Connor Clark & Lunn Investment Management Ltd. Sells 55,826 Shares of Summit Hotel Properties, Inc. (NYSE:INN)

Connor Clark & Lunn Investment Management Ltd. lessened its holdings in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 40.6% in the third quarter, according to its most recent filing with the SEC. The firm owned 81,571 shares of the real estate investment trust’s stock after selling 55,826 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.08% of Summit Hotel Properties worth $560,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in INN. KBC Group NV boosted its holdings in Summit Hotel Properties by 76.5% during the third quarter. KBC Group NV now owns 9,177 shares of the real estate investment trust’s stock worth $63,000 after buying an additional 3,979 shares during the last quarter. Metis Global Partners LLC bought a new position in Summit Hotel Properties during the 3rd quarter worth approximately $81,000. MQS Management LLC bought a new position in Summit Hotel Properties during the 2nd quarter worth approximately $75,000. Choreo LLC acquired a new position in Summit Hotel Properties during the second quarter valued at approximately $86,000. Finally, Van ECK Associates Corp increased its stake in Summit Hotel Properties by 12.3% in the third quarter. Van ECK Associates Corp now owns 18,037 shares of the real estate investment trust’s stock valued at $124,000 after purchasing an additional 1,980 shares in the last quarter. Institutional investors own 96.47% of the company’s stock.

Summit Hotel Properties Trading Up 1.1 %

Shares of NYSE INN opened at $6.59 on Friday. Summit Hotel Properties, Inc. has a twelve month low of $5.66 and a twelve month high of $7.22. The stock has a market cap of $714.47 million, a price-to-earnings ratio of 659.00 and a beta of 2.05. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.01. The company’s fifty day moving average is $6.52 and its 200-day moving average is $6.30.

Summit Hotel Properties (NYSE:INN) last announced its 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 company had revenue of $176.81 million for the quarter, compared to analyst estimates of $176.24 million. Summit Hotel Properties had a return on equity of 1.87% and a net margin of 3.41%. During the same quarter last year, the business posted $0.22 earnings per share. Equities research analysts predict that Summit Hotel Properties, Inc. will post 0.87 EPS for the current year.

Summit Hotel Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.86%. The ex-dividend date was Friday, November 15th. Summit Hotel Properties’s dividend payout ratio is presently 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.