Farther Finance Advisors LLC Increases Holdings in Summit Hotel Properties, Inc. $INN

Farther Finance Advisors LLC grew its holdings in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 10.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 28,195 shares of the real estate investment trust’s stock after buying an additional 2,613 shares during the quarter. Farther Finance Advisors LLC’s holdings in Summit Hotel Properties were worth $144,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Summit Hotel Properties by 4.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 62,254 shares of the real estate investment trust’s stock worth $337,000 after purchasing an additional 2,528 shares during the period. Jane Street Group LLC raised its position in Summit Hotel Properties by 1.7% in the 1st quarter. Jane Street Group LLC now owns 165,679 shares of the real estate investment trust’s stock worth $896,000 after purchasing an additional 2,793 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Summit Hotel Properties by 1.8% in the 1st 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. Amundi increased its position in shares of Summit Hotel Properties by 3.4% during the first quarter. Amundi now owns 109,185 shares of the real estate investment trust’s stock worth $591,000 after acquiring an additional 3,623 shares during the period. Finally, Resona Asset Management Co. Ltd. increased its position in shares of Summit Hotel Properties by 9.0% during the first quarter. Resona Asset Management Co. Ltd. now owns 47,076 shares of the real estate investment trust’s stock worth $254,000 after acquiring an additional 3,874 shares during the period. 96.47% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Summit Hotel Properties Price Performance

NYSE INN opened at $5.53 on Friday. The company has a market cap of $601.17 million, a PE ratio of -61.39 and a beta of 1.70. 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 1.11, a quick ratio of 0.80 and a current ratio of 0.80. The firm’s 50 day moving average price is $5.47 and its 200-day moving average price is $4.97.

Summit Hotel Properties (NYSE:INN) last announced its earnings results 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. 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 net margin of 1.00% and a return on equity of 0.56%. Summit Hotel Properties has set its FY 2025 guidance at 0.900-0.900 EPS. Sell-side analysts forecast that Summit Hotel Properties, Inc. will post 0.88 EPS for the current fiscal year.

Summit Hotel Properties Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 15th were paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 5.8%. The ex-dividend date was Friday, August 15th. Summit Hotel Properties’s dividend payout ratio (DPR) is -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.