16,589 Shares in Summit Hotel Properties, Inc. $INN Purchased by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC purchased a new position in shares of Summit Hotel Properties, Inc. (NYSE:INN) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 16,589 shares of the real estate investment trust’s stock, valued at approximately $91,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. New York State Teachers Retirement System grew its holdings in Summit Hotel Properties by 11.2% during the first quarter. New York State Teachers Retirement System now owns 152,246 shares of the real estate investment trust’s stock worth $824,000 after purchasing an additional 15,334 shares during the period. Principal Financial Group Inc. grew its holdings in Summit Hotel Properties by 2.7% during the first quarter. Principal Financial Group Inc. now owns 539,713 shares of the real estate investment trust’s stock worth $2,920,000 after purchasing an additional 14,115 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Summit Hotel Properties by 453.0% during 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 during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Summit Hotel Properties by 16.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,848,480 shares of the real estate investment trust’s stock worth $10,000,000 after acquiring an additional 257,720 shares during the period. Finally, Cubist Systematic Strategies LLC bought a new stake in shares of Summit Hotel Properties during the first quarter worth approximately $1,232,000. Institutional investors own 96.47% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Weiss Ratings restated a “sell (d)” rating on shares of Summit Hotel Properties in a report on Saturday, September 27th. Bank of America boosted their price objective on Summit Hotel Properties from $5.00 to $5.75 and gave the stock a “neutral” rating in a report on Monday, July 21st. Zacks Research cut Summit Hotel Properties from a “hold” rating to a “strong sell” rating in a report on Wednesday, September 3rd. Robert W. Baird reduced their price objective on Summit Hotel Properties from $5.00 to $4.50 and set a “neutral” rating for the company in a report on Friday, October 3rd. Finally, Wall Street Zen upgraded Summit Hotel Properties from a “sell” rating to a “hold” rating in a 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, the company currently has a consensus rating of “Reduce” and a consensus price target of $5.13.

Summit Hotel Properties Stock Down 2.8%

Shares of INN opened at $5.30 on Monday. Summit Hotel Properties, Inc. has a one year low of $3.57 and a one year high of $6.99. The company has a market cap of $576.69 million, a P/E ratio of -58.89 and a beta of 1.70. 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 firm has a 50 day simple moving average of $5.48 and a two-hundred day simple moving average of $4.96.

Summit Hotel Properties (NYSE:INN) last announced 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. 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 the consensus estimate of $194.49 million. Summit Hotel Properties has set its FY 2025 guidance at 0.900-0.900 EPS. Research analysts forecast that Summit Hotel Properties, Inc. will post 0.88 EPS for the current fiscal year.

Summit Hotel Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 15th were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 6.0%. The ex-dividend date was Friday, August 15th. Summit Hotel Properties’s payout ratio is currently -355.56%.

Summit Hotel Properties 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.