Two Sigma Advisers LP Reduces Holdings in Summit Hotel Properties, Inc. (NYSE:INN)

Two Sigma Advisers LP lowered its position in Summit Hotel Properties, Inc. (NYSE:INN) by 19.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 136,500 shares of the real estate investment trust’s stock after selling 32,800 shares during the period. Two Sigma Advisers LP owned about 0.13% of Summit Hotel Properties worth $935,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in INN. Wolverine Asset Management LLC lifted its position in shares of Summit Hotel Properties by 123.2% during the 4th quarter. Wolverine Asset Management LLC now owns 6,400 shares of the real estate investment trust’s stock valued at $44,000 after acquiring an additional 34,000 shares during the period. Ieq Capital LLC acquired a new stake in shares of Summit Hotel Properties during the 4th quarter valued at approximately $87,000. Entropy Technologies LP acquired a new stake in shares of Summit Hotel Properties during the 4th quarter valued at approximately $88,000. Van ECK Associates Corp lifted its position in shares of Summit Hotel Properties by 10.2% during the 4th quarter. Van ECK Associates Corp now owns 19,879 shares of the real estate investment trust’s stock valued at $136,000 after acquiring an additional 1,842 shares during the period. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Summit Hotel Properties during the 4th quarter valued at approximately $136,000. Institutional investors and hedge funds own 96.47% of the company’s stock.

Insider Activity at Summit Hotel Properties

In other news, Director Thomas W. Storey acquired 16,270 shares of the business’s stock in a transaction on Tuesday, May 13th. The shares were purchased at an average price of $4.62 per share, for a total transaction of $75,167.40. Following the acquisition, the director now directly owns 231,337 shares of the company’s stock, valued at $1,068,776.94. This represents a 7.57% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 3.83% of the company’s stock.

Summit Hotel Properties Stock Down 0.5%

Shares of INN opened at $4.38 on Monday. The firm has a market cap of $491.53 million, a PE ratio of 438.00, a price-to-earnings-growth ratio of 1.54 and a beta of 1.62. The company’s fifty day moving average is $4.33 and its two-hundred day moving average is $5.75. Summit Hotel Properties, Inc. has a fifty-two week low of $3.57 and a fifty-two week high of $7.22. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.01.

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

Summit Hotel Properties Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 16th were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, May 16th. This represents a $0.32 annualized dividend and a dividend yield of 7.31%. Summit Hotel Properties’s payout ratio is 200.00%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on INN shares. Wall Street Zen cut shares of Summit Hotel Properties from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd. Bank of America raised shares of Summit Hotel Properties from an “underperform” rating to a “neutral” rating and set a $5.00 price objective for the company in a research note on Wednesday, April 30th.

About Summit Hotel Properties

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.