Redpoint Investment Management Pty Ltd Buys New Position in Summit Hotel Properties Inc (NYSE:INN)

Posted by Grant Hamersma on Dec 2nd, 2019

Redpoint Investment Management Pty Ltd bought a new stake in shares of Summit Hotel Properties Inc (NYSE:INN) during the 3rd quarter, according to its most recent filing with the SEC. The firm bought 11,176 shares of the real estate investment trust’s stock, valued at approximately $130,000.

Several other large investors also recently made changes to their positions in INN. Russell Investments Group Ltd. increased its holdings in Summit Hotel Properties by 594.5% during the 3rd quarter. Russell Investments Group Ltd. now owns 156,189 shares of the real estate investment trust’s stock worth $1,811,000 after purchasing an additional 133,699 shares during the last quarter. Swiss National Bank increased its holdings in Summit Hotel Properties by 2.1% during the 2nd quarter. Swiss National Bank now owns 195,000 shares of the real estate investment trust’s stock worth $2,237,000 after purchasing an additional 4,100 shares during the last quarter. Chicago Equity Partners LLC purchased a new stake in Summit Hotel Properties during the 3rd quarter worth approximately $2,418,000. Natixis Advisors L.P. increased its holdings in Summit Hotel Properties by 4.3% during the 2nd quarter. Natixis Advisors L.P. now owns 48,166 shares of the real estate investment trust’s stock worth $552,000 after purchasing an additional 1,991 shares during the last quarter. Finally, Citadel Advisors LLC increased its holdings in Summit Hotel Properties by 275.3% during the 2nd quarter. Citadel Advisors LLC now owns 176,605 shares of the real estate investment trust’s stock worth $2,026,000 after purchasing an additional 129,545 shares during the last quarter.

In related news, COO Craig J. Aniszewski sold 40,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $11.60, for a total transaction of $464,000.00. Following the completion of the transaction, the chief operating officer now owns 397,913 shares in the company, valued at approximately $4,615,790.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.32% of the company’s stock.

Several research firms have issued reports on INN. ValuEngine downgraded Summit Hotel Properties from a “hold” rating to a “sell” rating in a report on Friday, November 1st. TheStreet downgraded Summit Hotel Properties from a “b-” rating to a “c+” rating in a report on Wednesday, November 6th. Finally, Zacks Investment Research lowered Summit Hotel Properties from a “buy” rating to a “hold” rating in a research report on Friday, November 1st. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. Summit Hotel Properties has an average rating of “Hold” and a consensus target price of $13.25.

Shares of INN opened at $12.12 on Monday. The firm has a market cap of $1.27 billion, a price-to-earnings ratio of 8.98 and a beta of 1.18. The stock has a 50 day moving average of $12.03 and a 200-day moving average of $11.65. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.70. Summit Hotel Properties Inc has a 52 week low of $9.29 and a 52 week high of $12.63.

Summit Hotel Properties (NYSE:INN) last issued its earnings results on Tuesday, November 5th. The real estate investment trust reported $0.07 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.24). The firm had revenue of $133.69 million during the quarter, compared to analyst estimates of $133.52 million. Summit Hotel Properties had a return on equity of 6.64% and a net margin of 14.44%. Summit Hotel Properties’s revenue was down 6.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.35 EPS. On average, sell-side analysts predict that Summit Hotel Properties Inc will post 1.19 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were given a dividend of $0.18 per share. The ex-dividend date was Thursday, November 14th. This represents a $0.72 dividend on an annualized basis and a yield of 5.94%. Summit Hotel Properties’s dividend payout ratio is currently 53.33%.

About Summit Hotel Properties

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.