Summit Hotel Properties, Inc. $INN Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. cut its stake in Summit Hotel Properties, Inc. (NYSE:INN) by 2.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 118,080 shares of the real estate investment trust’s stock after selling 2,931 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.11% of Summit Hotel Properties worth $601,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the stock. New York State Teachers Retirement System boosted its stake in shares of Summit Hotel Properties by 11.2% in the 1st quarter. New York State Teachers Retirement System now owns 152,246 shares of the real estate investment trust’s stock valued at $824,000 after buying an additional 15,334 shares during the period. Principal Financial Group Inc. increased its stake in shares of 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 buying an additional 14,115 shares during the period. Charles Schwab Investment Management Inc. raised its holdings 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 valued at $10,000,000 after acquiring an additional 257,720 shares in the last quarter. Public Employees Retirement System of Ohio lifted its stake in Summit Hotel Properties by 26.7% in the second quarter. Public Employees Retirement System of Ohio now owns 251,719 shares of the real estate investment trust’s stock worth $1,281,000 after acquiring an additional 53,075 shares during the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new position in Summit Hotel Properties in the first quarter worth approximately $1,232,000. Hedge funds and other institutional investors own 96.47% of the company’s stock.

Analyst Ratings Changes

INN has been the topic of a number of recent analyst reports. Zacks Research raised shares of Summit Hotel Properties from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 21st. Robert W. Baird dropped their target price on Summit Hotel Properties from $5.00 to $4.50 and set a “neutral” rating on the stock in a report on Friday, October 3rd. Bank of America lifted their price target on 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 cut Summit Hotel Properties from a “hold” rating to a “sell” rating in a research report on Saturday, October 18th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Summit Hotel Properties in a report on Tuesday, October 14th. Three research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus price target of $5.13.

Summit Hotel Properties Price Performance

Shares of INN opened at $5.16 on Friday. 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, Inc. has a 1-year low of $3.57 and a 1-year high of $6.99. The stock has a market cap of $560.92 million, a PE ratio of -57.28 and a beta of 1.70. The firm has a fifty day moving average price of $5.51 and a 200 day moving average price of $5.04.

Summit Hotel Properties (NYSE:INN) last issued its quarterly earnings data on Tuesday, August 5th. The real estate investment trust reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.01. Summit Hotel Properties had a return on equity of 0.56% and a net margin of 1.00%.The company had revenue of $192.92 million for the quarter, compared to analyst estimates of $194.49 million. Summit Hotel Properties has set its FY 2025 guidance at 0.900-0.900 EPS. As a group, sell-side analysts anticipate that Summit Hotel Properties, Inc. will post 0.88 EPS for the current year.

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.