The Manufacturers Life Insurance Company Has $310,000 Holdings in Summit Hotel Properties, Inc. (NYSE:INN)

The Manufacturers Life Insurance Company lifted its stake in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 12.3% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 51,676 shares of the real estate investment trust’s stock after buying an additional 5,650 shares during the period. The Manufacturers Life Insurance Company’s holdings in Summit Hotel Properties were worth $310,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Fidelis Capital Partners LLC acquired a new stake in Summit Hotel Properties in the first quarter valued at $30,000. MQS Management LLC acquired a new stake in Summit Hotel Properties in the second quarter valued at $75,000. EntryPoint Capital LLC acquired a new stake in Summit Hotel Properties in the first quarter valued at $79,000. Choreo LLC acquired a new stake in Summit Hotel Properties in the second quarter valued at $86,000. Finally, Quadrature Capital Ltd acquired a new stake in Summit Hotel Properties in the fourth quarter valued at $93,000. 96.47% of the stock is currently owned by institutional investors and hedge funds.

Summit Hotel Properties Stock Performance

NYSE INN opened at $6.58 on Friday. The company has a market capitalization of $711.90 million, a price-to-earnings ratio of -27.42 and a beta of 2.04. Summit Hotel Properties, Inc. has a twelve month low of $5.31 and a twelve month high of $7.22. The stock has a fifty day simple moving average of $6.67 and a 200 day simple moving average of $6.28. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.99.

Summit Hotel Properties (NYSE:INN) last issued its quarterly earnings results on Monday, July 29th. The real estate investment trust reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). The firm had revenue of $193.90 million for the quarter, compared to the consensus estimate of $191.05 million. Summit Hotel Properties had a net margin of 3.23% and a return on equity of 1.76%. During the same period last year, the company posted $0.27 EPS. Sell-side analysts expect that Summit Hotel Properties, Inc. will post 0.89 EPS for the current year.

Summit Hotel Properties Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were given a dividend of $0.08 per share. The ex-dividend date was Friday, August 16th. This represents a $0.32 dividend on an annualized basis and a yield of 4.86%. Summit Hotel Properties’s dividend payout ratio (DPR) is currently -133.33%.

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.