In the most recent report that the company submitted to the Securities and Exchange Commission, it was stated that during the third quarter, Prudential Financial INC increased its holdings in Summit Hotel Properties, INC (NYSE: INN).
The company volunteered this information for our consideration.
The institutional investor ended up with a total of 268,486 shares in their portfolio after purchasing 21,923 shares of the real estate investment trust’s stock during the period in question.
According to the most recent filing that Prudential Financial INC made with the SEC, the company owned approximately 0.25 percent of Summit Hotel Properties, which had a value of 1,804,000 dollars at the time.
Several additional institutional investors have modified their INN holdings throughout the past few months. Jennison Associates LLC purchased a further 13.2% ownership stake in Summit Hotel Properties during the third quarter.
Because Jennison Associates LLC purchased an additional 780,551 shares of the real estate investment trust during the most recent quarter, the company’s total number of shares in the REIT is now 6,696,812.
These shares are currently trading at a price corresponding to a market value of $45,003,000.
During the first three months of the year, State Street Corporation acquired an additional 12.1% stake in Summit Hotel Properties. Following the acquisition of an additional 747,685 shares during the most recent quarter, State Street Corp. now owns 6,939,672 shares of the real estate investment trust.
The current value of these shares is $69,112,000. Vanguard Group INC raised its ownership stake in Summit Hotel Properties by 3.9% over the year’s first three months. Vanguard Group INC now holds 15,777,812 shares of the real estate investment trust’s stock, with a market value of $157,148,000.
This resulted from purchasing 599,123 additional shares during the most recent fiscal period.
The Massachusetts Financial Services Company, MA, spent a total of 847 thousand dollars on purchasing a new position in Summit Hotel Properties during the second quarter.
Last but not least, during the first three months of this year, the percentage of ownership that Renaissance Technologies LLC held in Summit Hotel Properties saw a growth of 754.6%. Renaissance Technologies LLC now has 129,052 shares of the real estate investment trust due to purchasing an additional 113,952 shares during the most recent quarter.
The value of these 129,052 shares brings the company’s investment in the REIT to a total of $1,285,000.
Most of the stock is owned by hedge funds and other institutional investors (96.59%).
When trading started on Thursday, a single share of INN stock was going for $8.29 per share.
The company’s price-to-earnings ratio is currently -41.45, and its market capitalization is currently at $886.17 million.
Its PEG ratio comes at 0.16, and its beta value comes at 2.01 points.
The stock’s moving average over the last 50 days is $7.76; over the last 200 days, it has been trading at $7.87.
All three financial ratios, including the debt-to-equity ratio, the current ratio, and the quick ratio, total 1.14.
The ratio of debt to equity is currently 1.03. Summit Hotel Properties, INC reached an all-time low of $6.57 during the past year, while the company’s stock reached an all-time high of $10.58 during the same period.
In addition, the company disclosed that it would be implementing a quarterly dividend, which is scheduled to be paid out on February 28. Shareholders who are “recorded” as of February 14 and February 14 will be eligible to receive a $0.05 dividend payment per share. February 13, which is a Monday, is the date that will determine whether or not a dividend will be withheld from an investor’s payment.
This translates into a dividend payment of $0.16 per year, which results in a yield of 1.93% on the investment.
At its current value of -80.00%, the payout ratio for Summit Hotel Properties has reached a level that is its lowest ever recorded.
In related news, on November 23, the director Mehulkumar Bhikhubhai Patel sold 3,000 of the company’s equity shares.
This is just one of the latest developments regarding this subject.
The total amount obtained from the sale of the shares was $25,230.00, which comes out to an individual price of $8.41 for each share. Following the completion of the transaction, the director now owns 11,899 company shares, a total value of approximately 100,070.59 dollars.
If you follow this link, you will be taken to the SEC filing in which the sale was disclosed.
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Insiders of the company hold a stake in the business equal to 2.94 percent of its total value.
Recent times have seen the company receive feedback from various equity research analysts who have followed the company’s progress. Robert W.
Baird lowered his rating for Summit Hotel Properties from “outperform” to “neutral” in a report published on January 12.
In a report disseminated on Tuesday, October 25, Deutsche Bank Aktiengesellschaft lowered their “buy” rating and price objective on Summit Hotel Properties to $11.00 and $14.00, respectively.
Before this, Deutsche Bank Aktiengesellschaft had previously held both of these positions.
In the end, Summit Hotel Properties was given a grade of “C-” by TheStreet in a report published on Tuesday, November 1; the report was made available to the general public.
