Farther Finance Advisors LLC Raises Holdings in Summit Hotel Properties, Inc. (NYSE:INN)

Farther Finance Advisors LLC grew its holdings in Summit Hotel Properties, Inc. (NYSE:INN) by 58,040.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,582 shares of the real estate investment trust’s stock after buying an additional 25,538 shares during the quarter. Farther Finance Advisors LLC’s holdings in Summit Hotel Properties were worth $139,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of INN. Van ECK Associates Corp grew its position in Summit Hotel Properties by 10.2% during the fourth quarter. Van ECK Associates Corp now owns 19,879 shares of the real estate investment trust’s stock worth $136,000 after buying an additional 1,842 shares during the period. Rhumbline Advisers boosted its stake in shares of Summit Hotel Properties by 3.1% during the 4th quarter. Rhumbline Advisers now owns 343,264 shares of the real estate investment trust’s stock worth $2,351,000 after acquiring an additional 10,404 shares in the last quarter. State of New Jersey Common Pension Fund D grew its holdings in shares of Summit Hotel Properties by 18.5% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 344,125 shares of the real estate investment trust’s stock worth $2,357,000 after acquiring an additional 53,704 shares during the period. Principal Financial Group Inc. increased its stake in Summit Hotel Properties by 3.0% in the 4th quarter. Principal Financial Group Inc. now owns 525,598 shares of the real estate investment trust’s stock valued at $3,600,000 after purchasing an additional 15,137 shares in the last quarter. Finally, New York State Common Retirement Fund increased its stake in Summit Hotel Properties by 10.2% in the 4th 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 purchasing an additional 3,274 shares in the last quarter. 96.47% of the stock is currently owned by hedge funds and other institutional investors.

Summit Hotel Properties Stock Performance

Summit Hotel Properties stock opened at $4.88 on Friday. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.91 and a current ratio of 0.91. The stock has a fifty day moving average of $4.31 and a two-hundred day moving average of $5.57. The company has a market capitalization of $547.18 million, a price-to-earnings ratio of 30.48, a PEG ratio of 1.23 and a beta of 1.63. Summit Hotel Properties, Inc. has a fifty-two week low of $3.57 and a fifty-two week high of $7.22.

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 (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.01. Summit Hotel Properties had a return on equity of 2.98% and a net margin of 5.46%. The business had revenue of $184.48 million for the quarter, compared to the consensus estimate of $184.93 million. On average, analysts anticipate that Summit Hotel Properties, Inc. will post 0.88 EPS for the current fiscal year.

Summit Hotel Properties Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 16th were given a dividend of $0.08 per share. The ex-dividend date was Friday, May 16th. This represents a $0.32 dividend on an annualized basis and a yield of 6.56%. Summit Hotel Properties’s dividend payout ratio (DPR) is currently 200.00%.

Insider Buying and Selling

In other Summit Hotel Properties news, Director Thomas W. Storey purchased 16,270 shares of the stock in a transaction on Tuesday, May 13th. The stock was bought 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 ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. 3.83% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented 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 target on the stock in a report 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.