Intech Investment Management LLC Purchases 6,651 Shares of Summit Hotel Properties, Inc. (NYSE:INN)

Intech Investment Management LLC increased its position in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 18.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 41,986 shares of the real estate investment trust’s stock after acquiring an additional 6,651 shares during the period. Intech Investment Management LLC’s holdings in Summit Hotel Properties were worth $288,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. KBC Group NV grew its stake in Summit Hotel Properties by 76.5% in the 3rd 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 in the last quarter. MQS Management LLC purchased a new position in Summit Hotel Properties in the 2nd quarter worth approximately $75,000. Metis Global Partners LLC purchased a new position in Summit Hotel Properties in the 3rd quarter worth approximately $81,000. Choreo LLC purchased a new position in Summit Hotel Properties in the 2nd quarter worth approximately $86,000. Finally, Caxton Associates LP grew its stake in Summit Hotel Properties by 75.7% in the 2nd quarter. Caxton Associates LP now owns 20,440 shares of the real estate investment trust’s stock worth $122,000 after buying an additional 8,804 shares in the last quarter. Institutional investors own 96.47% of the company’s stock.

Summit Hotel Properties Price Performance

INN stock opened at $6.77 on Thursday. 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 one year low of $5.66 and a one year high of $7.22. The stock has a market cap of $733.46 million, a PE ratio of 676.50 and a beta of 2.05. The firm has a 50 day simple moving average of $6.50 and a two-hundred day simple moving average of $6.32.

Summit Hotel Properties (NYSE:INN) last released its quarterly earnings results on Monday, November 4th. The real estate investment trust reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.22). Summit Hotel Properties had a return on equity of 1.87% and a net margin of 3.41%. The company had revenue of $176.81 million during the quarter, compared to analysts’ expectations of $176.24 million. During the same period in the prior year, the firm earned $0.22 EPS. On average, analysts predict that Summit Hotel Properties, Inc. will post 0.89 EPS for the current fiscal 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 paid a $0.08 dividend. The ex-dividend date was Friday, November 15th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.73%. Summit Hotel Properties’s dividend payout ratio (DPR) 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.