DUPONT CAPITAL MANAGEMENT Corp raised its stake in Summit Hotel Properties Inc (NYSE:INN) by 487.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 55,402 shares of the real estate investment trust’s stock after buying an additional 45,978 shares during the period. DUPONT CAPITAL MANAGEMENT Corp owned about 0.06% of Summit Hotel Properties worth $885,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. BlackRock Fund Advisors boosted its position in Summit Hotel Properties by 9.8% in the third quarter. BlackRock Fund Advisors now owns 6,075,163 shares of the real estate investment trust’s stock valued at $79,949,000 after buying an additional 541,011 shares in the last quarter. Renaissance Technologies LLC acquired a new position in Summit Hotel Properties during the fourth quarter valued at $8,595,000. Marshall Wace LLP acquired a new position in Summit Hotel Properties during the fourth quarter valued at $6,794,000. Crow Point Partners LLC acquired a new position in Summit Hotel Properties during the third quarter valued at $5,235,000. Finally, State Street Corp boosted its position in Summit Hotel Properties by 17.7% in the fourth quarter. State Street Corp now owns 2,429,189 shares of the real estate investment trust’s stock valued at $38,935,000 after buying an additional 365,315 shares in the last quarter. Hedge funds and other institutional investors own 92.76% of the company’s stock.
Summit Hotel Properties Inc (NYSE:INN) opened at 16.46 on Friday. Summit Hotel Properties Inc has a 1-year low of $11.36 and a 1-year high of $17.45. The stock has a 50 day moving average price of $16.29 and a 200 day moving average price of $15.40. The stock has a market cap of $1.54 billion, a PE ratio of 20.37 and a beta of 1.01.
Summit Hotel Properties (NYSE:INN) last issued its quarterly earnings results on Thursday, February 23rd. The real estate investment trust reported $0.30 EPS for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.27. Summit Hotel Properties had a return on equity of 19.64% and a net margin of 38.34%. The company had revenue of $110.33 million during the quarter, compared to analysts’ expectations of $110.08 million. During the same quarter in the previous year, the firm posted $0.27 EPS. The firm’s revenue was up .3% compared to the same quarter last year. On average, analysts predict that Summit Hotel Properties Inc will post $0.71 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 31st. Shareholders of record on Tuesday, May 16th will be given a dividend of $0.17 per share. The ex-dividend date is Friday, May 12th. This represents a $0.68 dividend on an annualized basis and a yield of 4.10%. This is a boost from Summit Hotel Properties’s previous quarterly dividend of $0.16. Summit Hotel Properties’s payout ratio is currently 34.57%.
Several research analysts have recently weighed in on INN shares. Zacks Investment Research cut Summit Hotel Properties from a “buy” rating to a “hold” rating in a research note on Tuesday, February 14th. Bank of America Corp upgraded Summit Hotel Properties from an “underperform” rating to a “buy” rating and set a $17.00 price target for the company in a research note on Friday, March 3rd. Cantor Fitzgerald restated a “buy” rating on shares of Summit Hotel Properties in a research note on Thursday, February 23rd. Finally, Royal Bank of Canada restated a “buy” rating and issued a $18.00 price target on shares of Summit Hotel Properties in a research note on Monday. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Summit Hotel Properties presently has a consensus rating of “Buy” and an average target price of $17.10.
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 82 hotels with over 11,095 guestrooms located in 23 states.
Want to see what other hedge funds are holding INN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Summit Hotel Properties Inc (NYSE:INN).