Summit Hotel Properties Inc (INN) Holdings Decreased by Bank of America Corp DE

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Bank of America Corp DE lowered its holdings in Summit Hotel Properties Inc (NYSE:INN) by 30.6% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 691,242 shares of the real estate investment trust’s stock after selling 304,072 shares during the period. Bank of America Corp DE owned approximately 0.66% of Summit Hotel Properties worth $6,726,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the business. ClariVest Asset Management LLC raised its holdings in shares of Summit Hotel Properties by 0.9% in the 4th quarter. ClariVest Asset Management LLC now owns 117,500 shares of the real estate investment trust’s stock valued at $1,143,000 after acquiring an additional 1,000 shares in the last quarter. State of Alaska Department of Revenue increased its position in shares of Summit Hotel Properties by 1.7% during the 4th quarter. State of Alaska Department of Revenue now owns 68,735 shares of the real estate investment trust’s stock valued at $667,000 after purchasing an additional 1,127 shares during the last quarter. Nomura Asset Management Co. Ltd. increased its position in shares of Summit Hotel Properties by 2.0% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 66,300 shares of the real estate investment trust’s stock valued at $645,000 after purchasing an additional 1,300 shares during the last quarter. Daiwa Securities Group Inc. increased its position in shares of Summit Hotel Properties by 11.0% during the 4th quarter. Daiwa Securities Group Inc. now owns 16,200 shares of the real estate investment trust’s stock valued at $158,000 after purchasing an additional 1,600 shares during the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in shares of Summit Hotel Properties by 11.2% during the 4th quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 18,875 shares of the real estate investment trust’s stock valued at $180,000 after purchasing an additional 1,900 shares during the last quarter. 99.87% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Summit Hotel Properties stock opened at $11.70 on Friday. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.21 and a current ratio of 1.21. The stock has a market cap of $1.23 billion, a PE ratio of 8.67 and a beta of 1.45. Summit Hotel Properties Inc has a 12 month low of $9.29 and a 12 month high of $15.61.

Several brokerages have recently commented on INN. Zacks Investment Research upgraded Summit Hotel Properties from a “sell” rating to a “hold” rating in a research report on Tuesday, March 12th. Bank of America lowered Summit Hotel Properties from a “neutral” rating to an “underperform” rating in a research report on Monday, January 7th. Finally, KeyCorp set a $13.00 price objective on Summit Hotel Properties and gave the company a “buy” rating in a research report on Thursday, December 20th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the stock. Summit Hotel Properties currently has an average rating of “Hold” and a consensus target price of $13.75.

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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 October 30, 2018, the Company's portfolio consisted of 77 hotels with a total of 11,659 guestrooms located in 26 states.

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

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