State of Alaska Department of Revenue Has $601,000 Stock Position in Summit Hotel Properties, Inc. $INN

State of Alaska Department of Revenue boosted its stake in Summit Hotel Properties, Inc. (NYSE:INN) by 7.3% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 118,393 shares of the real estate investment trust’s stock after purchasing an additional 8,070 shares during the quarter. State of Alaska Department of Revenue owned about 0.11% of Summit Hotel Properties worth $601,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in INN. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Summit Hotel Properties during the 4th quarter worth about $77,000. GAMMA Investing LLC grew its position in shares of Summit Hotel Properties by 453.0% during 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 period. Farther Finance Advisors LLC grew its position in shares of Summit Hotel Properties by 58,040.9% during the 1st 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 period. SG Americas Securities LLC grew its position in shares of Summit Hotel Properties by 191.1% during the 1st quarter. SG Americas Securities LLC now owns 62,549 shares of the real estate investment trust’s stock worth $338,000 after buying an additional 41,062 shares during the period. Finally, CWC Advisors LLC. grew its position in shares of Summit Hotel Properties by 31.5% during the 1st quarter. CWC Advisors LLC. now owns 27,307 shares of the real estate investment trust’s stock worth $148,000 after buying an additional 6,544 shares during the period. Institutional investors own 96.47% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Robert W. Baird decreased their target price on Summit Hotel Properties from $5.00 to $4.50 and set a “neutral” rating for the company in a research report on Friday. Zacks Research lowered Summit Hotel Properties from a “hold” rating to a “strong sell” rating in a research report on Wednesday, September 3rd. Weiss Ratings reissued a “sell (d)” rating on shares of Summit Hotel Properties in a research note on Saturday, September 27th. Bank of America boosted their target price 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. Finally, Wall Street Zen raised Summit Hotel Properties from a “sell” rating to a “hold” rating in a research note on Saturday, August 9th. Two research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Reduce” and an average price target of $5.13.

Summit Hotel Properties Stock Up 0.6%

INN stock opened at $5.48 on Wednesday. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.80 and a quick ratio of 0.80. The stock has a market capitalization of $595.73 million, a P/E ratio of -60.83 and a beta of 1.70. The business has a 50-day moving average of $5.47 and a 200-day moving average of $4.96. Summit Hotel Properties, Inc. has a fifty-two week low of $3.57 and a fifty-two week high of $6.99.

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, topping the consensus estimate of $0.26 by $0.01. The company had revenue of $192.92 million during the quarter, compared to analysts’ expectations 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 earnings per share for the current fiscal year.

Summit Hotel Properties Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were issued a dividend of $0.08 per share. 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 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.