The Manufacturers Life Insurance Company Lowers Holdings in Summit Hotel Properties, Inc. (NYSE:INN)

The Manufacturers Life Insurance Company decreased its stake in Summit Hotel Properties, Inc. (NYSE:INN) by 16.0% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 43,385 shares of the real estate investment trust’s stock after selling 8,291 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Summit Hotel Properties were worth $298,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of INN. Panagora Asset Management Inc. purchased a new stake in shares of Summit Hotel Properties in the second quarter worth about $604,000. Allegheny Financial Group LTD boosted its stake in shares of Summit Hotel Properties by 9.1% in the second quarter. Allegheny Financial Group LTD now owns 251,718 shares of the real estate investment trust’s stock worth $1,508,000 after buying an additional 20,922 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of Summit Hotel Properties by 1.1% in the second quarter. Victory Capital Management Inc. now owns 2,415,216 shares of the real estate investment trust’s stock worth $14,467,000 after buying an additional 26,342 shares during the last quarter. Choreo LLC purchased a new stake in shares of Summit Hotel Properties in the second quarter worth about $86,000. Finally, Texas Permanent School Fund Corp boosted its position in Summit Hotel Properties by 23.9% during the second quarter. Texas Permanent School Fund Corp now owns 115,854 shares of the real estate investment trust’s stock worth $694,000 after purchasing an additional 22,354 shares in the last quarter. Hedge funds and other institutional investors own 96.47% of the company’s stock.

Summit Hotel Properties Stock Performance

Shares of INN stock opened at $6.70 on Monday. The company has a market capitalization of $726.40 million, a P/E ratio of 670.00 and a beta of 2.05. The business’s 50 day moving average is $6.48 and its two-hundred day moving average is $6.36. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.01. Summit Hotel Properties, Inc. has a 12-month low of $5.66 and a 12-month high of $7.22.

Summit Hotel Properties (NYSE:INN) last issued its quarterly earnings results 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 business had revenue of $176.81 million for the quarter, compared to analysts’ expectations 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 in the prior year, the company posted $0.22 EPS. Analysts expect that Summit Hotel Properties, Inc. will post 0.89 EPS for the current fiscal year.

Summit Hotel Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $0.32 dividend on an annualized basis and a yield of 4.78%. Summit Hotel Properties’s dividend payout ratio is currently 3,200.00%.

Summit Hotel Properties Company 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.