Allianz Asset Management GmbH Sells 2,264 Shares of Summit Hotel Properties, Inc. $INN

Allianz Asset Management GmbH cut its holdings in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 3.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 61,539 shares of the real estate investment trust’s stock after selling 2,264 shares during the period. Allianz Asset Management GmbH owned approximately 0.05% of Summit Hotel Properties worth $313,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in INN. Signaturefd LLC grew its position in Summit Hotel Properties by 36.4% in the 2nd quarter. Signaturefd LLC now owns 8,656 shares of the real estate investment trust’s stock worth $44,000 after purchasing an additional 2,309 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings 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 buying an additional 2,528 shares during the period. Farther Finance Advisors LLC boosted its holdings in Summit Hotel Properties by 10.2% in the 2nd quarter. Farther Finance Advisors LLC now owns 28,195 shares of the real estate investment trust’s stock worth $144,000 after buying an additional 2,613 shares during the period. Jane Street Group LLC boosted its holdings 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 buying an additional 2,793 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings 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 buying an additional 2,815 shares during the period. 96.47% of the stock is owned by institutional investors.

Summit Hotel Properties Price Performance

Shares of NYSE:INN opened at $5.27 on Wednesday. The stock has a market cap of $572.88 million, a PE ratio of -58.50 and a beta of 1.70. Summit Hotel Properties, Inc. has a 52 week low of $3.57 and a 52 week high of $6.99. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.11. The company’s fifty day moving average is $5.51 and its 200 day moving average is $5.03.

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 analysts’ consensus estimates of $0.26 by $0.01. The firm had revenue of $192.92 million for the quarter, compared to analyst estimates 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. Research analysts anticipate that Summit Hotel Properties, Inc. will post 0.88 earnings per share for the current year.

Summit Hotel Properties Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 15th were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, August 15th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 6.1%. Summit Hotel Properties’s payout ratio is presently -355.56%.

Wall Street Analyst Weigh In

INN has been the subject of several analyst reports. Bank of America raised their price objective on shares of Summit Hotel Properties from $5.00 to $5.75 and gave the stock a “neutral” rating in a report on Monday, July 21st. Wall Street Zen downgraded shares of Summit Hotel Properties from a “hold” rating to a “sell” rating in a report on Saturday, October 18th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Summit Hotel Properties in a research note on Tuesday, October 14th. Zacks Research upgraded shares of Summit Hotel Properties from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 21st. Finally, Robert W. Baird lowered 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, October 3rd. Three research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus target price of $5.13.

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.