Vanguard Group Inc. Decreases Stake in Summit Hotel Properties, Inc. $INN

Vanguard Group Inc. cut its holdings in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 0.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 15,337,708 shares of the real estate investment trust’s stock after selling 136,359 shares during the period. Vanguard Group Inc. owned about 13.67% of Summit Hotel Properties worth $82,977,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of INN. GAMMA Investing LLC boosted its holdings in 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 purchasing an additional 6,732 shares during the last quarter. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Summit Hotel Properties in the 4th quarter valued at approximately $77,000. Teacher Retirement System of Texas purchased a new position in shares of Summit Hotel Properties during the 1st quarter valued at approximately $86,000. Sumitomo Mitsui DS Asset Management Company Ltd grew its position in shares of Summit Hotel Properties by 57.6% during the first 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 buying an additional 8,123 shares in the last quarter. Finally, Farther Finance Advisors LLC increased its stake in shares of Summit Hotel Properties by 58,040.9% in the first quarter. Farther Finance Advisors LLC now owns 25,582 shares of the real estate investment trust’s stock worth $139,000 after buying an additional 25,538 shares during the last quarter. Institutional investors and hedge funds own 96.47% of the company’s stock.

Summit Hotel Properties Price Performance

Shares of NYSE:INN opened at $5.4050 on Friday. The company has a market cap of $588.11 million, a PE ratio of -60.06 and a beta of 1.73. Summit Hotel Properties, Inc. has a fifty-two week low of $3.57 and a fifty-two week high of $7.22. The firm has a 50-day simple moving average of $5.26 and a 200 day simple moving average of $5.11. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.11.

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

Summit Hotel Properties Dividend Announcement

The company also recently disclosed 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. The ex-dividend date is Friday, August 15th. This represents a $0.32 annualized dividend and a yield of 5.9%. Summit Hotel Properties’s dividend payout ratio (DPR) is currently -355.56%.

Analyst Upgrades and Downgrades

A number of research firms have commented on INN. Bank of America increased their price objective on shares of Summit Hotel Properties from $5.00 to $5.75 and gave the company a “neutral” rating in a research note on Monday, July 21st. Wall Street Zen upgraded shares of Summit Hotel Properties from a “sell” rating to a “hold” rating in a research note on Saturday, August 9th. One research analyst has rated the stock with a Hold rating, According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $5.75.

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.