Summit Hotel Properties, Inc. (NYSE:INN) Shares Purchased by Texas Permanent School Fund Corp

Texas Permanent School Fund Corp increased its position in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 23.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 115,854 shares of the real estate investment trust’s stock after acquiring an additional 22,354 shares during the period. Texas Permanent School Fund Corp owned about 0.11% of Summit Hotel Properties worth $694,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake 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 worth $98,501,000 after acquiring an additional 439,383 shares in the last quarter. Jennison Associates LLC lifted its stake in Summit Hotel Properties by 7.6% during the 1st quarter. Jennison Associates LLC now owns 5,357,138 shares of the real estate investment trust’s stock worth $34,875,000 after acquiring an additional 379,223 shares in the last quarter. H 2 Credit Manager LP lifted its stake in Summit Hotel Properties by 1.7% during the 4th quarter. H 2 Credit Manager LP now owns 5,010,631 shares of the real estate investment trust’s stock worth $33,671,000 after acquiring an additional 83,700 shares in the last quarter. Victory Capital Management Inc. lifted 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 worth $14,467,000 after acquiring an additional 26,342 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Summit Hotel Properties by 7.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,491,396 shares of the real estate investment trust’s stock worth $10,022,000 after acquiring an additional 99,732 shares in the last quarter. Institutional investors and hedge funds own 96.47% of the company’s stock.

Summit Hotel Properties Price Performance

INN stock opened at $7.00 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. The firm has a market capitalization of $757.34 million, a P/E ratio of -29.17 and a beta of 2.04. The business’s 50-day moving average is $6.41 and its two-hundred day moving average is $6.23. Summit Hotel Properties, Inc. has a 1 year low of $5.31 and a 1 year high of $7.03.

Summit Hotel Properties (NYSE:INN) last posted 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). The company had revenue of $193.90 million during the quarter, compared to analyst estimates of $191.05 million. Summit Hotel Properties had a net margin of 3.23% and a return on equity of 1.76%. During the same period in the prior year, the business earned $0.27 EPS. Analysts anticipate that Summit Hotel Properties, Inc. will post 0.89 earnings per share for the current fiscal year.

Summit Hotel Properties Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 4.57%. 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.