Nisa Investment Advisors LLC Decreases Holdings in Summit Hotel Properties, Inc. (NYSE:INN)

Nisa Investment Advisors LLC trimmed its holdings in Summit Hotel Properties, Inc. (NYSE:INN) by 3.6% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 89,135 shares of the real estate investment trust’s stock after selling 3,342 shares during the period. Nisa Investment Advisors LLC owned 0.08% of Summit Hotel Properties worth $482,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. GAMMA Investing LLC raised its position in shares of Summit Hotel Properties by 453.0% in the first quarter. GAMMA Investing LLC now owns 8,218 shares of the real estate investment trust’s stock valued at $44,000 after buying an additional 6,732 shares during the last quarter. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Summit Hotel Properties in the fourth quarter valued at about $77,000. Teacher Retirement System of Texas acquired a new stake in shares of Summit Hotel Properties in the first quarter valued at about $86,000. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in shares of Summit Hotel Properties by 57.6% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 22,221 shares of the real estate investment trust’s stock valued at $120,000 after buying an additional 8,123 shares during the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Summit Hotel Properties in the fourth quarter valued at about $136,000. 96.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Summit Hotel Properties

In related news, Director Thomas W. Storey purchased 16,270 shares of the company’s stock in a transaction on Tuesday, May 13th. The stock was acquired at an average cost of $4.62 per share, for a total transaction of $75,167.40. Following the completion of the transaction, the director directly owned 231,337 shares in the company, valued at approximately $1,068,776.94. The trade was a 7.57% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Insiders own 3.83% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Summit Hotel Properties Price Performance

Summit Hotel Properties stock opened at $5.40 on Thursday. Summit Hotel Properties, Inc. has a 12-month low of $3.57 and a 12-month high of $7.22. The stock has a market cap of $605.43 million, a P/E ratio of 33.72, a PEG ratio of 1.38 and a beta of 1.66. The company has a 50-day moving average price of $4.78 and a 200 day moving average price of $5.38. 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 (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. Summit Hotel Properties had a net margin of 5.46% and a return on equity of 2.98%. The firm had revenue of $184.48 million during the quarter, compared to analysts’ expectations of $184.93 million. Sell-side analysts anticipate that Summit Hotel Properties, Inc. will post 0.88 earnings per share for the current year.

Summit Hotel Properties Announces Dividend

The company also recently disclosed 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. This represents a $0.32 annualized dividend and a yield of 5.93%. The ex-dividend date of this dividend was Friday, May 16th. Summit Hotel Properties’s payout ratio is currently 200.00%.

Summit Hotel Properties 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.