Wealth Enhancement Advisory Services LLC Purchases Shares of 11,219 Summit Hotel Properties, Inc. (NYSE:INN)

Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Summit Hotel Properties, Inc. (NYSE:INN) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 11,219 shares of the real estate investment trust’s stock, valued at approximately $77,000.

A number of other institutional investors have also made changes to their positions in the stock. Wolverine Asset Management LLC grew its holdings in shares of 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 in the last quarter. Ieq Capital LLC acquired a new position in shares of Summit Hotel Properties in the fourth quarter valued at approximately $87,000. Van ECK Associates Corp grew its holdings in shares of 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 in the last quarter. KLP Kapitalforvaltning AS acquired a new position in shares of Summit Hotel Properties in the fourth quarter valued at approximately $136,000. Finally, First Trust Advisors LP grew its holdings in shares of Summit Hotel Properties by 44.3% in the fourth quarter. First Trust Advisors LP now owns 24,339 shares of the real estate investment trust’s stock valued at $167,000 after purchasing an additional 7,468 shares in the last quarter. 96.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Summit Hotel Properties

In other Summit Hotel Properties news, Director Thomas W. Storey purchased 16,270 shares of Summit Hotel Properties stock in a transaction that occurred on Tuesday, May 13th. The stock was purchased at an average price of $4.62 per share, for a total transaction of $75,167.40. Following the transaction, the director now directly 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 purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. 3.37% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Bank of America upgraded 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 report on Wednesday, April 30th. Wall Street Zen downgraded shares of Summit Hotel Properties from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd.

Summit Hotel Properties Stock Down 0.2%

Shares of NYSE:INN opened at $4.74 on Wednesday. The company has a market capitalization of $531.92 million, a PE ratio of 29.63, a P/E/G ratio of 1.20 and a beta of 1.63. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 1.08. Summit Hotel Properties, Inc. has a twelve month low of $3.57 and a twelve month high of $7.22. The firm has a 50 day simple moving average of $4.27 and a 200-day simple moving average of $5.60.

Summit Hotel Properties (NYSE:INN) last issued its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $0.22 earnings per share 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 the consensus estimate 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 predict that Summit Hotel Properties, Inc. will post 0.88 EPS for the current fiscal year.

Summit Hotel Properties Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 16th were given a $0.08 dividend. The ex-dividend date of this dividend was Friday, May 16th. This represents a $0.32 annualized dividend and a yield of 6.75%. Summit Hotel Properties’s dividend payout ratio (DPR) is 200.00%.

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.