Summit Hotel Properties, Inc. (NYSE:INN) Shares Bought by Jennison Associates LLC

Jennison Associates LLC grew its stake in Summit Hotel Properties, Inc. (NYSE:INNFree Report) by 7.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,357,138 shares of the real estate investment trust’s stock after buying an additional 379,223 shares during the period. Jennison Associates LLC owned 4.98% of Summit Hotel Properties worth $34,875,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. H 2 Credit Manager LP increased its position in Summit Hotel Properties by 1.7% in the 4th quarter. H 2 Credit Manager LP now owns 5,010,631 shares of the real estate investment trust’s stock valued at $33,671,000 after acquiring an additional 83,700 shares during the period. Victory Capital Management Inc. boosted its holdings in shares of Summit Hotel Properties by 3.5% in the fourth quarter. Victory Capital Management Inc. now owns 2,388,411 shares of the real estate investment trust’s stock valued at $16,050,000 after acquiring an additional 81,774 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Summit Hotel Properties by 7.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,491,396 shares of the real estate investment trust’s stock worth $10,022,000 after acquiring an additional 99,732 shares during the period. Allegheny Financial Group LTD increased its stake in shares of Summit Hotel Properties by 5.1% during the fourth quarter. Allegheny Financial Group LTD now owns 282,344 shares of the real estate investment trust’s stock worth $1,897,000 after acquiring an additional 13,691 shares during the period. Finally, Public Employees Retirement System of Ohio raised its holdings in Summit Hotel Properties by 5.9% during the third quarter. Public Employees Retirement System of Ohio now owns 154,353 shares of the real estate investment trust’s stock worth $895,000 after purchasing an additional 8,663 shares in the last quarter. 96.47% of the stock is owned by hedge funds and other institutional investors.

Summit Hotel Properties Price Performance

Shares of INN opened at $5.67 on Wednesday. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 1.08. The stock’s 50 day moving average is $5.97 and its two-hundred day moving average is $6.31. Summit Hotel Properties, Inc. has a twelve month low of $5.31 and a twelve month high of $6.98. The firm has a market capitalization of $612.90 million, a PE ratio of -23.60 and a beta of 2.03.

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

Summit Hotel Properties Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 31st. Stockholders of record on Friday, May 17th were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.65%. This is an increase 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 (DPR) is presently -133.33%.

Summit Hotel Properties Company 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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