Vanguard Group Inc. Sells 216,319 Shares of Summit Hotel Properties, Inc. (NYSE:INN)

Vanguard Group Inc. cut its holdings in Summit Hotel Properties, Inc. (NYSE:INNFree Report) by 1.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,691,296 shares of the real estate investment trust’s stock after selling 216,319 shares during the period. Vanguard Group Inc. owned approximately 13.65% of Summit Hotel Properties worth $98,726,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Illinois Municipal Retirement Fund raised its position in shares of Summit Hotel Properties by 2.5% during the fourth quarter. Illinois Municipal Retirement Fund now owns 65,277 shares of the real estate investment trust’s stock valued at $439,000 after buying an additional 1,601 shares during the last quarter. Van ECK Associates Corp lifted its position in shares of Summit Hotel Properties by 19.7% in the 4th quarter. Van ECK Associates Corp now owns 14,687 shares of the real estate investment trust’s stock worth $99,000 after acquiring an additional 2,415 shares during the period. Quadrant Capital Group LLC grew its holdings in shares of 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 worth $32,000 after purchasing an additional 2,454 shares in the last quarter. Tower Research Capital LLC TRC increased its position in shares of Summit Hotel Properties by 56.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 7,561 shares of the real estate investment trust’s stock valued at $51,000 after purchasing an additional 2,728 shares during the period. Finally, BNP Paribas Financial Markets raised its stake in shares of Summit Hotel Properties by 6.7% in the fourth quarter. BNP Paribas Financial Markets now owns 59,523 shares of the real estate investment trust’s stock valued at $400,000 after purchasing an additional 3,750 shares in the last quarter. Institutional investors and hedge funds own 96.47% of the company’s stock.

Summit Hotel Properties Stock Down 1.5 %

INN opened at $5.72 on Monday. The company has a market capitalization of $618.85 million, a P/E ratio of -23.83 and a beta of 2.03. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.13 and a quick ratio of 1.13. The firm’s fifty day moving average price is $5.99 and its two-hundred day moving average price is $6.32. Summit Hotel Properties, Inc. has a fifty-two week low of $5.31 and a fifty-two week high of $6.98.

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

Summit Hotel Properties Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Friday, May 17th were given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 5.59%. This is a boost from Summit Hotel Properties’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend was Thursday, May 16th. Summit Hotel Properties’s dividend payout ratio is -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.

Further Reading

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

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