Forward Management Lowers stake in Summit Hotel Properties Inc (INN)

Summit Hotel Properties Inc (INN) : Forward Management reduced its stake in Summit Hotel Properties Inc by 22.41% during the most recent quarter end. The investment management company now holds a total of 900,000 shares of Summit Hotel Properties Inc which is valued at $12,645,000 after selling 260,000 shares in Summit Hotel Properties Inc , the firm said in a disclosure report filed with the SEC on Aug 3, 2016.Summit Hotel Properties Inc makes up approximately 0.99% of Forward Management’s portfolio.

Other Hedge Funds, Including , Great West Life Assurance Co Can boosted its stake in INN in the latest quarter, The investment management firm added 102,512 additional shares and now holds a total of 111,712 shares of Summit Hotel Properties Inc which is valued at $1,569,554.Pitcairn Co boosted its stake in INN in the latest quarter, The investment management firm added 32,377 additional shares and now holds a total of 50,762 shares of Summit Hotel Properties Inc which is valued at $705,592. Summit Hotel Properties Inc makes up approx 0.09% of Pitcairn Co’s portfolio.Independent Portfolio Consultants reduced its stake in INN by selling 5 shares or 0.03% in the most recent quarter. The Hedge Fund company now holds 14,425 shares of INN which is valued at $205,124. Summit Hotel Properties Inc makes up approx 0.06% of Independent Portfolio Consultants’s portfolio.Gradient Investments reduced its stake in INN by selling 357,795 shares or 98.82% in the most recent quarter. The Hedge Fund company now holds 4,276 shares of INN which is valued at $60,805. Summit Hotel Properties Inc makes up approx 0.01% of Gradient Investments’s portfolio.

Summit Hotel Properties Inc opened for trading at $14.15 and hit $14.58 on the upside on Monday, eventually ending the session at $14.32, with a gain of 2.14% or 0.3 points. The heightened volatility saw the trading volume jump to 8,35,248 shares. Company has a market cap of $1,250 M.

On the company’s financial health, Summit Hotel Properties Inc reported $0.42 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Aug 2, 2016. Analyst had a consensus of $0.39. The company had revenue of $127.19 million for the quarter, compared to analysts expectations of $127.00 million. The company’s revenue was up 5.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.14 EPS.

Investors should note that on Jul 29, 2016, Summit Hotel Properties Inc announced a cash dividend of $0.1325. The company’s management has announced Aug 12, 2016 as the ex-dividend date and fixed the record date on Aug 16, 2016. The payable date has been fixed on Aug 31, 2016.

Summit Hotel Properties Inc. (Summit REIT) is a real estate investment trust (REIT). The Company is a self-managed hotel investment company. It focuses primarily on acquiring and owning select-service hotels in the upscale and upper-midscale segments of the United States lodging industry. As of July 8 2015 the Company’s portfolio included 93 hotels with a total of 11933 guestrooms located in 23 states. Approximately 61 of its hotel properties with 8169 guestrooms are categorized as upscale hotels and 29 of its hotel properties with 3294 guestrooms are categorized as upper-midscale hotels. The Company holds both general and limited partnership interests in Summit Hotel OP LP (the Operating Partnership). Over 97.4% of the Company’s hotel guestrooms operate under franchise brands owned by Marriott Hilton IHG and an affiliate of Hyatt. Its hotels are located in markets such as business and corporate headquarters retail centers airports and tourist attractions.

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