Millennium Management LLC Trims Holdings in Summit Hotel Properties Inc (NYSE:INN)

Millennium Management LLC decreased its stake in Summit Hotel Properties Inc (NYSE:INN) by 28.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 731,211 shares of the real estate investment trust’s stock after selling 289,550 shares during the quarter. Millennium Management LLC owned approximately 0.70% of Summit Hotel Properties worth $7,115,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Lincluden Management Ltd. boosted its stake in shares of Summit Hotel Properties by 61.9% in the third quarter. Lincluden Management Ltd. now owns 154,289 shares of the real estate investment trust’s stock worth $2,088,000 after acquiring an additional 59,005 shares during the period. Accident Compensation Corp boosted its stake in shares of Summit Hotel Properties by 670.1% in the fourth quarter. Accident Compensation Corp now owns 81,802 shares of the real estate investment trust’s stock worth $796,000 after acquiring an additional 71,180 shares during the period. Comerica Bank boosted its stake in shares of Summit Hotel Properties by 1.8% in the fourth quarter. Comerica Bank now owns 175,563 shares of the real estate investment trust’s stock worth $1,915,000 after acquiring an additional 3,075 shares during the period. GSA Capital Partners LLP bought a new position in shares of Summit Hotel Properties in the fourth quarter worth about $193,000. Finally, Two Sigma Investments LP boosted its stake in shares of Summit Hotel Properties by 1,010.9% in the fourth quarter. Two Sigma Investments LP now owns 260,418 shares of the real estate investment trust’s stock worth $2,534,000 after acquiring an additional 236,975 shares during the period. Institutional investors and hedge funds own 99.87% of the company’s stock.

A number of research firms have recently weighed in on INN. ValuEngine raised Summit Hotel Properties from a “sell” rating to a “hold” rating in a research note on Friday. Zacks Investment Research raised Summit Hotel Properties from a “sell” rating to a “hold” rating in a research note on Thursday, February 7th. Deutsche Bank reissued a “buy” rating and set a $14.00 price target on shares of Summit Hotel Properties in a research note on Sunday, April 21st. Finally, Bank of America lowered Summit Hotel Properties from a “neutral” rating to an “underperform” rating in a research note on Monday, January 7th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $13.75.

Summit Hotel Properties stock traded up $0.13 during midday trading on Friday, reaching $12.42. 655,750 shares of the stock traded hands, compared to its average volume of 607,106. Summit Hotel Properties Inc has a 12 month low of $9.29 and a 12 month high of $15.61. The firm has a market cap of $1.31 billion, a PE ratio of 9.20 and a beta of 1.43. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 0.80.

The company also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 17th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 5.80%. The ex-dividend date of this dividend is Thursday, May 16th. Summit Hotel Properties’s payout ratio is presently 53.33%.

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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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Institutional Ownership by Quarter for Summit Hotel Properties (NYSE:INN)

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