Tidal Investments LLC Acquires New Holdings in Summit Hotel Properties, Inc. (NYSE:INN)

Tidal Investments LLC bought a new position in Summit Hotel Properties, Inc. (NYSE:INN) in the third quarter, Holdings Channel.com reports. The institutional investor bought 13,209 shares of the real estate investment trust’s stock, valued at approximately $91,000.

Several other hedge funds have also modified their holdings of the company. Loomis Sayles & Co. L P grew its position in shares of Summit Hotel Properties by 3,505.8% in the 3rd quarter. Loomis Sayles & Co. L P now owns 7,464 shares of the real estate investment trust’s stock worth $51,000 after buying an additional 7,257 shares during the last quarter. Sunbelt Securities Inc. purchased a new position in Summit Hotel Properties in the third quarter worth $57,000. KBC Group NV increased its position in shares of Summit Hotel Properties by 76.5% during the third quarter. KBC Group NV now owns 9,177 shares of the real estate investment trust’s stock worth $63,000 after purchasing an additional 3,979 shares in the last quarter. Metis Global Partners LLC purchased a new stake in shares of Summit Hotel Properties during the 3rd quarter valued at $81,000. Finally, Point72 Asia Singapore Pte. Ltd. boosted its position in shares of Summit Hotel Properties by 193.3% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 12,147 shares of the real estate investment trust’s stock worth $83,000 after purchasing an additional 8,006 shares in the last quarter. 96.47% of the stock is owned by hedge funds and other institutional investors.

Summit Hotel Properties Stock Up 1.2 %

Shares of INN stock opened at $6.89 on Thursday. The stock’s fifty day moving average price is $6.51 and its 200 day moving average price is $6.40. 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 company has a market cap of $747.00 million, a price-to-earnings ratio of 689.00 and a beta of 2.05.

Summit Hotel Properties (NYSE:INN) last posted 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). The company had revenue of $176.81 million for the quarter, compared to analyst estimates of $176.24 million. Summit Hotel Properties had a net margin of 3.41% and a return on equity of 1.87%. During the same quarter last year, the company earned $0.22 EPS. On average, research analysts expect that Summit Hotel Properties, Inc. will post 0.89 earnings per share for the current fiscal year.

Summit Hotel Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were paid a dividend of $0.08 per share. The ex-dividend date was Friday, November 15th. This represents a $0.32 annualized dividend and a dividend yield of 4.64%. Summit Hotel Properties’s payout ratio is currently 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.