Peregrine Capital Management LLC acquired a new stake in Summit Hotel Properties Inc (NYSE:INN) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 756,235 shares of the real estate investment trust’s stock, valued at approximately $4,484,000. Peregrine Capital Management LLC owned about 0.72% of Summit Hotel Properties at the end of the most recent reporting period.
A number of other large investors have also recently bought and sold shares of the business. Spirit of America Management Corp NY bought a new position in shares of Summit Hotel Properties in the first quarter valued at approximately $40,000. Advisor Group Holdings Inc. bought a new stake in Summit Hotel Properties during the first quarter worth approximately $42,000. Mercer Global Advisors Inc. ADV bought a new stake in Summit Hotel Properties during the first quarter worth approximately $51,000. DRW Securities LLC bought a new stake in Summit Hotel Properties during the first quarter worth approximately $53,000. Finally, One Wealth Advisors LLC bought a new stake in Summit Hotel Properties during the first quarter worth approximately $70,000. 98.47% of the stock is owned by institutional investors.
Summit Hotel Properties stock opened at $5.18 on Friday. The company has a 50 day moving average price of $5.81 and a 200 day moving average price of $7.06. Summit Hotel Properties Inc has a 52 week low of $2.32 and a 52 week high of $12.59. The company has a debt-to-equity ratio of 0.96, a quick ratio of 2.09 and a current ratio of 2.09. The firm has a market capitalization of $544.80 million, a price-to-earnings ratio of 14.00 and a beta of 2.09.
Summit Hotel Properties (NYSE:INN) last released its earnings results on Monday, May 11th. The real estate investment trust reported ($0.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.34). Summit Hotel Properties had a return on equity of 4.51% and a net margin of 10.49%. The company had revenue of $108.39 million during the quarter, compared to analysts’ expectations of $110.52 million. Equities analysts forecast that Summit Hotel Properties Inc will post -0.18 earnings per share for the current fiscal year.
A number of brokerages recently weighed in on INN. KeyCorp reduced their target price on shares of Summit Hotel Properties from $13.00 to $8.00 and set an “overweight” rating for the company in a report on Thursday, April 30th. Raymond James reduced their target price on shares of Summit Hotel Properties from $9.00 to $7.50 and set an “outperform” rating for the company in a report on Tuesday, July 14th. Robert W. Baird reduced their target price on shares of Summit Hotel Properties from $8.00 to $7.00 and set an “outperform” rating for the company in a report on Wednesday, May 13th. Zacks Investment Research lowered shares of Summit Hotel Properties from a “hold” rating to a “sell” rating in a research note on Friday, June 12th. Finally, ValuEngine raised shares of Summit Hotel Properties from a “sell” rating to a “hold” rating in a research note on Monday, June 1st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $10.00.
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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