The Strs Ohio Reduces Stake in Summit Hotel Properties Inc. (INN)

The Strs Ohio Reduces Stake in Summit Hotel Properties Inc. (INN)

Strs Ohio reduced its stake in shares of Summit Hotel Properties Inc. (NYSE:INN) by 1.6% during the third quarter, Holdings Channel reports. The institutional investor owned 150,864 shares of the real estate investment trust’s stock after selling 2,403 shares during the period. Strs Ohio’s holdings in Summit Hotel Properties were worth $1,985,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the stock. Capstone Asset Management Co. boosted its stake in Summit Hotel Properties by 3.1% in the second quarter. Capstone Asset Management Co. now owns 20,100 shares of the real estate investment trust’s stock valued at $266,000 after buying an additional 610 shares in the last quarter. New York State Teachers Retirement System boosted its stake in Summit Hotel Properties by 5.6% in the second quarter. New York State Teachers Retirement System now owns 155,698 shares of the real estate investment trust’s stock valued at $2,061,000 after buying an additional 8,200 shares in the last quarter. Bank of Montreal Can acquired a new stake in Summit Hotel Properties during the second quarter valued at $9,871,000. Louisiana State Employees Retirement System boosted its stake in Summit Hotel Properties by 0.5% in the second quarter. Louisiana State Employees Retirement System now owns 38,600 shares of the real estate investment trust’s stock valued at $511,000 after buying an additional 200 shares in the last quarter. Finally, Pitcairn Co. boosted its stake in Summit Hotel Properties by 176.1% in the second quarter. Pitcairn Co. now owns 50,762 shares of the real estate investment trust’s stock valued at $672,000 after buying an additional 32,377 shares in the last quarter. 94.16% of the stock is owned by institutional investors.

Shares of Summit Hotel Properties Inc. (NYSE:INN) traded down 1.38% during mid-day trading on Thursday, hitting $15.69. The stock had a trading volume of 348,039 shares. Summit Hotel Properties Inc. has a 1-year low of $9.26 and a 1-year high of $16.33. The company has a market capitalization of $1.37 billion, a P/E ratio of 8.36 and a beta of 0.98. The stock’s 50-day moving average price is $15.46 and its 200 day moving average price is $14.08.

Summit Hotel Properties (NYSE:INN) last posted its earnings results on Wednesday, November 2nd. The real estate investment trust reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.04. The business had revenue of $118.34 million for the quarter, compared to analyst estimates of $117.99 million. Summit Hotel Properties had a return on equity of 19.64% and a net margin of 38.34%. The firm’s revenue was down 5.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.37 EPS. On average, analysts predict that Summit Hotel Properties Inc. will post $1.00 EPS for the current fiscal year.

Several research analysts recently commented on INN shares. Zacks Investment Research cut Summit Hotel Properties from a “hold” rating to a “sell” rating in a research report on Thursday, October 20th. Canaccord Genuity set a $16.00 target price on Summit Hotel Properties and gave the stock a “buy” rating in a research report on Wednesday, November 2nd. Eight investment analysts have rated the stock with a buy rating, Summit Hotel Properties currently has an average rating of “Buy” and an average target price of $15.08.

About Summit Hotel Properties

Summit Hotel Properties, Inc is a real estate investment trust (REIT). The Company is focused primarily on owning premium-branded, select-service hotels in the Upscale segment of the United States lodging industry. The Company’s portfolio consists of 81 hotels with over 10,957 guestrooms located in 23 states.

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