Commonwealth of Pennsylvania Public School Empls Retrmt SYS Sells 31,827 Shares of Summit Hotel Properties, Inc. $INN

Commonwealth of Pennsylvania Public School Empls Retrmt SYS lessened its position in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 53.1% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 28,057 shares of the real estate investment trust’s stock after selling 31,827 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Summit Hotel Properties were worth $143,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in INN. Allianz Asset Management GmbH acquired a new stake in Summit Hotel Properties during the 1st quarter worth approximately $345,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Summit Hotel Properties during the 1st quarter worth $585,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Summit Hotel Properties by 1.8% during the first 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 in the last quarter. Mackenzie Financial Corp bought a new stake in shares of Summit Hotel Properties in the first quarter valued at about $1,237,000. Finally, Vestcor Inc acquired a new position in shares of Summit Hotel Properties in the first quarter valued at about $401,000. Institutional investors and hedge funds own 96.47% of the company’s stock.

Summit Hotel Properties Stock Performance

Shares of Summit Hotel Properties stock opened at $5.36 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.11. The company has a market cap of $583.18 million, a PE ratio of -59.56 and a beta of 1.72. The company has a 50 day moving average of $5.39 and a 200-day moving average of $5.21. Summit Hotel Properties, Inc. has a 1-year low of $3.57 and a 1-year high of $6.99.

Summit Hotel Properties (NYSE:INN) last announced its quarterly earnings data on Tuesday, November 4th. The real estate investment trust reported $0.17 EPS for the quarter, beating the consensus estimate of $0.15 by $0.02. The business had revenue of $177.12 million during the quarter, compared to the consensus estimate of $179.03 million. Summit Hotel Properties had a net margin of 1.00% and a return on equity of 0.56%. As a group, equities research analysts forecast that Summit Hotel Properties, Inc. will post 0.88 earnings per share for the current fiscal year.

Summit Hotel Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 28th. Investors of record on Friday, November 14th were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 6.0%. The ex-dividend date was Friday, November 14th. Summit Hotel Properties’s dividend payout ratio is currently -200.00%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on INN shares. 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. Summit Redstone set a $4.50 price target on shares of Summit Hotel Properties in a research report on Tuesday, November 4th. Bank of America reiterated an “underperform” rating and issued a $4.50 price target (down from $5.75) on shares of Summit Hotel Properties in a research note on Tuesday, November 4th. Robert W. Baird reduced their price target on Summit Hotel Properties from $5.00 to $4.50 and set a “neutral” rating on the stock in a research report on Friday, October 3rd. Finally, Zacks Research raised Summit Hotel Properties from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 21st. Two analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Summit Hotel Properties presently has a consensus rating of “Reduce” and a consensus target price of $4.50.

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.