Signaturefd LLC Acquires 2,309 Shares of Summit Hotel Properties, Inc. $INN

Signaturefd LLC lifted its position in Summit Hotel Properties, Inc. (NYSE:INN) by 36.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 8,656 shares of the real estate investment trust’s stock after buying an additional 2,309 shares during the period. Signaturefd LLC’s holdings in Summit Hotel Properties were worth $44,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. GAMMA Investing LLC grew its position in shares of Summit Hotel Properties by 453.0% in 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 last quarter. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Summit Hotel Properties in the 4th quarter worth approximately $77,000. Teacher Retirement System of Texas purchased a new position in shares of Summit Hotel Properties in the 1st quarter worth approximately $86,000. Strs Ohio purchased a new position in shares of Summit Hotel Properties in the 1st quarter worth approximately $102,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its position in shares of 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 buying an additional 8,123 shares during the last quarter. Hedge funds and other institutional investors own 96.47% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on INN. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Summit Hotel Properties in a research report on Saturday, September 27th. Robert W. Baird cut their price objective on shares of Summit Hotel Properties from $5.00 to $4.50 and set a “neutral” rating on the stock in a research report on Friday. Bank of America boosted 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. Zacks Research downgraded shares of Summit Hotel Properties from a “hold” rating to a “strong sell” rating in a research report on Wednesday, September 3rd. Finally, 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. Two analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Reduce” and an average target price of $5.13.

Summit Hotel Properties Stock Up 0.6%

NYSE:INN opened at $5.44 on Tuesday. The company’s 50 day moving average is $5.47 and its two-hundred day moving average is $4.96. The company has a market cap of $591.93 million, a PE ratio of -60.44 and a beta of 1.70. 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 twelve month low of $3.57 and a twelve month high of $7.17.

Summit Hotel Properties (NYSE:INN) last released its quarterly earnings data on Tuesday, August 5th. The real estate investment trust reported $0.27 EPS for the quarter, beating the consensus estimate of $0.26 by $0.01. The business had revenue of $192.92 million for 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. Analysts anticipate that Summit Hotel Properties, Inc. will post 0.88 EPS for the current year.

Summit Hotel Properties Announces Dividend

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

About Summit Hotel Properties

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.