Public Employees Retirement System of Ohio Buys 53,075 Shares of Summit Hotel Properties, Inc. $INN

Public Employees Retirement System of Ohio grew its holdings in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 26.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 251,719 shares of the real estate investment trust’s stock after acquiring an additional 53,075 shares during the period. Public Employees Retirement System of Ohio owned about 0.22% of Summit Hotel Properties worth $1,281,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Summit Hotel Properties by 4.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 62,254 shares of the real estate investment trust’s stock valued at $337,000 after buying an additional 2,528 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in Summit Hotel Properties by 10.2% during the 2nd quarter. Farther Finance Advisors LLC now owns 28,195 shares of the real estate investment trust’s stock valued at $144,000 after purchasing an additional 2,613 shares during the last quarter. Jane Street Group LLC grew its holdings in Summit Hotel Properties by 1.7% during the 1st quarter. Jane Street Group LLC now owns 165,679 shares of the real estate investment trust’s stock valued at $896,000 after purchasing an additional 2,793 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Summit Hotel Properties by 1.8% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 161,182 shares of the real estate investment trust’s stock valued at $872,000 after purchasing an additional 2,815 shares during the last quarter. Finally, Amundi grew its stake in Summit Hotel Properties by 3.4% in the 1st 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 in the last quarter. Institutional investors own 96.47% of the company’s stock.

Summit Hotel Properties Price Performance

Shares of INN stock opened at $5.43 on Friday. Summit Hotel Properties, Inc. has a 12 month low of $3.57 and a 12 month high of $7.22. The company has a market capitalization of $590.62 million, a PE ratio of -60.31 and a beta of 1.70. The firm’s 50-day moving average is $5.47 and its two-hundred day moving average is $4.97. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.80 and a quick ratio of 0.80.

Summit Hotel Properties (NYSE:INN) last announced its quarterly earnings results on Tuesday, August 5th. The real estate investment trust reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates 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 during 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. Analysts predict that Summit Hotel Properties, Inc. will post 0.88 earnings per share for the current year.

Summit Hotel Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were issued a $0.08 dividend. The ex-dividend date was Friday, August 15th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.9%. Summit Hotel Properties’s payout ratio is -355.56%.

Wall Street Analysts Forecast Growth

INN has been the topic of a number of research analyst reports. Robert W. Baird dropped their target price on shares of Summit Hotel Properties from $5.00 to $4.50 and set a “neutral” rating on the stock in a research note on Friday. 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. Zacks Research cut shares of Summit Hotel Properties from a “hold” rating to a “strong sell” rating in a report on Wednesday, September 3rd. Weiss Ratings reiterated a “sell (d)” rating on shares of Summit Hotel Properties in a research note on Saturday, September 27th. Finally, Bank of America raised their price target on shares of Summit Hotel Properties from $5.00 to $5.75 and gave the company a “neutral” rating in a research report on Monday, July 21st. Two research analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $5.13.

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.