Louisiana State Employees Retirement System Reduces Stock Position in Summit Hotel Properties, Inc. (NYSE:INN)

Louisiana State Employees Retirement System trimmed its holdings in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 3.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 52,400 shares of the real estate investment trust’s stock after selling 2,000 shares during the period. Louisiana State Employees Retirement System’s holdings in Summit Hotel Properties were worth $359,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in the business. Lighthouse Investment Partners LLC purchased a new stake in Summit Hotel Properties during the second quarter worth approximately $2,845,000. Vanguard Group Inc. increased its stake in Summit Hotel Properties by 3.0% in the first quarter. Vanguard Group Inc. now owns 15,130,679 shares of the real estate investment trust’s stock valued at $98,501,000 after purchasing an additional 439,383 shares during the last quarter. AQR Capital Management LLC raised its holdings in Summit Hotel Properties by 233.1% during the second quarter. AQR Capital Management LLC now owns 296,639 shares of the real estate investment trust’s stock worth $1,777,000 after purchasing an additional 207,586 shares in the last quarter. Panagora Asset Management Inc. purchased a new stake in shares of Summit Hotel Properties during the 2nd quarter worth approximately $604,000. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Summit Hotel Properties by 5.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,611,956 shares of the real estate investment trust’s stock valued at $9,655,000 after buying an additional 80,577 shares in the last quarter. 96.47% of the stock is owned by institutional investors and hedge funds.

Summit Hotel Properties Trading Up 7.1 %

NYSE INN opened at $6.49 on Thursday. The firm’s fifty day moving average price is $6.58 and its 200 day moving average price is $6.27. Summit Hotel Properties, Inc. has a 12 month low of $5.66 and a 12 month high of $7.22. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.89 and a quick ratio of 0.89. The company has a market capitalization of $703.13 million, a price-to-earnings ratio of 649.00 and a beta of 2.05.

Summit Hotel Properties (NYSE:INN) last issued its quarterly earnings data on Monday, November 4th. The real estate investment trust reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.22). Summit Hotel Properties had a return on equity of 1.86% and a net margin of 3.41%. The firm had revenue of $176.81 million for the quarter, compared to analysts’ expectations of $176.24 million. During the same period in the previous year, the business posted $0.22 EPS. On average, sell-side analysts expect that Summit Hotel Properties, Inc. will post 0.87 earnings per share for the current fiscal year.

Summit Hotel Properties Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 4.93%. The ex-dividend date of this dividend is Friday, November 15th. Summit Hotel Properties’s dividend payout ratio (DPR) is 3,200.00%.

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.