Principal Financial Group Inc. Reduces Position in Summit Hotel Properties, Inc. (NYSE:INN)

Principal Financial Group Inc. cut its stake in Summit Hotel Properties, Inc. (NYSE:INN) by 4.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 510,461 shares of the real estate investment trust’s stock after selling 22,909 shares during the period. Principal Financial Group Inc. owned approximately 0.47% of Summit Hotel Properties worth $3,502,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. MQS Management LLC acquired a new position in Summit Hotel Properties in the second quarter valued at approximately $75,000. EntryPoint Capital LLC purchased a new position in shares of Summit Hotel Properties during the 1st quarter worth approximately $79,000. Choreo LLC purchased a new position in Summit Hotel Properties during the second quarter worth $86,000. Caxton Associates LP increased its position in Summit Hotel Properties by 75.7% during the 2nd quarter. Caxton Associates LP now owns 20,440 shares of the real estate investment trust’s stock worth $122,000 after purchasing an additional 8,804 shares in the last quarter. Finally, Van ECK Associates Corp grew its holdings in Summit Hotel Properties by 12.3% in the 3rd quarter. Van ECK Associates Corp now owns 18,037 shares of the real estate investment trust’s stock valued at $124,000 after buying an additional 1,980 shares during the period. Hedge funds and other institutional investors own 96.47% of the company’s stock.

Summit Hotel Properties Trading Up 2.4 %

Shares of INN stock opened at $6.23 on Friday. The firm’s 50 day moving average price is $6.53 and its two-hundred day moving average price is $6.28. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.01. Summit Hotel Properties, Inc. has a fifty-two week low of $5.66 and a fifty-two week high of $7.22. The stock has a market cap of $674.91 million, a price-to-earnings ratio of 622.50 and a beta of 2.05.

Summit Hotel Properties (NYSE:INN) last released its quarterly earnings data on Monday, November 4th. The real estate investment trust reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 net margin of 3.41% and a return on equity of 1.87%. During the same quarter in the prior year, the firm earned $0.22 EPS. On average, analysts anticipate that Summit Hotel Properties, Inc. will post 0.87 EPS for the current year.

Summit Hotel Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 5.14%. The ex-dividend date is 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.