Rhumbline Advisers Sells 22,104 Shares of Summit Hotel Properties, Inc. (NYSE:INN)

Rhumbline Advisers lowered its stake in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 6.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 321,160 shares of the real estate investment trust’s stock after selling 22,104 shares during the period. Rhumbline Advisers owned 0.29% of Summit Hotel Properties worth $1,737,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Alyeska Investment Group L.P. grew its stake in shares of Summit Hotel Properties by 0.3% during the fourth quarter. Alyeska Investment Group L.P. now owns 598,819 shares of the real estate investment trust’s stock valued at $4,102,000 after buying an additional 1,721 shares during the last quarter. Van ECK Associates Corp increased its position in 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 buying an additional 1,842 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Summit Hotel Properties by 3.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,726 shares of the real estate investment trust’s stock worth $409,000 after purchasing an additional 2,083 shares in the last quarter. New York State Common Retirement Fund grew its holdings in shares of Summit Hotel Properties by 10.2% during the fourth quarter. New York State Common Retirement Fund now owns 35,258 shares of the real estate investment trust’s stock valued at $242,000 after buying an additional 3,274 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. raised its stake in shares of Summit Hotel Properties by 3.3% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 138,200 shares of the real estate investment trust’s stock worth $947,000 after purchasing an additional 4,400 shares during the last quarter. Hedge funds and other institutional investors own 96.47% of the company’s stock.

Summit Hotel Properties Trading Down 0.2%

Shares of NYSE INN opened at $4.74 on Wednesday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 1.08. The stock has a market capitalization of $531.92 million, a PE ratio of 29.63, a PEG ratio of 1.20 and a beta of 1.63. The stock has a fifty day simple moving average of $4.27 and a 200-day simple moving average of $5.60. Summit Hotel Properties, Inc. has a twelve month low of $3.57 and a twelve month high of $7.22.

Summit Hotel Properties (NYSE:INN) last released its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.01. The business had revenue of $184.48 million during the quarter, compared to analysts’ expectations of $184.93 million. Summit Hotel Properties had a net margin of 5.46% and a return on equity of 2.98%. On average, equities analysts forecast that Summit Hotel Properties, Inc. will post 0.88 earnings per share for the current year.

Summit Hotel Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Friday, May 16th were given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 6.75%. The ex-dividend date of this dividend was Friday, May 16th. Summit Hotel Properties’s dividend payout ratio is presently 200.00%.

Insider Transactions at Summit Hotel Properties

In other news, Director Thomas W. Storey bought 16,270 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The stock was acquired at an average price of $4.62 per share, for a total transaction of $75,167.40. Following the acquisition, the director now owns 231,337 shares of the company’s stock, 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 filing with the SEC, which is available at this link. Insiders own 3.37% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Wall Street Zen lowered Summit Hotel Properties from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. Bank of America upgraded 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.

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.