Summit Hotel Properties, Inc. (INN) Shares Bought by Amalgamated Bank

Amalgamated Bank boosted its holdings in Summit Hotel Properties, Inc. (NYSE:INN) by 16.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,772 shares of the real estate investment trust’s stock after purchasing an additional 1,978 shares during the period. Amalgamated Bank’s holdings in Summit Hotel Properties were worth $257,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of INN. Pacad Investment Ltd. purchased a new position in Summit Hotel Properties in the second quarter worth $114,000. Ameritas Investment Partners Inc. purchased a new position in Summit Hotel Properties in the first quarter worth $119,000. Point72 Asia Hong Kong Ltd purchased a new position in Summit Hotel Properties in the first quarter worth $120,000. Riverhead Capital Management LLC boosted its position in Summit Hotel Properties by 120.3% in the second quarter. Riverhead Capital Management LLC now owns 6,828 shares of the real estate investment trust’s stock worth $127,000 after purchasing an additional 3,728 shares during the last quarter. Finally, Paloma Partners Management Co purchased a new position in Summit Hotel Properties in the first quarter worth $162,000. 95.29% of the stock is currently owned by institutional investors and hedge funds.

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Several research analysts have weighed in on INN shares. UBS AG cut Summit Hotel Properties from an “outperform” rating to a “market perform” rating in a research report on Friday, July 14th. BidaskClub cut Summit Hotel Properties from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 30th. Zacks Investment Research raised Summit Hotel Properties from a “hold” rating to a “buy” rating and set a $20.00 price objective on the stock in a research report on Wednesday, July 12th. KeyCorp reissued a “hold” rating on shares of Summit Hotel Properties in a research report on Friday, August 25th. Finally, Robert W. Baird reissued a “buy” rating and issued a $17.00 price objective on shares of Summit Hotel Properties in a research report on Friday, September 8th. Three analysts have rated the stock with a sell rating, two have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Summit Hotel Properties presently has an average rating of “Hold” and a consensus price target of $17.75.

In other Summit Hotel Properties news, Chairman Daniel P. Hansen bought 10,000 shares of the business’s stock in a transaction on Wednesday, August 9th. The shares were acquired at an average cost of $15.60 per share, for a total transaction of $156,000.00. Following the purchase, the chairman now owns 800,256 shares in the company, valued at approximately $12,483,993.60. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 1.71% of the company’s stock.

Summit Hotel Properties (NYSE:INN) last issued its earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.36 EPS for the quarter, missing the consensus estimate of $0.38 by ($0.02). Summit Hotel Properties had a net margin of 21.97% and a return on equity of 9.89%. The business had revenue of $124.11 million for the quarter, compared to analysts’ expectations of $132.21 million. During the same quarter in the prior year, the business posted $0.42 earnings per share. The business’s revenue for the quarter was down 2.4% on a year-over-year basis.

Summit Hotel Properties Company Profile

Summit Hotel Properties, Inc is a real estate investment trust (REIT). The Company is focused primarily on owning premium-branded, select-service hotels in the Upscale segment of the United States lodging industry. The Company’s portfolio consists of 79 hotels with a total of 11,590 guestrooms located in 24 states.

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

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