Northern Trust Corp Boosts Stock Holdings in Summit Hotel Properties, Inc. (NYSE:INN)

Northern Trust Corp boosted its stake in Summit Hotel Properties, Inc. (NYSE:INN) by 23.3% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,469,573 shares of the real estate investment trust’s stock after purchasing an additional 277,996 shares during the quarter. Northern Trust Corp owned about 1.36% of Summit Hotel Properties worth $10,067,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in INN. H 2 Credit Manager LP grew its holdings in Summit Hotel Properties by 24.3% during the 4th quarter. H 2 Credit Manager LP now owns 8,909,500 shares of the real estate investment trust’s stock valued at $61,030,000 after buying an additional 1,742,169 shares in the last quarter. Jennison Associates LLC lifted its stake in shares of Summit Hotel Properties by 21.6% during the 4th quarter. Jennison Associates LLC now owns 6,704,189 shares of the real estate investment trust’s stock worth $45,924,000 after acquiring an additional 1,191,506 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in Summit Hotel Properties by 5.8% during the 4th quarter. Victory Capital Management Inc. now owns 2,577,615 shares of the real estate investment trust’s stock valued at $17,657,000 after acquiring an additional 141,010 shares during the period. Charles Schwab Investment Management Inc. grew its position in Summit Hotel Properties by 1.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,590,760 shares of the real estate investment trust’s stock valued at $10,897,000 after acquiring an additional 24,925 shares during the last quarter. Finally, Barclays PLC lifted its position in shares of Summit Hotel Properties by 40.2% during the third quarter. Barclays PLC now owns 1,193,305 shares of the real estate investment trust’s stock worth $8,185,000 after purchasing an additional 342,408 shares during the last quarter. Institutional investors own 96.47% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Bank of America upgraded shares of Summit Hotel Properties from an “underperform” rating to a “neutral” rating and set a $5.00 price target on the stock in a report on Wednesday, April 30th.

Summit Hotel Properties Stock Down 0.8%

Shares of Summit Hotel Properties stock opened at $4.50 on Friday. The firm’s 50-day moving average is $4.60 and its two-hundred day moving average is $5.90. Summit Hotel Properties, Inc. has a 1 year low of $3.57 and a 1 year high of $7.22. The stock has a market cap of $504.43 million, a price-to-earnings ratio of 449.50, a PEG ratio of 1.54 and a beta of 1.62. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.78 and a quick ratio of 0.78.

Summit Hotel Properties (NYSE:INN) last announced its earnings results on Wednesday, April 30th. The real estate investment trust reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.01. Summit Hotel Properties had a return on equity of 1.87% and a net margin of 3.41%. The business had revenue of $184.48 million for the quarter, compared to analysts’ expectations of $184.93 million. As a group, research analysts expect that Summit Hotel Properties, Inc. will post 0.88 earnings per share for the current fiscal year.

Summit Hotel Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 16th will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 7.12%. The ex-dividend date is Friday, May 16th. Summit Hotel Properties’s payout ratio is currently 200.00%.

Summit Hotel Properties Profile

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.