Summit Hotel Properties, Inc. (NYSE:INN) Shares Sold by Millennium Management LLC

Millennium Management LLC trimmed its stake in Summit Hotel Properties, Inc. (NYSE:INN) by 81.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 83,564 shares of the real estate investment trust’s stock after selling 372,272 shares during the quarter. Millennium Management LLC owned approximately 0.08% of Summit Hotel Properties worth $572,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Wolverine Asset Management LLC increased its stake in Summit Hotel Properties by 123.2% in the fourth quarter. Wolverine Asset Management LLC now owns 6,400 shares of the real estate investment trust’s stock valued at $44,000 after purchasing an additional 34,000 shares during the last quarter. Ieq Capital LLC acquired a new position in Summit Hotel Properties in the fourth quarter valued at $87,000. Entropy Technologies LP acquired a new position in Summit Hotel Properties in the fourth quarter valued at $88,000. Van ECK Associates Corp increased its stake in Summit Hotel Properties by 10.2% in the fourth quarter. Van ECK Associates Corp now owns 19,879 shares of the real estate investment trust’s stock valued at $136,000 after purchasing an additional 1,842 shares during the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new position in Summit Hotel Properties in the fourth quarter valued at $136,000. 96.47% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Thomas W. Storey purchased 16,270 shares of the stock in a transaction dated Tuesday, May 13th. The shares were bought at an average cost of $4.62 per share, for a total transaction of $75,167.40. Following the transaction, the director now owns 231,337 shares in the company, valued at $1,068,776.94. This trade represents a 7.57% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 3.83% of the company’s stock.

Summit Hotel Properties Trading Up 0.7%

Shares of INN opened at $4.31 on Monday. The company has a market capitalization of $483.56 million, a P/E ratio of 430.90, a P/E/G ratio of 1.54 and a beta of 1.63. Summit Hotel Properties, Inc. has a one year low of $3.57 and a one year high of $7.22. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a 50-day moving average price of $4.21 and a 200 day moving average price of $5.68.

Summit Hotel Properties (NYSE:INN) last announced its quarterly earnings data 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 firm had revenue of $184.48 million for the quarter, compared to analysts’ expectations of $184.93 million. Sell-side analysts forecast that Summit Hotel Properties, Inc. will post 0.88 EPS for the current fiscal year.

Summit Hotel Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 16th were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 7.43%. The ex-dividend date was Friday, May 16th. Summit Hotel Properties’s dividend payout ratio (DPR) is 200.00%.

Wall Street Analysts Forecast Growth

INN has been the subject of a number of research reports. Wall Street Zen downgraded Summit Hotel Properties from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd. Bank of America raised Summit Hotel Properties from an “underperform” rating to a “neutral” rating and set a $5.00 price target for the company in a research report on Wednesday, April 30th.

Summit Hotel Properties Company 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.