Summit Hotel Properties, Inc. $INN Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. reduced its stake in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 76.7% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 161,232 shares of the real estate investment trust’s stock after selling 529,708 shares during the period. Principal Financial Group Inc.’s holdings in Summit Hotel Properties were worth $713,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Quarry LP purchased a new position in shares of Summit Hotel Properties in the 3rd quarter valued at about $35,000. Corient Private Wealth LLC acquired a new stake in shares of Summit Hotel Properties in the fourth quarter valued at about $52,000. CIBC Asset Management Inc acquired a new stake in shares of Summit Hotel Properties in the fourth quarter valued at about $52,000. Tower Research Capital LLC TRC boosted its holdings in Summit Hotel Properties by 148.1% during the second quarter. Tower Research Capital LLC TRC now owns 10,793 shares of the real estate investment trust’s stock worth $55,000 after buying an additional 6,442 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its holdings in Summit Hotel Properties by 53.6% during the second quarter. BNP Paribas Financial Markets now owns 10,807 shares of the real estate investment trust’s stock worth $55,000 after buying an additional 3,773 shares in the last quarter. 96.47% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have issued reports on INN shares. Zacks Research raised shares of Summit Hotel Properties from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 22nd. Raymond James Financial reissued an “outperform” rating and set a $7.00 price target on shares of Summit Hotel Properties in a research note on Monday, June 8th. Finally, Weiss Ratings upgraded Summit Hotel Properties from a “sell (d)” rating to a “sell (d+)” rating in a report on Friday, May 29th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Summit Hotel Properties currently has an average rating of “Hold” and an average price target of $5.40.

Summit Hotel Properties Trading Down 0.4%

NYSE:INN opened at $6.87 on Friday. Summit Hotel Properties, Inc. has a 52-week low of $3.97 and a 52-week high of $7.17. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.16. The stock has a fifty day simple moving average of $6.48 and a 200-day simple moving average of $5.30. The company has a market capitalization of $744.58 million, a PE ratio of -23.69 and a beta of 1.26.

Summit Hotel Properties (NYSE:INN) last issued its quarterly earnings data on Thursday, April 30th. The real estate investment trust reported ($0.10) EPS for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.02. Summit Hotel Properties had a negative net margin of 1.75% and a negative return on equity of 1.03%. The firm had revenue of $185.05 million for the quarter, compared to analysts’ expectations of $180.51 million. On average, equities research analysts expect that Summit Hotel Properties, Inc. will post 0.74 earnings per share for the current fiscal year.

Summit Hotel Properties Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Monday, August 17th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 4.7%. The ex-dividend date of this dividend is Monday, August 17th. Summit Hotel Properties’s dividend payout ratio is -110.34%.

Summit Hotel Properties Company Profile

Summit Hotel Properties is a real estate investment trust (REIT) that acquires, owns and operates branded select-service hotels and extended-stay properties across the United States. The company focuses on upper-midscale and upscale lodging segments, targeting established national brands to combine the operational efficiencies of limited-service properties with strong franchise affiliation.

The company’s portfolio comprises over thirty hotels carrying well-known flags such as Marriott, Hilton, Hyatt and IHG.