Algert Global LLC Raises Stock Holdings in Summit Hotel Properties, Inc. (NYSE:INN)

Algert Global LLC lifted its holdings in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 26.2% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 134,095 shares of the real estate investment trust’s stock after buying an additional 27,831 shares during the period. Algert Global LLC owned approximately 0.12% of Summit Hotel Properties worth $803,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in shares of Summit Hotel Properties by 3.0% during the first quarter. Vanguard Group Inc. now owns 15,130,679 shares of the real estate investment trust’s stock worth $98,501,000 after purchasing an additional 439,383 shares during the last quarter. Jennison Associates LLC boosted its stake in shares of 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 last quarter. H 2 Credit Manager LP boosted its position in shares of Summit Hotel Properties by 1.7% in the fourth 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 during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Summit Hotel Properties by 1.1% in 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. Finally, Dimensional Fund Advisors LP boosted its holdings in Summit Hotel Properties by 5.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,611,956 shares of the real estate investment trust’s stock valued at $9,655,000 after acquiring an additional 80,577 shares during the last quarter. 96.47% of the stock is owned by institutional investors and hedge funds.

Summit Hotel Properties Stock Up 3.3 %

Shares of NYSE:INN opened at $7.14 on Friday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.89 and a current ratio of 0.89. Summit Hotel Properties, Inc. has a 1 year low of $5.31 and a 1 year high of $7.22. The stock has a 50-day simple moving average of $6.59 and a 200-day simple moving average of $6.27. The stock has a market capitalization of $772.49 million, a P/E ratio of -29.75 and a beta of 2.04.

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

Summit Hotel Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were paid a $0.08 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $0.32 annualized dividend and a dividend yield of 4.48%. Summit Hotel Properties’s dividend payout ratio (DPR) is presently -133.33%.

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.