Cubist Systematic Strategies LLC Sells 226,574 Shares of Summit Hotel Properties, Inc. (NYSE:INN)

Cubist Systematic Strategies LLC cut its holdings in Summit Hotel Properties, Inc. (NYSE:INN) by 73.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 83,329 shares of the real estate investment trust’s stock after selling 226,574 shares during the period. Cubist Systematic Strategies LLC’s holdings in Summit Hotel Properties were worth $499,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Quadrature Capital Ltd bought a new stake in Summit Hotel Properties during the fourth quarter valued at about $93,000. Fidelis Capital Partners LLC bought a new stake in Summit Hotel Properties during the first quarter valued at about $30,000. Daiwa Securities Group Inc. boosted its holdings in Summit Hotel Properties by 8.9% during the first quarter. Daiwa Securities Group Inc. now owns 34,996 shares of the real estate investment trust’s stock valued at $228,000 after acquiring an additional 2,874 shares during the period. Jennison Associates LLC boosted its holdings in Summit Hotel Properties by 7.6% during the first quarter. Jennison Associates LLC now owns 5,357,138 shares of the real estate investment trust’s stock valued at $34,875,000 after acquiring an additional 379,223 shares during the period. Finally, US Bancorp DE boosted its holdings in Summit Hotel Properties by 46.2% during the first quarter. US Bancorp DE now owns 148,424 shares of the real estate investment trust’s stock valued at $966,000 after acquiring an additional 46,895 shares during the period. 96.47% of the stock is currently owned by institutional investors.

Summit Hotel Properties Stock Up 0.6 %

INN stock opened at $6.66 on Friday. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.89 and a quick ratio of 0.89. Summit Hotel Properties, Inc. has a 52-week low of $5.31 and a 52-week high of $7.22. The company has a 50-day moving average of $6.64 and a two-hundred day moving average of $6.28. The stock has a market capitalization of $720.56 million, a price-to-earnings ratio of -27.75 and a beta of 2.04.

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

Summit Hotel Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.80%. The ex-dividend date was Friday, August 16th. Summit Hotel Properties’s dividend payout ratio 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.