Summit Hotel Properties, Inc. (NYSE:INN) Shares Acquired by Algert Global LLC

Algert Global LLC boosted its holdings in Summit Hotel Properties, Inc. (NYSE:INN) by 86.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 250,355 shares of the real estate investment trust’s stock after purchasing an additional 116,260 shares during the quarter. Algert Global LLC owned approximately 0.23% of Summit Hotel Properties worth $1,717,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in INN. Lighthouse Investment Partners LLC acquired a new position in shares of Summit Hotel Properties in the 2nd quarter valued at about $2,845,000. Segall Bryant & Hamill LLC acquired a new position in Summit Hotel Properties in the third quarter valued at approximately $3,123,000. Vanguard Group Inc. grew its holdings in shares of Summit Hotel Properties by 3.0% during 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 position in shares of Summit Hotel Properties by 233.1% during the 2nd 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 during the period. Finally, Jennison Associates LLC lifted its holdings in shares of Summit Hotel Properties by 1.9% in the 3rd quarter. Jennison Associates LLC now owns 5,512,683 shares of the real estate investment trust’s stock worth $37,817,000 after purchasing an additional 103,731 shares during the last quarter. Institutional investors own 96.47% of the company’s stock.

Summit Hotel Properties Trading Down 0.3 %

NYSE:INN opened at $6.52 on Thursday. 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 1.01, a current ratio of 0.78 and a quick ratio of 0.78. The business has a 50 day simple moving average of $6.53 and a 200 day simple moving average of $6.29. The firm has a market capitalization of $706.90 million, a P/E ratio of 654.50 and a beta of 2.05.

Summit Hotel Properties (NYSE:INN) last released its quarterly earnings results on Monday, November 4th. The real estate investment trust reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.22). The firm had revenue of $176.81 million for the quarter, compared to the consensus estimate of $176.24 million. Summit Hotel Properties had a return on equity of 1.87% and a net margin of 3.41%. During the same quarter in the prior year, the company posted $0.22 EPS. Equities research analysts predict that Summit Hotel Properties, Inc. will post 0.87 EPS for the current year.

Summit Hotel Properties Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.91%. Summit Hotel Properties’s dividend payout ratio (DPR) is presently 3,200.00%.

Summit Hotel Properties Company 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.