State of New Jersey Common Pension Fund D lowered its position in Summit Hotel Properties, Inc. (NYSE:INN – Free Report) by 28.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 309,975 shares of the real estate investment trust’s stock after selling 122,291 shares during the quarter. State of New Jersey Common Pension Fund D owned approximately 0.29% of Summit Hotel Properties worth $1,857,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in the company. Quadrant Capital Group LLC lifted its stake in Summit Hotel Properties by 103.1% in the fourth quarter. Quadrant Capital Group LLC now owns 4,835 shares of the real estate investment trust’s stock valued at $32,000 after acquiring an additional 2,454 shares during the last quarter. Daiwa Securities Group Inc. increased its holdings in shares of Summit Hotel Properties by 8.9% during the 1st quarter. Daiwa Securities Group Inc. now owns 34,996 shares of the real estate investment trust’s stock worth $228,000 after acquiring an additional 2,874 shares during the last quarter. CANADA LIFE ASSURANCE Co raised its stake in Summit Hotel Properties by 1.5% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 236,446 shares of the real estate investment trust’s stock valued at $1,537,000 after acquiring an additional 3,540 shares during the period. BNP Paribas Financial Markets raised its stake in Summit Hotel Properties by 6.7% in the 4th quarter. BNP Paribas Financial Markets now owns 59,523 shares of the real estate investment trust’s stock valued at $400,000 after acquiring an additional 3,750 shares during the period. Finally, Fidelis Capital Partners LLC acquired a new stake in Summit Hotel Properties during the 1st quarter valued at $30,000. Institutional investors and hedge funds own 96.47% of the company’s stock.
Summit Hotel Properties Price Performance
NYSE:INN opened at $7.00 on Monday. The company has a market cap of $757.34 million, a P/E ratio of -29.17 and a beta of 2.04. The firm’s fifty day moving average price is $6.41 and its two-hundred day moving average price is $6.23. Summit Hotel Properties, Inc. has a one year low of $5.31 and a one year high of $7.03. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.89 and a quick ratio of 0.89.
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 dividend of $0.08 per share. The ex-dividend date was Friday, August 16th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.57%. Summit Hotel Properties’s dividend payout ratio (DPR) is currently -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.
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