Summit Hotel Properties, Inc. (NYSE:INN) Shares Bought by Mitsubishi UFJ Kokusai Asset Management Co. Ltd.

Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its holdings in Summit Hotel Properties, Inc. (NYSE:INNGet Rating) by 13.7% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 51,499 shares of the real estate investment trust’s stock after acquiring an additional 6,200 shares during the quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in Summit Hotel Properties were worth $346,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Isthmus Partners LLC grew its stake in shares of Summit Hotel Properties by 3.6% in the 2nd quarter. Isthmus Partners LLC now owns 102,931 shares of the real estate investment trust’s stock worth $748,000 after purchasing an additional 3,606 shares during the last quarter. Mount Yale Investment Advisors LLC boosted its holdings in shares of Summit Hotel Properties by 10.0% in the second quarter. Mount Yale Investment Advisors LLC now owns 19,483 shares of the real estate investment trust’s stock worth $142,000 after buying an additional 1,776 shares during the period. 1492 Capital Management LLC boosted its holdings in shares of Summit Hotel Properties by 26.7% in the second quarter. 1492 Capital Management LLC now owns 25,121 shares of the real estate investment trust’s stock worth $183,000 after buying an additional 5,297 shares during the period. Keybank National Association OH acquired a new position in shares of Summit Hotel Properties in the second quarter worth about $303,000. Finally, MQS Management LLC boosted its holdings in shares of Summit Hotel Properties by 39.8% in the second quarter. MQS Management LLC now owns 43,724 shares of the real estate investment trust’s stock worth $318,000 after buying an additional 12,453 shares during the period. Institutional investors and hedge funds own 96.59% of the company’s stock.

Summit Hotel Properties Stock Performance

INN stock opened at $7.79 on Monday. 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 stock has a market cap of $832.72 million, a P/E ratio of -38.95, a P/E/G ratio of 0.15 and a beta of 1.96. The firm has a 50 day simple moving average of $7.77 and a 200 day simple moving average of $7.80. Summit Hotel Properties, Inc. has a 52 week low of $6.57 and a 52 week high of $10.58.

Summit Hotel Properties Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 30th. Investors of record on Wednesday, November 16th were issued a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 2.05%. The ex-dividend date of this dividend was Tuesday, November 15th. Summit Hotel Properties’s dividend payout ratio is currently -80.00%.

Analysts Set New Price Targets

Several research analysts have commented on INN shares. Robert W. Baird cut shares of Summit Hotel Properties from an “outperform” rating to a “neutral” rating in a report on Thursday, January 12th. Deutsche Bank Aktiengesellschaft decreased 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 report on Tuesday, October 25th. Finally, TheStreet upgraded shares of Summit Hotel Properties from a “d+” rating to a “c-” rating in a report on Tuesday, November 1st.

Insider Buying and Selling

In other Summit Hotel Properties news, Director Mehulkumar Bhikhubhai Patel sold 3,000 shares of Summit Hotel Properties stock in a transaction that occurred 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 sale, the director now directly owns 11,899 shares in the company, valued at $100,070.59. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.94% of the stock is currently owned by corporate insiders.

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.

See Also

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:INNGet Rating).

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

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