Choreo LLC Buys Shares of 14,874 Summit Hotel Properties, Inc. (NYSE:INN)

Choreo LLC bought a new stake in Summit Hotel Properties, Inc. (NYSE:INN) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 14,874 shares of the real estate investment trust’s stock, valued at approximately $86,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in INN. Vanguard Group Inc. boosted its stake in Summit Hotel Properties by 3.0% in the first quarter. Vanguard Group Inc. now owns 15,130,679 shares of the real estate investment trust’s stock valued at $98,501,000 after acquiring an additional 439,383 shares during the last quarter. Jennison Associates LLC boosted its stake in Summit Hotel Properties by 7.6% in 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. Panagora Asset Management Inc. purchased a new position in Summit Hotel Properties in the second quarter valued at about $604,000. Charles Schwab Investment Management Inc. boosted its stake in Summit Hotel Properties by 7.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,491,396 shares of the real estate investment trust’s stock valued at $10,022,000 after acquiring an additional 99,732 shares during the last quarter. Finally, H 2 Credit Manager LP boosted its stake in 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 valued at $33,671,000 after acquiring an additional 83,700 shares during the last quarter. 96.47% of the stock is currently owned by hedge funds and other institutional investors.

Summit Hotel Properties Stock Performance

NYSE INN opened at $7.01 on Friday. The company’s 50 day moving average is $6.39 and its 200-day moving average is $6.22. Summit Hotel Properties, Inc. has a 12-month low of $5.31 and a 12-month high of $7.03. 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 firm has a market cap of $758.43 million, a P/E ratio of -29.21 and a beta of 2.04.

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 the consensus estimate of $0.25 by ($0.02). Summit Hotel Properties had a net margin of 3.23% and a return on equity of 1.76%. The business had revenue of $193.90 million during the quarter, compared to the consensus estimate of $191.05 million. During the same period last year, the firm earned $0.27 EPS. Sell-side analysts predict that Summit Hotel Properties, Inc. will post 0.89 earnings per share for the current year.

Summit Hotel Properties Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 4.56%. The ex-dividend date of this dividend was Friday, August 16th. Summit Hotel Properties’s dividend payout ratio (DPR) 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.