Sunbelt Securities Inc. Purchases New Stake in Summit Hotel Properties, Inc. (NYSE:INN)

Sunbelt Securities Inc. acquired a new position in shares of Summit Hotel Properties, Inc. (NYSE:INN) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 8,336 shares of the real estate investment trust’s stock, valued at approximately $57,000.

Several other hedge funds and other institutional investors also recently modified their holdings of INN. Asset Management One Co. Ltd. grew its stake in Summit Hotel Properties by 1.2% in the third quarter. Asset Management One Co. Ltd. now owns 162,720 shares of the real estate investment trust’s stock worth $1,116,000 after purchasing an additional 1,888 shares in the last quarter. Van ECK Associates Corp lifted its holdings in Summit Hotel Properties by 12.3% during the 3rd quarter. Van ECK Associates Corp now owns 18,037 shares of the real estate investment trust’s stock worth $124,000 after buying an additional 1,980 shares during the last quarter. abrdn plc grew its position in shares of Summit Hotel Properties by 10.5% in the 3rd quarter. abrdn plc now owns 21,553 shares of the real estate investment trust’s stock worth $148,000 after acquiring an additional 2,056 shares in the last quarter. Daiwa Securities Group Inc. increased its holdings in shares of Summit Hotel Properties by 6.3% in the 3rd quarter. Daiwa Securities Group Inc. now owns 35,785 shares of the real estate investment trust’s stock valued at $245,000 after acquiring an additional 2,125 shares during the last quarter. Finally, Point72 Asset Management L.P. raised its position in shares of Summit Hotel Properties by 12.2% during the 3rd quarter. Point72 Asset Management L.P. now owns 32,157 shares of the real estate investment trust’s stock valued at $221,000 after acquiring an additional 3,502 shares in the last quarter. Institutional investors own 96.47% of the company’s stock.

Summit Hotel Properties Stock Performance

Summit Hotel Properties stock opened at $6.70 on Monday. 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 12 month low of $5.66 and a 12 month high of $7.22. The company has a fifty day moving average price of $6.48 and a two-hundred day moving average price of $6.36. The company has a market cap of $726.40 million, a PE ratio of 670.00 and a beta of 2.05.

Summit Hotel Properties (NYSE:INN) last posted 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 business had revenue of $176.81 million during 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 period last year, the firm posted $0.22 earnings per share. Research analysts expect that Summit Hotel Properties, Inc. will post 0.89 earnings per share for the current year.

Summit Hotel Properties Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.78%. The ex-dividend date of this dividend was Friday, November 15th. Summit Hotel Properties’s payout ratio 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.