Summit Hotel Properties, Inc. $INN Stock Holdings Lowered by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System decreased its holdings in Summit Hotel Properties, Inc. (NYSE:INN) by 11.0% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 32,547 shares of the real estate investment trust’s stock after selling 4,037 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Summit Hotel Properties were worth $176,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. GAMMA Investing LLC raised its holdings in Summit Hotel Properties by 453.0% during the 1st quarter. GAMMA Investing LLC now owns 8,218 shares of the real estate investment trust’s stock worth $44,000 after buying an additional 6,732 shares during the period. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Summit Hotel Properties in the fourth quarter worth $77,000. Teacher Retirement System of Texas acquired a new position in Summit Hotel Properties during the first quarter valued at $86,000. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in Summit Hotel Properties by 57.6% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 22,221 shares of the real estate investment trust’s stock worth $120,000 after acquiring an additional 8,123 shares in the last quarter. Finally, First Trust Advisors LP boosted its position in Summit Hotel Properties by 44.3% during the 4th quarter. First Trust Advisors LP now owns 24,339 shares of the real estate investment trust’s stock worth $167,000 after acquiring an additional 7,468 shares during the period. Institutional investors own 96.47% of the company’s stock.

Summit Hotel Properties Price Performance

Shares of Summit Hotel Properties stock opened at $5.3050 on Wednesday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.11. Summit Hotel Properties, Inc. has a 1-year low of $3.57 and a 1-year high of $7.22. The firm has a fifty day simple moving average of $5.23 and a 200-day simple moving average of $5.14. The stock has a market capitalization of $577.24 million, a price-to-earnings ratio of -58.94 and a beta of 1.73.

Summit Hotel Properties (NYSE:INN) last announced its quarterly earnings data on Tuesday, August 5th. The real estate investment trust reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.01. Summit Hotel Properties had a net margin of 1.00% and a return on equity of 0.56%. The business had revenue of $192.92 million for the quarter, compared to the consensus estimate of $194.49 million. Summit Hotel Properties has set its FY 2025 guidance at 0.900-0.900 EPS. On average, sell-side analysts expect that Summit Hotel Properties, Inc. will post 0.88 earnings per share for the current year.

Summit Hotel Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 6.0%. The ex-dividend date of this dividend is Friday, August 15th. Summit Hotel Properties’s dividend payout ratio is -355.56%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Wall Street Zen upgraded Summit Hotel Properties from a “sell” rating to a “hold” rating in a report on Saturday, August 9th. Bank of America lifted their price objective on Summit Hotel Properties from $5.00 to $5.75 and gave the company a “neutral” rating in a research report on Monday, July 21st. One analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $5.75.

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.