properties by 148.1% during the second quarter. Tower Research Capital LLC TRC now owns 10,793 shares of the real estate investment trust's stock worth $55,000 after acquiring an additional 6,442 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Summit Hotel Properties by 53.6% during the second 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. Finally, Coldstream Capital Management Inc. grew its holdings in shares of Summit Hotel Properties by 119.6% in the 2nd quarter. Coldstream Capital Management Inc. now owns 11,438 shares of the real estate investment trust's stock worth $58,000 after purchasing an additional 6,229 shares during the last quarter. 96.47% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
INN has been the topic of several research analyst reports. Robert W. Baird set a $5.00 price target on shares of Summit Hotel Properties in a research report on Wednesday, December 17th. Wall Street Zen downgraded Summit Hotel Properties from a "hold" rating to a "sell" rating in a research report on Saturday, October 18th. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Summit Hotel Properties in a report on Monday, December 15th. Summit Redstone set a $4.50 price objective on Summit Hotel Properties in a report on Tuesday, November 4th. Finally, Zacks Research upgraded Summit Hotel Properties from a "strong sell" rating to a "hold" rating in a research note on Tuesday, October 21st. Two equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Reduce" and a consensus target price of $4.67.
Get Our Latest Research Report on Summit Hotel Properties
Summit Hotel Properties Company Profile
(
Get Free Report)
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.
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