Point72 Asset Management L.P. Increases Holdings in Summit Hotel Properties, Inc. (NYSE:INN)

Point72 Asset Management L.P. boosted its position in Summit Hotel Properties, Inc. (NYSE:INN) by 60.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 28,655 shares of the real estate investment trust’s stock after buying an additional 10,755 shares during the period. Point72 Asset Management L.P.’s holdings in Summit Hotel Properties were worth $172,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Fidelis Capital Partners LLC acquired a new stake in Summit Hotel Properties during the 1st quarter valued at approximately $30,000. MQS Management LLC purchased a new position in shares of Summit Hotel Properties during the second quarter worth $75,000. EntryPoint Capital LLC acquired a new position in Summit Hotel Properties during the first quarter valued at $79,000. Choreo LLC purchased a new stake in Summit Hotel Properties in the second quarter valued at $86,000. Finally, Quadrature Capital Ltd acquired a new stake in Summit Hotel Properties during the 4th quarter worth about $93,000. Hedge funds and other institutional investors own 96.47% of the company’s stock.

Summit Hotel Properties Stock Performance

Shares of INN stock opened at $7.14 on Friday. Summit Hotel Properties, Inc. has a 52-week low of $5.31 and a 52-week high of $7.22. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.99. The stock has a market cap of $772.49 million, a PE ratio of -29.75 and a beta of 2.04. The business has a 50-day simple moving average of $6.59 and a 200-day simple moving average of $6.27.

Summit Hotel Properties (NYSE:INN) last announced 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 previous year, the firm posted $0.27 earnings per share. On average, equities analysts expect that Summit Hotel Properties, Inc. will post 0.89 EPS for the current year.

Summit Hotel Properties Dividend Announcement

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