Peregrine Capital Management LLC purchased a new stake in Summit Hotel Properties Inc (NYSE:INN) in the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 756,235 shares of the real estate investment trust’s stock, valued at approximately $4,484,000.
Several other institutional investors also recently added to or reduced their stakes in INN. Spirit of America Management Corp NY acquired a new position in shares of Summit Hotel Properties in the first quarter valued at approximately $40,000. Advisor Group Holdings Inc. acquired a new position in shares of Summit Hotel Properties in the first quarter valued at approximately $42,000. Mercer Global Advisors Inc. ADV acquired a new position in shares of Summit Hotel Properties in the first quarter valued at approximately $51,000. DRW Securities LLC acquired a new position in Summit Hotel Properties during the first quarter worth $53,000. Finally, One Wealth Advisors LLC acquired a new position in Summit Hotel Properties during the first quarter worth $70,000. Institutional investors own 98.47% of the company’s stock.
Several research analysts recently commented on INN shares. Zacks Investment Research cut shares of Summit Hotel Properties from a “hold” rating to a “sell” rating in a report on Friday, June 12th. Bank of America upgraded shares of Summit Hotel Properties from an “underperform” rating to a “buy” rating and increased their target price for the stock from $4.00 to $7.00 in a report on Monday, June 1st. ValuEngine raised shares of Summit Hotel Properties from a “sell” rating to a “hold” rating in a research report on Monday, June 1st. Robert W. Baird dropped their price target on shares of Summit Hotel Properties from $8.00 to $7.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 13th. Finally, KeyCorp dropped their price target on shares of Summit Hotel Properties from $13.00 to $8.00 and set an “overweight” rating on the stock in a research report on Thursday, April 30th. One research analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company. Summit Hotel Properties presently has an average rating of “Buy” and a consensus target price of $10.00.
Shares of INN opened at $5.18 on Friday. The firm has a market capitalization of $544.80 million, a PE ratio of 14.00 and a beta of 2.09. The company’s 50-day moving average is $5.81 and its 200-day moving average is $7.06. Summit Hotel Properties Inc has a fifty-two week low of $2.32 and a fifty-two week high of $12.59. The company has a debt-to-equity ratio of 0.96, a current ratio of 2.09 and a quick ratio of 2.09.
Summit Hotel Properties (NYSE:INN) last issued its quarterly earnings data on Monday, May 11th. The real estate investment trust reported ($0.18) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by ($0.34). The company had revenue of $108.39 million during the quarter, compared to the consensus estimate of $110.52 million. Summit Hotel Properties had a net margin of 10.49% and a return on equity of 4.51%. Analysts predict that Summit Hotel Properties Inc will post -0.18 earnings per share for the current fiscal year.
Summit Hotel Properties Company Profile
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 April 18, 2019, the Company's portfolio consisted of 69 hotels with a total of 10,714 guestrooms located in 24 states.
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