Summit Hotel Properties, Inc. $INN Stock Position Lifted by Asset Management One Co. Ltd.

Asset Management One Co. Ltd. boosted its stake in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 2.9% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 160,824 shares of the real estate investment trust’s stock after purchasing an additional 4,483 shares during the period. Asset Management One Co. Ltd. owned about 0.14% of Summit Hotel Properties worth $819,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Nuveen LLC bought a new stake in Summit Hotel Properties in the first quarter worth approximately $16,641,000. Invesco Ltd. grew its position in Summit Hotel Properties by 75.0% in the first quarter. Invesco Ltd. now owns 784,585 shares of the real estate investment trust’s stock worth $4,245,000 after acquiring an additional 336,150 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in Summit Hotel Properties in the first quarter worth approximately $1,541,000. Charles Schwab Investment Management Inc. grew its position in Summit Hotel Properties by 16.2% in 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 in the last quarter. Finally, Mackenzie Financial Corp bought a new stake in Summit Hotel Properties in the first quarter worth approximately $1,237,000. 96.47% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Weiss Ratings restated a “sell (d+)” rating on shares of Summit Hotel Properties in a research note on Tuesday, October 14th. Bank of America boosted their price objective on shares of Summit Hotel Properties from $5.00 to $5.75 and gave the stock a “neutral” rating in a research note on Monday, July 21st. Robert W. Baird reduced their price objective on shares of Summit Hotel Properties from $5.00 to $4.50 and set a “neutral” rating for the company in a research note on Friday, October 3rd. Wall Street Zen cut shares of Summit Hotel Properties from a “hold” rating to a “sell” rating in a research note on Saturday, October 18th. Finally, 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. Three investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Reduce” and an average price target of $5.13.

Summit Hotel Properties Price Performance

NYSE:INN opened at $5.25 on Thursday. The stock has a market cap of $570.82 million, a P/E ratio of -58.29 and a beta of 1.70. Summit Hotel Properties, Inc. has a one year low of $3.57 and a one year high of $6.99. The company has a fifty day moving average price of $5.51 and a 200 day moving average price of $5.03. 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 released its earnings results 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 firm had revenue of $192.92 million during the quarter, compared to analysts’ expectations 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 earnings per share for the current year.

Summit Hotel Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 15th were paid 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 6.1%. Summit Hotel Properties’s dividend payout ratio is currently -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.