Ajo LP Takes Position in Summit Hotel Properties, Inc. (INN)

Ajo LP acquired a new position in shares of Summit Hotel Properties, Inc. (NYSE:INN) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 510,836 shares of the real estate investment trust’s stock, valued at approximately $9,527,000. Ajo LP owned approximately 0.49% of Summit Hotel Properties as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently bought and sold shares of INN. Wells Fargo & Company MN lifted its holdings in Summit Hotel Properties by 2.9% during the 1st quarter. Wells Fargo & Company MN now owns 201,928 shares of the real estate investment trust’s stock worth $3,226,000 after buying an additional 5,654 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its holdings in Summit Hotel Properties by 10.4% during the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 14,919 shares of the real estate investment trust’s stock worth $238,000 after buying an additional 1,400 shares in the last quarter. Great West Life Assurance Co. Can lifted its holdings in Summit Hotel Properties by 53.5% during the 1st quarter. Great West Life Assurance Co. Can now owns 176,022 shares of the real estate investment trust’s stock worth $2,813,000 after buying an additional 61,387 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in Summit Hotel Properties by 0.4% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 89,547 shares of the real estate investment trust’s stock worth $1,431,000 after buying an additional 314 shares in the last quarter. Finally, First Trust Advisors LP lifted its holdings in Summit Hotel Properties by 0.9% during the 1st quarter. First Trust Advisors LP now owns 194,987 shares of the real estate investment trust’s stock worth $3,116,000 after buying an additional 1,738 shares in the last quarter. 95.30% of the stock is currently owned by hedge funds and other institutional investors.

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In other news, Chairman Daniel P. Hansen bought 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 9th. The shares were acquired at an average price of $15.60 per share, for a total transaction of $156,000.00. Following the completion of the acquisition, the chairman now directly owns 800,256 shares in the company, valued at $12,483,993.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.71% of the stock is owned by insiders.

Several research firms have issued reports on INN. Cantor Fitzgerald upped their price objective on Summit Hotel Properties from $18.00 to $19.00 and gave the stock an “overweight” rating in a report on Thursday, May 25th. UBS AG downgraded Summit Hotel Properties from an “outperform” rating to a “market perform” rating in a research note on Friday, July 14th. Deutsche Bank AG increased their price target on Summit Hotel Properties from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, May 25th. Raymond James Financial, Inc. reissued a “market perform” rating on shares of Summit Hotel Properties in a research note on Friday, July 14th. Finally, Zacks Investment Research raised Summit Hotel Properties from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a research note on Wednesday, July 12th. Two analysts have rated the stock with a sell rating, three have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Summit Hotel Properties has an average rating of “Buy” and a consensus price target of $17.86.

Summit Hotel Properties, Inc. (INN) opened at 15.40 on Friday. The firm has a market cap of $1.61 billion, a P/E ratio of 16.84 and a beta of 1.20. Summit Hotel Properties, Inc. has a 1-year low of $12.45 and a 1-year high of $19.39. The stock has a 50 day moving average price of $15.52 and a 200-day moving average price of $16.70.

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

The company also recently announced a quarterly dividend, which was paid on Thursday, August 31st. Investors of record on Wednesday, August 16th were issued a $0.17 dividend. The ex-dividend date of this dividend was Monday, August 14th. This represents a $0.68 annualized dividend and a yield of 4.42%. Summit Hotel Properties’s payout ratio is 75.56%.

About Summit Hotel Properties

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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