Allianz Asset Management GmbH Boosts Holdings in Summit Hotel Properties, Inc. (INN)

Allianz Asset Management GmbH boosted its holdings in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 52.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 564,096 shares of the real estate investment trust’s stock after acquiring an additional 194,773 shares during the quarter. Allianz Asset Management GmbH owned 0.54% of Summit Hotel Properties worth $9,019,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. BlackRock Inc. lifted its position in shares of Summit Hotel Properties by 23.3% in the 2nd quarter. BlackRock Inc. now owns 16,762,916 shares of the real estate investment trust’s stock worth $312,629,000 after purchasing an additional 3,170,833 shares during the period. Vanguard Group Inc. lifted its position in shares of Summit Hotel Properties by 28.3% in the 2nd quarter. Vanguard Group Inc. now owns 16,660,607 shares of the real estate investment trust’s stock worth $310,721,000 after purchasing an additional 3,670,472 shares during the period. Principal Financial Group Inc. lifted its position in shares of Summit Hotel Properties by 4.9% in the 3rd quarter. Principal Financial Group Inc. now owns 4,135,461 shares of the real estate investment trust’s stock worth $66,127,000 after purchasing an additional 191,859 shares during the period. State Street Corp lifted its position in shares of Summit Hotel Properties by 11.1% in the 2nd quarter. State Street Corp now owns 4,031,665 shares of the real estate investment trust’s stock worth $75,190,000 after purchasing an additional 402,804 shares during the period. Finally, Macquarie Group Ltd. lifted its position in shares of Summit Hotel Properties by 1.2% in the 3rd quarter. Macquarie Group Ltd. now owns 2,978,880 shares of the real estate investment trust’s stock worth $47,632,000 after purchasing an additional 34,286 shares during the period. 95.71% of the stock is currently owned by hedge funds and other institutional investors.

INN has been the topic of a number of recent analyst reports. Cantor Fitzgerald restated a “buy” rating and issued a $17.00 price target on shares of Summit Hotel Properties in a research report on Monday, November 20th. KeyCorp set a $17.00 price target on shares of Summit Hotel Properties and gave the stock a “buy” rating in a research report on Sunday, October 29th. Robert W. Baird restated a “buy” rating and issued a $17.00 price target on shares of Summit Hotel Properties in a research report on Friday, September 8th. Zacks Investment Research upgraded shares of Summit Hotel Properties from a “sell” rating to a “hold” rating in a research report on Wednesday, December 6th. Finally, Janney Montgomery Scott downgraded shares of Summit Hotel Properties from a “buy” rating to a “neutral” rating in a research report on Monday, November 20th. Two research analysts have rated the stock with a sell rating, three have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. Summit Hotel Properties has a consensus rating of “Buy” and an average price target of $17.50.

Summit Hotel Properties, Inc. (INN) opened at $15.01 on Friday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.61 and a current ratio of 1.61. Summit Hotel Properties, Inc. has a 1 year low of $14.23 and a 1 year high of $19.39. The stock has a market cap of $1,565.20, a price-to-earnings ratio of 11.29 and a beta of 1.18.

Summit Hotel Properties (NYSE:INN) last released its earnings results on Monday, October 30th. The real estate investment trust reported $0.17 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.17. The company had revenue of $136.60 million for the quarter, compared to the consensus estimate of $135.69 million. Summit Hotel Properties had a net margin of 20.21% and a return on equity of 8.96%. Summit Hotel Properties’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.37 EPS. research analysts expect that Summit Hotel Properties, Inc. will post 1.25 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 30th. Shareholders of record on Thursday, November 16th were paid a dividend of $0.17 per share. The ex-dividend date of this dividend was Wednesday, November 15th. This represents a $0.68 dividend on an annualized basis and a yield of 4.53%. Summit Hotel Properties’s dividend payout ratio (DPR) is presently 82.93%.

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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.

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

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