Goldman Sachs Group Inc. Cuts Position in Summit Hotel Properties, Inc. $INN

Goldman Sachs Group Inc. cut its stake in Summit Hotel Properties, Inc. (NYSE:INN) by 46.1% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 850,585 shares of the real estate investment trust’s stock after selling 726,649 shares during the period. Goldman Sachs Group Inc. owned about 0.76% of Summit Hotel Properties worth $4,602,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in INN. GAMMA Investing LLC grew its position 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 worth $44,000 after acquiring an additional 6,732 shares in the last quarter. Wealth Enhancement Advisory Services LLC purchased a new position in Summit Hotel Properties in the fourth quarter worth $77,000. Teacher Retirement System of Texas purchased a new position in Summit Hotel Properties in the first quarter worth $86,000. Strs Ohio purchased a new position in Summit Hotel Properties in the first quarter worth $102,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its position in 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 worth $120,000 after acquiring an additional 8,123 shares in the last quarter. 96.47% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Zacks Research cut Summit Hotel Properties from a “hold” rating to a “strong sell” rating in a research note on Wednesday, September 3rd. Wall Street Zen raised Summit Hotel Properties from a “sell” rating to a “hold” rating in a research note on Saturday, August 9th. Finally, Bank of America raised their price objective on Summit Hotel Properties from $5.00 to $5.75 and gave the company a “neutral” rating in a research note on Monday, July 21st. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus target price of $5.75.

Summit Hotel Properties Stock Performance

Summit Hotel Properties stock opened at $5.84 on Wednesday. The stock’s 50 day simple moving average is $5.42 and its two-hundred day simple moving average is $5.00. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a market cap of $635.45 million, a price-to-earnings ratio of -64.89 and a beta of 1.72. Summit Hotel Properties, Inc. has a fifty-two week low of $3.57 and a fifty-two week high of $7.22.

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

Summit Hotel Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 15th were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 5.5%. The ex-dividend date was Friday, August 15th. Summit Hotel Properties’s dividend payout ratio (DPR) is presently -355.56%.

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.