Principal Financial Group Inc. Sells 22,909 Shares of 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 the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 510,461 shares of the real estate investment trust’s stock after selling 22,909 shares during the quarter. Principal Financial Group Inc. owned 0.47% of Summit Hotel Properties worth $3,502,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of INN. Asset Management One Co. Ltd. increased its stake in Summit Hotel Properties by 1.2% in the third quarter. Asset Management One Co. Ltd. now owns 162,720 shares of the real estate investment trust’s stock valued at $1,116,000 after purchasing an additional 1,888 shares in the last quarter. Van ECK Associates Corp grew its holdings in shares of 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. abrdn plc increased its position in shares of Summit Hotel Properties by 10.5% in the 3rd quarter. abrdn plc now owns 21,553 shares of the real estate investment trust’s stock valued at $148,000 after buying an additional 2,056 shares in the last quarter. Daiwa Securities Group Inc. raised its stake in Summit Hotel Properties by 6.3% during the 3rd quarter. Daiwa Securities Group Inc. now owns 35,785 shares of the real estate investment trust’s stock worth $245,000 after buying an additional 2,125 shares during the period. Finally, Point72 Asset Management L.P. lifted its holdings in Summit Hotel Properties by 12.2% during the third quarter. Point72 Asset Management L.P. now owns 32,157 shares of the real estate investment trust’s stock worth $221,000 after acquiring an additional 3,502 shares in the last quarter. 96.47% of the stock is currently owned by institutional investors and hedge funds.

Summit Hotel Properties Stock Down 1.3 %

Shares of Summit Hotel Properties stock opened at $6.76 on Friday. The company has a market capitalization of $732.91 million, a P/E ratio of 676.00 and a beta of 2.05. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.78 and a quick ratio of 0.78. The business has a 50-day moving average of $6.56 and a two-hundred day moving average of $6.43. Summit Hotel Properties, Inc. has a 1 year low of $5.66 and a 1 year high of $7.22.

Summit Hotel Properties (NYSE:INN) last posted its 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 the consensus estimate 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 period in the previous year, the company posted $0.22 earnings per share. As a group, equities analysts predict that Summit Hotel Properties, Inc. will post 0.89 EPS for the current year.

Summit Hotel Properties Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 4.73%. The ex-dividend date was Friday, November 15th. Summit Hotel Properties’s payout ratio is presently 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.