74,078 Shares in Summit Hotel Properties, Inc. (NYSE:INN) Acquired by Vestcor Inc

Vestcor Inc bought a new position in Summit Hotel Properties, Inc. (NYSE:INN) in the first quarter, according to its most recent filing with the SEC. The firm bought 74,078 shares of the real estate investment trust’s stock, valued at approximately $401,000. Vestcor Inc owned approximately 0.07% of Summit Hotel Properties as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Mackenzie Financial Corp acquired a new stake in shares of Summit Hotel Properties during the first quarter worth about $1,237,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Summit Hotel Properties by 1.8% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 161,182 shares of the real estate investment trust’s stock worth $872,000 after purchasing an additional 2,815 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Summit Hotel Properties during the first quarter worth about $585,000. Allianz Asset Management GmbH acquired a new stake in Summit Hotel Properties during the 1st quarter valued at approximately $345,000. Finally, Jennison Associates LLC boosted its holdings in shares of Summit Hotel Properties by 2.1% in the 1st quarter. Jennison Associates LLC now owns 6,843,363 shares of the real estate investment trust’s stock valued at $37,023,000 after acquiring an additional 139,174 shares during the last quarter. 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 firm’s stock in a transaction on Tuesday, May 13th. The stock was bought at an average cost of $4.62 per share, with a total value of $75,167.40. Following the completion of the acquisition, the director owned 231,337 shares of the company’s stock, valued at $1,068,776.94. The trade was a 7.57% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 3.37% of the company’s stock.

Wall Street Analyst Weigh In

INN has been the topic of a number of research reports. Bank of America increased their price objective on shares of Summit Hotel Properties from $5.00 to $5.75 and gave the stock a “neutral” rating in a research note on Monday, July 21st. Wall Street Zen lowered shares of Summit Hotel Properties from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd.

Summit Hotel Properties Stock Performance

Shares of INN stock opened at $5.02 on Monday. The stock has a market cap of $562.78 million, a PE ratio of 31.35 and a beta of 1.73. The business has a 50-day simple moving average of $5.02 and a 200-day simple moving average of $5.26. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 1.08. Summit Hotel Properties, Inc. has a 52-week low of $3.57 and a 52-week high of $7.22.

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.