Shell Asset Management Co. Decreases Stake in Summit Hotel Properties, Inc. (NYSE:INN)

Shell Asset Management Co. lowered its holdings in Summit Hotel Properties, Inc. (NYSE:INNGet Rating) by 12.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 53,759 shares of the real estate investment trust’s stock after selling 7,951 shares during the quarter. Shell Asset Management Co. owned 0.05% of Summit Hotel Properties worth $535,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the business. Park Avenue Securities LLC raised its stake in shares of Summit Hotel Properties by 13.6% in the first quarter. Park Avenue Securities LLC now owns 24,326 shares of the real estate investment trust’s stock worth $242,000 after purchasing an additional 2,905 shares during the last quarter. Comerica Bank raised its stake in shares of Summit Hotel Properties by 3.9% in the first quarter. Comerica Bank now owns 103,354 shares of the real estate investment trust’s stock worth $1,007,000 after purchasing an additional 3,865 shares during the last quarter. Dupont Capital Management Corp purchased a new position in shares of Summit Hotel Properties in the first quarter worth $713,000. Truist Financial Corp raised its stake in shares of Summit Hotel Properties by 2.8% in the first quarter. Truist Financial Corp now owns 260,583 shares of the real estate investment trust’s stock worth $2,595,000 after purchasing an additional 7,118 shares during the last quarter. Finally, Inspire Investing LLC purchased a new position in shares of Summit Hotel Properties in the first quarter worth $234,000. Hedge funds and other institutional investors own 99.19% of the company’s stock.

Summit Hotel Properties Stock Performance

Shares of INN opened at $7.81 on Wednesday. The business has a fifty day moving average of $7.79 and a 200 day moving average of $8.97. Summit Hotel Properties, Inc. has a one year low of $6.70 and a one year high of $10.94. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.77 and a quick ratio of 1.77. The firm has a market capitalization of $834.26 million, a P/E ratio of -13.47 and a beta of 1.99.

Summit Hotel Properties (NYSE:INNGet Rating) last released its quarterly earnings results on Tuesday, May 3rd. The real estate investment trust reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.28). Summit Hotel Properties had a negative net margin of 9.56% and a negative return on equity of 3.59%. During the same period in the prior year, the business posted ($0.07) EPS. As a group, sell-side analysts anticipate that Summit Hotel Properties, Inc. will post 0.95 EPS for the current year.

Analysts Set New Price Targets

Separately, TheStreet lowered Summit Hotel Properties from a “c-” rating to a “d+” rating in a report on Wednesday, July 13th. Two equities research analysts have rated the stock with a sell rating and three have given a buy rating to the stock. According to MarketBeat, Summit Hotel Properties presently has a consensus rating of “Hold” and an average target price of $11.30.

Summit Hotel Properties Profile

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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 November 3, 2020, the Company's portfolio consisted of 72 hotels, 67 of which are wholly owned, with a total of 11,288 guestrooms located in 23 states.

See Also

Institutional Ownership by Quarter for Summit Hotel Properties (NYSE:INN)

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