Handelsbanken Fonder AB Sells 5,900 Shares of Summit Hotel Properties, Inc. (NYSE:INN)

Handelsbanken Fonder AB trimmed its holdings in Summit Hotel Properties, Inc. (NYSE:INN – Get Rating) by 16.3% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 30,218 shares of the real estate investment trust’s stock after selling 5,900 shares during the quarter. Handelsbanken Fonder AB’s holdings in Summit Hotel Properties were worth $203,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in INN. PNC Financial Services Group Inc. lifted its stake in shares of Summit Hotel Properties by 2.6% in the first quarter. PNC Financial Services Group Inc. now owns 47,984 shares of the real estate investment trust’s stock worth $478,000 after buying an additional 1,212 shares during the last quarter. Natixis Advisors L.P. lifted its stake in shares of Summit Hotel Properties by 6.3% in the first quarter. Natixis Advisors L.P. now owns 64,265 shares of the real estate investment trust’s stock worth $640,000 after buying an additional 3,825 shares during the last quarter. MetLife Investment Management LLC lifted its stake in shares of Summit Hotel Properties by 100.5% in the first quarter. MetLife Investment Management LLC now owns 55,232 shares of the real estate investment trust’s stock worth $550,000 after buying an additional 27,683 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in shares of Summit Hotel Properties by 14.1% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 91,771 shares of the real estate investment trust’s stock worth $914,000 after buying an additional 11,315 shares during the last quarter. Finally, Great West Life Assurance Co. Can lifted its stake in shares of Summit Hotel Properties by 1.7% in the first quarter. Great West Life Assurance Co. Can now owns 177,186 shares of the real estate investment trust’s stock worth $1,820,000 after buying an additional 2,913 shares during the last quarter. 96.59% of the stock is owned by institutional investors.

Summit Hotel Properties Trading Down 0.3 %

Shares of INN stock opened at $7.63 on Friday. Summit Hotel Properties, Inc. has a 52-week low of $6.57 and a 52-week high of $10.58. The stock has a market cap of $815.62 million, a price-to-earnings ratio of -38.15, a P/E/G ratio of 0.14 and a beta of 1.96. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.14 and a current ratio of 1.14. The firm has a fifty day moving average of $7.82 and a 200-day moving average of $7.77.

Summit Hotel Properties Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 30th. Stockholders of record on Wednesday, November 16th were paid a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date of this dividend was Tuesday, November 15th. Summit Hotel Properties’s dividend payout ratio is -80.00%.

Insider Activity

In other news, Director Mehulkumar Bhikhubhai Patel sold 3,000 shares of the stock in a transaction on Wednesday, November 23rd. The shares were sold at an average price of $8.41, for a total value of $25,230.00. Following the completion of the transaction, the director now owns 11,899 shares in the company, valued at approximately $100,070.59. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 2.94% of the company’s stock.

Wall Street Analyst Weigh In

INN has been the subject of a number of analyst reports. Capital One Financial cut shares of Summit Hotel Properties from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $14.00 to $10.00 in a research note on Thursday, September 15th. TheStreet upgraded shares of Summit Hotel Properties from a “d+” rating to a “c-” rating in a research note on Tuesday, November 1st. Robert W. Baird cut shares of Summit Hotel Properties from an “outperform” rating to a “neutral” rating in a research note on Thursday. Finally, Deutsche Bank Aktiengesellschaft cut their target price on shares of Summit Hotel Properties from $14.00 to $11.00 and set a “buy” rating for the company in a research note on Tuesday, October 25th. Two investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $11.00.

About Summit Hotel Properties

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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.