Principal Financial Group Inc. Trims Position in Summit Hotel Properties, Inc. $INN

Key Points

• Principal Financial Group cut its Summit Hotel Properties stake by 76.7% in the first quarter, selling 529,708 shares and retaining 161,232 shares valued at approximately $713,000. Institutional investors collectively own 96.47% of the REIT.
• Summit Hotel Properties reported quarterly revenue of $185.05 million and an adjusted loss of $0.10 per share, beating analysts’ estimates. Shares opened at $6.87, near their 52-week high of $7.17.
• The company declared a quarterly dividend of $0.08 per share, or $0.32 annually, representing a 4.7% yield. Analyst sentiment is mixed, with an overall “Hold” rating and a consensus price target of $5.40.

Principal Financial Group Inc. decreased its holdings in shares of Summit Hotel Properties, Inc. (NYSE:INN - Free Report) by 76.7% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 161,232 shares of the real estate investment trust's stock after selling 529,708 shares during the period. Principal Financial Group Inc. owned approximately 0.15% of Summit Hotel Properties worth $713,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Quarry LP acquired a new position in Summit Hotel Properties in the 3rd quarter valued at about $35,000. CIBC Asset Management Inc acquired a new stake in Summit Hotel Properties during the 4th quarter worth approximately $52,000. Corient Private Wealth LLC acquired a new stake in Summit Hotel Properties during the 4th quarter worth approximately $52,000. BNP Paribas Financial Markets lifted its position in Summit Hotel Properties by 53.6% during the 2nd quarter. BNP Paribas Financial Markets now owns 10,807 shares of the real estate investment trust's stock worth $55,000 after acquiring an additional 3,773 shares during the period. Finally, Tower Research Capital LLC TRC grew its stake in shares of Summit Hotel Properties by 148.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 10,793 shares of the real estate investment trust's stock valued at $55,000 after purchasing an additional 6,442 shares during the last quarter. Hedge funds and other institutional investors own 96.47% of the company's stock.

Summit Hotel Properties Trading Down 0.4%

NYSE INN opened at $6.87 on Friday. The stock has a market capitalization of $744.58 million, a P/E ratio of -23.69 and a beta of 1.26. Summit Hotel Properties, Inc. has a 52-week low of $3.97 and a 52-week high of $7.17. The firm has a 50-day moving average price of $6.48 and a 200 day moving average price of $5.30. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.16.

Summit Hotel Properties (NYSE:INN - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The real estate investment trust reported ($0.10) EPS for the quarter, beating analysts' consensus estimates of ($0.12) by $0.02. Summit Hotel Properties had a negative net margin of 1.75% and a negative return on equity of 1.03%. The firm had revenue of $185.05 million during the quarter, compared to the consensus estimate of $180.51 million. Equities research analysts expect that Summit Hotel Properties, Inc. will post 0.74 EPS for the current year.

Summit Hotel Properties Dividend Announcement

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

Wall Street Analysts Forecast Growth

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