PNC Financial Services Group Inc. Sells 31,934 Shares of Summit Hotel Properties, Inc. (NYSE:INN)

PNC Financial Services Group Inc. decreased its position in Summit Hotel Properties, Inc. (NYSE:INNFree Report) by 70.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,587 shares of the real estate investment trust’s stock after selling 31,934 shares during the period. PNC Financial Services Group Inc.’s holdings in Summit Hotel Properties were worth $91,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of INN. Quadrant Capital Group LLC lifted its stake in Summit Hotel Properties by 103.1% during the 4th quarter. Quadrant Capital Group LLC now owns 4,835 shares of the real estate investment trust’s stock valued at $32,000 after acquiring an additional 2,454 shares during the period. First PREMIER Bank bought a new position in Summit Hotel Properties during the 4th quarter valued at about $42,000. Tower Research Capital LLC TRC lifted its stake in Summit Hotel Properties by 56.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 7,561 shares of the real estate investment trust’s stock valued at $51,000 after acquiring an additional 2,728 shares during the period. Van ECK Associates Corp lifted its stake in Summit Hotel Properties by 19.7% during the 4th quarter. Van ECK Associates Corp now owns 14,687 shares of the real estate investment trust’s stock valued at $99,000 after acquiring an additional 2,415 shares during the period. Finally, Sequoia Financial Advisors LLC lifted its stake in shares of Summit Hotel Properties by 15.0% in the 4th quarter. Sequoia Financial Advisors LLC now owns 31,533 shares of the real estate investment trust’s stock worth $212,000 after purchasing an additional 4,109 shares during the period. Institutional investors own 96.47% of the company’s stock.

Summit Hotel Properties Price Performance

Shares of NYSE:INN opened at $5.72 on Friday. The firm’s 50 day moving average price is $5.99 and its 200-day moving average price is $6.32. Summit Hotel Properties, Inc. has a twelve month low of $5.31 and a twelve month high of $6.98. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 1.08. The stock has a market capitalization of $618.85 million, a PE ratio of -23.83 and a beta of 2.03.

Summit Hotel Properties (NYSE:INNGet Free Report) last released its earnings results on Wednesday, May 1st. The real estate investment trust reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.20). The firm had revenue of $188.14 million during the quarter, compared to analysts’ expectations of $181.40 million. Summit Hotel Properties had a negative return on equity of 0.56% and a negative net margin of 1.04%. During the same period in the prior year, the company posted $0.22 earnings per share. Equities research analysts expect that Summit Hotel Properties, Inc. will post 0.88 EPS for the current year.

Summit Hotel Properties Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 31st. Investors of record on Friday, May 17th were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 5.59%. This is a positive change from Summit Hotel Properties’s previous quarterly dividend of $0.06. The ex-dividend date was Thursday, May 16th. Summit Hotel Properties’s dividend payout ratio is currently -133.33%.

Summit Hotel Properties Profile

(Free Report)

Summit Hotel Properties, Inc is a publicly traded real estate investment trust focused on owning premium-branded lodging properties with efficient operating models primarily in the upscale segment of the lodging industry. As of November 1, 2023, the Company's portfolio consisted of 101 assets, 57 of which are wholly owned, with a total of 15,035 guestrooms located in 24 states.

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

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