Texas Permanent School Fund Sells 5,033 Shares of Summit Hotel Properties, Inc. (NYSE:INN)

Texas Permanent School Fund lowered its position in Summit Hotel Properties, Inc. (NYSE:INN – Get Rating) by 6.6% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 71,548 shares of the real estate investment trust’s stock after selling 5,033 shares during the period. Texas Permanent School Fund’s holdings in Summit Hotel Properties were worth $517,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of INN. Wipfli Financial Advisors LLC purchased a new position in shares of Summit Hotel Properties in the third quarter valued at about $26,000. Quadrant Capital Group LLC raised its stake in Summit Hotel Properties by 62.4% during the 3rd quarter. Quadrant Capital Group LLC now owns 5,435 shares of the real estate investment trust’s stock valued at $37,000 after purchasing an additional 2,088 shares during the period. Keebeck Alpha LP purchased a new position in Summit Hotel Properties in the 3rd quarter worth approximately $76,000. Zacks Investment Management purchased a new position in Summit Hotel Properties in the 3rd quarter worth approximately $82,000. Finally, Captrust Financial Advisors bought a new position in Summit Hotel Properties in the 2nd quarter worth approximately $90,000. Hedge funds and other institutional investors own 96.59% of the company’s stock.

Insider Transactions at Summit Hotel Properties

In other Summit Hotel Properties news, Director Hope S. Taitz bought 5,000 shares of the business’s stock in a transaction that occurred on Thursday, March 16th. The stock was purchased at an average cost of $6.89 per share, with a total value of $34,450.00. Following the completion of the acquisition, the director now owns 64,965 shares in the company, valued at approximately $447,608.85. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Summit Hotel Properties news, Director Hope S. Taitz bought 5,000 shares of the firm’s stock in a transaction dated Thursday, March 16th. The shares were purchased at an average cost of $6.89 per share, for a total transaction of $34,450.00. Following the transaction, the director now owns 64,965 shares of the company’s stock, valued at $447,608.85. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Jonathan P. Stanner purchased 21,870 shares of the stock in a transaction that occurred on Thursday, March 16th. The stock was acquired at an average cost of $6.90 per share, with a total value of $150,903.00. Following the acquisition, the chief executive officer now owns 1,217,705 shares in the company, valued at approximately $8,402,164.50. The disclosure for this purchase can be found here. Insiders own 3.00% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Raymond James reduced their price objective on shares of Summit Hotel Properties from $10.00 to $8.50 and set an “outperform” rating on the stock in a research report on Wednesday, March 29th. Two equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Summit Hotel Properties currently has an average rating of “Moderate Buy” and an average target price of $9.83.

Summit Hotel Properties Trading Up 2.2 %

Shares of INN stock opened at $6.84 on Thursday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.05. The stock has a market capitalization of $735.09 million, a price-to-earnings ratio of -76.00, a price-to-earnings-growth ratio of 0.74 and a beta of 2.01. Summit Hotel Properties, Inc. has a 12-month low of $6.07 and a 12-month high of $9.48. The stock’s 50-day moving average price is $6.68 and its 200-day moving average price is $7.48.

Summit Hotel Properties Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 31st. Shareholders of record on Wednesday, May 17th will be paid a $0.06 dividend. This is an increase from Summit Hotel Properties’s previous quarterly dividend of $0.04. The ex-dividend date of this dividend is Tuesday, May 16th. This represents a $0.24 dividend on an annualized basis and a yield of 3.51%. Summit Hotel Properties’s payout ratio is presently -177.78%.

Summit Hotel Properties Profile

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Summit Hotel Properties, Inc is a real estate investment trust, which operates as a self-managed hotel investment company. It focuses on owning premium-branded select-service hotels. Its hotels are located in corporate offices, retail centers, airports, state capitols, convention centers, universities, and leisure attractions.