Two Sigma Investments LP lowered its stake in shares of Summit Hotel Properties Inc (NYSE:INN) by 58.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 41,362 shares of the real estate investment trust’s stock after selling 58,963 shares during the period. Two Sigma Investments LP’s holdings in Summit Hotel Properties were worth $175,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in the stock. Sunbelt Securities Inc. acquired a new position in Summit Hotel Properties during the fourth quarter worth $26,197,000. Spirit of America Management Corp NY bought a new position in shares of Summit Hotel Properties in the 1st quarter valued at about $40,000. Vident Investment Advisory LLC acquired a new position in shares of Summit Hotel Properties during the 4th quarter worth about $126,000. AQR Capital Management LLC bought a new stake in shares of Summit Hotel Properties in the 4th quarter valued at about $152,000. Finally, DRW Securities LLC acquired a new stake in Summit Hotel Properties in the 1st quarter valued at about $53,000. 98.40% of the stock is owned by institutional investors and hedge funds.
INN has been the topic of several research analyst reports. Bank of America upgraded Summit Hotel Properties from an “underperform” rating to a “buy” rating and upped their price objective for the company from $4.00 to $7.00 in a research note on Monday, June 1st. Robert W. Baird reduced their price objective on shares of Summit Hotel Properties from $8.00 to $7.00 and set an “outperform” rating for the company in a research report on Wednesday, May 13th. ValuEngine upgraded shares of Summit Hotel Properties from a “sell” rating to a “hold” rating in a report on Monday, June 1st. 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. Finally, 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. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the stock. Summit Hotel Properties currently has a consensus rating of “Buy” and an average target price of $10.21.
Summit Hotel Properties (NYSE:INN) last posted its quarterly earnings data on Monday, May 11th. The real estate investment trust reported ($0.18) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.16 by ($0.34). Summit Hotel Properties had a net margin of 10.49% and a return on equity of 4.51%. The business had revenue of $108.39 million during the quarter, compared to the consensus estimate of $110.52 million. On average, analysts forecast that Summit Hotel Properties Inc will post -0.07 EPS for the current year.
About Summit Hotel Properties
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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