Public Employees Retirement System of Ohio lifted its position in Summit Hotel Properties Inc (NYSE:INN) by 3.5% during the third quarter, Holdings Channel reports. The institutional investor owned 483,486 shares of the real estate investment trust’s stock after buying an additional 16,344 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Summit Hotel Properties were worth $5,608,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently bought and sold shares of INN. Private Capital Group LLC lifted its position in Summit Hotel Properties by 82.7% during the second quarter. Private Capital Group LLC now owns 3,263 shares of the real estate investment trust’s stock valued at $47,000 after acquiring an additional 1,477 shares during the last quarter. Tower Research Capital LLC TRC purchased a new position in Summit Hotel Properties in the second quarter worth $69,000. NJ State Employees Deferred Compensation Plan purchased a new position in Summit Hotel Properties in the third quarter worth $117,000. Coldstream Capital Management Inc. acquired a new position in shares of Summit Hotel Properties during the second quarter worth $123,000. Finally, Redpoint Investment Management Pty Ltd acquired a new position in shares of Summit Hotel Properties during the third quarter worth $130,000.
Shares of Summit Hotel Properties stock opened at $12.09 on Wednesday. The firm’s 50 day simple moving average is $12.05 and its two-hundred day simple moving average is $11.65. The firm has a market capitalization of $1.27 billion, a price-to-earnings ratio of 8.96 and a beta of 1.18. Summit Hotel Properties Inc has a 12-month low of $9.29 and a 12-month high of $12.63. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.70.
The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 5.96%. The ex-dividend date of this dividend was Thursday, November 14th. Summit Hotel Properties’s dividend payout ratio (DPR) is 53.33%.
A number of research firms have recently weighed in on INN. ValuEngine cut Summit Hotel Properties from a “hold” rating to a “sell” rating in a research report on Friday, November 1st. Zacks Investment Research lowered Summit Hotel Properties from a “buy” rating to a “hold” rating in a research report on Friday, November 1st. Finally, TheStreet cut Summit Hotel Properties from a “b-” rating to a “c+” rating in a research note on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company’s stock. Summit Hotel Properties has an average rating of “Hold” and an average target price of $13.25.
In related news, COO Craig J. Aniszewski sold 40,000 shares of the stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $11.60, for a total transaction of $464,000.00. Following the sale, the chief operating officer now directly owns 397,913 shares of the company’s stock, valued at $4,615,790.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.32% of the company’s stock.
Summit Hotel Properties Company Profile
Summit Hotel Properties, Inc is a publicly-traded real estate investment trust focused on owning premium-branded hotels with efficient operating models primarily in the upscale segment of the lodging industry. As of April 18, 2019, the Company's portfolio consisted of 69 hotels with a total of 10,714 guestrooms located in 24 states.
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