Summit Hotel Properties, Inc. (INN) Shares Bought by Grace & White Inc. NY

Grace & White Inc. NY raised its holdings in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 17.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 242,049 shares of the real estate investment trust’s stock after buying an additional 36,500 shares during the quarter. Grace & White Inc. NY owned about 0.23% of Summit Hotel Properties worth $3,870,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Goldman Sachs Group Inc. lifted its holdings in shares of Summit Hotel Properties by 4.9% during the first quarter. Goldman Sachs Group Inc. now owns 538,127 shares of the real estate investment trust’s stock worth $8,599,000 after buying an additional 25,273 shares during the last quarter. New York State Common Retirement Fund lifted its holdings in shares of Summit Hotel Properties by 17.0% during the second quarter. New York State Common Retirement Fund now owns 109,400 shares of the real estate investment trust’s stock worth $2,040,000 after buying an additional 15,899 shares during the last quarter. Macquarie Group Ltd. lifted its holdings in shares of Summit Hotel Properties by 2.4% during the second quarter. Macquarie Group Ltd. now owns 2,944,594 shares of the real estate investment trust’s stock worth $54,917,000 after buying an additional 69,729 shares during the last quarter. IndexIQ Advisors LLC lifted its holdings in shares of Summit Hotel Properties by 54.4% during the second quarter. IndexIQ Advisors LLC now owns 153,946 shares of the real estate investment trust’s stock worth $2,871,000 after buying an additional 54,243 shares during the last quarter. Finally, Louisiana State Employees Retirement System lifted its holdings in shares of Summit Hotel Properties by 11.3% during the second quarter. Louisiana State Employees Retirement System now owns 42,400 shares of the real estate investment trust’s stock worth $791,000 after buying an additional 4,300 shares during the last quarter. Institutional investors own 95.42% of the company’s stock.

In related news, Chairman Daniel P. Hansen acquired 10,000 shares of the company’s stock in a transaction on Wednesday, August 9th. The stock was purchased at an average cost of $15.60 per share, with a total value of $156,000.00. Following the acquisition, the chairman now directly owns 800,256 shares of the company’s stock, valued at $12,483,993.60. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 1.71% of the company’s stock.

A number of research analysts have recently commented on INN shares. Zacks Investment Research upgraded Summit Hotel Properties from a “hold” rating to a “buy” rating and set a $20.00 price target for the company in a report on Wednesday, July 12th. Deutsche Bank AG reiterated a “buy” rating and set a $17.00 price target (down from $19.00) on shares of Summit Hotel Properties in a report on Wednesday, August 9th. Canaccord Genuity cut their price target on Summit Hotel Properties from $21.00 to $18.00 and set a “buy” rating for the company in a report on Friday, August 4th. Royal Bank Of Canada reiterated a “buy” rating and set a $20.00 price target on shares of Summit Hotel Properties in a report on Friday, August 4th. Finally, Robert W. Baird reiterated a “buy” rating and set a $17.00 price target on shares of Summit Hotel Properties in a report on Friday, September 8th. Two analysts have rated the stock with a sell rating, two have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Summit Hotel Properties currently has a consensus rating of “Buy” and a consensus price target of $17.72.

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Summit Hotel Properties (NYSE:INN) last released its quarterly earnings results on Monday, October 30th. The real estate investment trust reported $0.17 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.17. The business had revenue of $136.60 million during the quarter, compared to analysts’ expectations of $135.69 million. Summit Hotel Properties had a return on equity of 8.96% and a net margin of 20.21%. The firm’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same period last year, the firm posted $0.37 EPS.

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 30th. Investors of record on Thursday, November 16th will be issued a dividend of $0.17 per share. The ex-dividend date is Wednesday, November 15th. This represents a $0.68 annualized dividend and a yield of 4.30%. Summit Hotel Properties’s payout ratio is currently 82.93%.

Summit Hotel Properties 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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