Daiwa Securities Group Inc. Increases Holdings in Summit Hotel Properties, Inc. (NYSE:INN)

Daiwa Securities Group Inc. raised its stake in Summit Hotel Properties, Inc. (NYSE:INN) by 6.3% during the third quarter, HoldingsChannel reports. The fund owned 35,785 shares of the real estate investment trust’s stock after buying an additional 2,125 shares during the period. Daiwa Securities Group Inc.’s holdings in Summit Hotel Properties were worth $245,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. grew its position in Summit Hotel Properties by 3.0% during the 1st 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. Price T Rowe Associates Inc. MD increased its position in shares of Summit Hotel Properties by 8.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 65,781 shares of the real estate investment trust’s stock valued at $429,000 after acquiring an additional 5,036 shares in the last quarter. Panagora Asset Management Inc. purchased a new position in Summit Hotel Properties in the 2nd quarter worth approximately $604,000. Allegheny Financial Group LTD lifted its position in Summit Hotel Properties by 9.1% in the 2nd quarter. Allegheny Financial Group LTD now owns 251,718 shares of the real estate investment trust’s stock valued at $1,508,000 after acquiring an additional 20,922 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its stake in Summit Hotel Properties by 1.1% during the 2nd quarter. Victory Capital Management Inc. now owns 2,415,216 shares of the real estate investment trust’s stock valued at $14,467,000 after purchasing an additional 26,342 shares during the last quarter. 96.47% of the stock is currently owned by institutional investors.

Summit Hotel Properties Stock Up 0.9 %

INN stock opened at $6.58 on Monday. The stock has a market capitalization of $713.40 million, a P/E ratio of 658.00 and a beta of 2.05. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.78 and a quick ratio of 0.78. Summit Hotel Properties, Inc. has a 1-year low of $5.66 and a 1-year high of $7.22. The business has a fifty day moving average price of $6.51 and a 200-day moving average price of $6.30.

Summit Hotel Properties (NYSE:INN) last issued its earnings results on Monday, November 4th. The real estate investment trust reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.22). The business had revenue of $176.81 million during the quarter, compared to analysts’ expectations 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 period last year, the firm posted $0.22 EPS. Equities analysts forecast that Summit Hotel Properties, Inc. will post 0.89 earnings per share for the current fiscal year.

Summit Hotel Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were given a $0.08 dividend. The ex-dividend date was Friday, November 15th. This represents a $0.32 annualized dividend and a yield of 4.86%. Summit Hotel Properties’s payout ratio is 3,200.00%.

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.