Arrowstreet Capital Limited Partnership Invests $8.62 Million in Summit Hotel Properties, Inc. $INN

Key Points

• Arrowstreet Capital acquired 1.95 million shares of Summit Hotel Properties worth approximately $8.62 million, giving it a 1.80% ownership stake. Institutional investors collectively own 96.47% of the REIT.
• Summit Hotel Properties reported quarterly revenue of $185.05 million and EPS of negative $0.10, beating analyst estimates for both metrics, though it posted negative net margin and return on equity.
• The company declared a quarterly dividend of $0.08, equivalent to a $0.32 annualized payout and a 4.7% yield. Analysts’ consensus rating is “Hold,” with an average price target of $5.40 versus the stock’s reported $6.87 price.

Arrowstreet Capital Limited Partnership bought a new position in Summit Hotel Properties, Inc. (NYSE:INN - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 1,951,164 shares of the real estate investment trust's stock, valued at approximately $8,624,000. Arrowstreet Capital Limited Partnership owned 1.80% of Summit Hotel Properties as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Summit Hotel Properties by 4.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 62,254 shares of the real estate investment trust's stock worth $337,000 after acquiring an additional 2,528 shares during the last quarter. Jane Street Group LLC raised its stake in shares of Summit Hotel Properties by 1.7% during the first quarter. Jane Street Group LLC now owns 165,679 shares of the real estate investment trust's stock valued at $896,000 after acquiring an additional 2,793 shares during the last quarter. Amundi raised its stake in shares of Summit Hotel Properties by 19.9% during the third quarter. Amundi now owns 18,320 shares of the real estate investment trust's stock valued at $100,000 after acquiring an additional 3,040 shares during the last quarter. Resona Asset Management Co. Ltd. boosted its holdings in shares of Summit Hotel Properties by 7.3% during the first quarter. Resona Asset Management Co. Ltd. now owns 48,128 shares of the real estate investment trust's stock worth $210,000 after purchasing an additional 3,261 shares during the period. Finally, Mercer Global Advisors Inc. ADV boosted its holdings in shares of Summit Hotel Properties by 22.9% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 18,917 shares of the real estate investment trust's stock worth $92,000 after purchasing an additional 3,527 shares during the period. 96.47% of the stock is currently owned by institutional investors.

Summit Hotel Properties Price Performance

Shares of NYSE INN opened at $6.87 on Friday. Summit Hotel Properties, Inc. has a 1 year low of $3.97 and a 1 year high of $7.17. The stock has a market capitalization of $744.54 million, a P/E ratio of -23.69 and a beta of 1.26. The company's 50-day moving average is $6.48 and its 200 day moving average is $5.30. The company has a debt-to-equity ratio of 1.16, a current ratio of 0.87 and a quick ratio of 0.87.

Summit Hotel Properties (NYSE:INN - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The real estate investment trust reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.12) by $0.02. The business had revenue of $185.05 million during the quarter, compared to analyst estimates of $180.51 million. Summit Hotel Properties had a negative net margin of 1.75% and a negative return on equity of 1.03%. On average, sell-side analysts expect that Summit Hotel Properties, Inc. will post 0.75 earnings per share for the current year.

Summit Hotel Properties Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Investors of record on Monday, August 17th will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 4.7%. The ex-dividend date of this dividend is Monday, August 17th. Summit Hotel Properties's dividend payout ratio is presently -110.34%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on INN. Weiss Ratings upgraded Summit Hotel Properties from a "sell (d)" rating to a "sell (d+)" rating in a report on Friday, May 29th. Raymond James Financial reiterated an "outperform" rating and issued a $7.00 price objective on shares of Summit Hotel Properties in a report on Monday, June 8th. Finally, Zacks Research upgraded Summit Hotel Properties from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $5.40.

About Summit Hotel Properties

Summit Hotel Properties is a real estate investment trust (REIT) that acquires, owns and operates branded select-service hotels and extended-stay properties across the United States. The company focuses on upper-midscale and upscale lodging segments, targeting established national brands to combine the operational efficiencies of limited-service properties with strong franchise affiliation.

The company's portfolio comprises over thirty hotels carrying well-known flags such as Marriott, Hilton, Hyatt and IHG.

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