Principal Financial Group Inc. Increases Holdings in Summit Hotel Properties, Inc. (NYSE:INN)

Principal Financial Group Inc. grew its holdings in Summit Hotel Properties, Inc. (NYSE:INN) by 2.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 539,713 shares of the real estate investment trust’s stock after purchasing an additional 14,115 shares during the period. Principal Financial Group Inc. owned about 0.48% of Summit Hotel Properties worth $2,920,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of INN. H 2 Credit Manager LP grew its holdings in shares of Summit Hotel Properties by 24.3% in the fourth quarter. H 2 Credit Manager LP now owns 8,909,500 shares of the real estate investment trust’s stock worth $61,030,000 after acquiring an additional 1,742,169 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Summit Hotel Properties by 1.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,590,760 shares of the real estate investment trust’s stock valued at $10,897,000 after purchasing an additional 24,925 shares during the period. Northern Trust Corp grew its holdings in Summit Hotel Properties by 23.3% during the fourth quarter. Northern Trust Corp now owns 1,469,573 shares of the real estate investment trust’s stock valued at $10,067,000 after purchasing an additional 277,996 shares during the period. Systematic Financial Management LP grew its holdings in Summit Hotel Properties by 3.5% during the fourth quarter. Systematic Financial Management LP now owns 1,075,454 shares of the real estate investment trust’s stock valued at $7,367,000 after purchasing an additional 36,770 shares during the period. Finally, Lighthouse Investment Partners LLC grew its holdings in Summit Hotel Properties by 47.7% during the fourth quarter. Lighthouse Investment Partners LLC now owns 635,000 shares of the real estate investment trust’s stock valued at $4,350,000 after purchasing an additional 205,000 shares during the period. Institutional investors own 96.47% of the company’s stock.

Insider Activity at Summit Hotel Properties

In other Summit Hotel Properties news, Director Thomas W. Storey acquired 16,270 shares of the stock in a transaction dated Tuesday, May 13th. The shares were 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 of the company’s stock, valued at approximately $1,068,776.94. The trade was a 7.57% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 3.83% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports 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 raised Summit Hotel Properties from an “underperform” rating to a “neutral” rating and set a $5.00 price target for the company in a report on Wednesday, April 30th.

Summit Hotel Properties Stock Performance

NYSE:INN opened at $5.29 on Friday. The stock has a 50-day simple moving average of $4.82 and a two-hundred day simple moving average of $5.36. Summit Hotel Properties, Inc. has a 52-week low of $3.57 and a 52-week high of $7.22. 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 firm has a market capitalization of $593.64 million, a PE ratio of 33.06, a P/E/G ratio of 1.32 and a beta of 1.66.

Summit Hotel Properties (NYSE:INN) last announced its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $0.22 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. Analysts forecast that Summit Hotel Properties, Inc. will post 0.88 EPS for the current year.

Summit Hotel Properties Dividend Announcement

The firm 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. The ex-dividend date was Friday, May 16th. This represents a $0.32 annualized dividend and a dividend yield of 6.05%. Summit Hotel Properties’s payout ratio is 200.00%.

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.