Bank of New York Mellon Corp Boosts Stake in Summit Hotel Properties, Inc. (NYSE:INN)

Bank of New York Mellon Corp raised its holdings in shares of Summit Hotel Properties, Inc. (NYSE:INNFree Report) by 12.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 895,048 shares of the real estate investment trust’s stock after acquiring an additional 98,548 shares during the quarter. Bank of New York Mellon Corp owned about 0.83% of Summit Hotel Properties worth $6,131,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in INN. Indaba Capital Management L.P. purchased a new position in Summit Hotel Properties in the third quarter worth $4,248,000. H 2 Credit Manager LP raised its stake in Summit Hotel Properties by 43.0% in the third quarter. H 2 Credit Manager LP now owns 7,167,331 shares of the real estate investment trust’s stock worth $49,168,000 after buying an additional 2,156,700 shares in the last quarter. Jennison Associates LLC increased its stake in shares of Summit Hotel Properties by 21.6% during the fourth quarter. Jennison Associates LLC now owns 6,704,189 shares of the real estate investment trust’s stock valued at $45,924,000 after purchasing an additional 1,191,506 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Summit Hotel Properties by 430.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 711,491 shares of the real estate investment trust’s stock valued at $4,881,000 after purchasing an additional 577,300 shares in the last quarter. Finally, Segall Bryant & Hamill LLC purchased a new stake in shares of Summit Hotel Properties during the third quarter valued at approximately $3,123,000. Institutional investors own 96.47% of the company’s stock.

Summit Hotel Properties Trading Up 2.7 %

NYSE:INN opened at $5.66 on Monday. The company’s 50 day moving average price is $6.52 and its 200-day moving average price is $6.57. Summit Hotel Properties, Inc. has a 52 week low of $5.50 and a 52 week high of $7.22. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.01. The stock has a market cap of $621.15 million, a price-to-earnings ratio of 565.80, a PEG ratio of 1.54 and a beta of 2.04.

Summit Hotel Properties Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 14th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.66%. The ex-dividend date of this dividend was Friday, February 14th. Summit Hotel Properties’s payout ratio is 177.78%.

About Summit Hotel Properties

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Summit Hotel Properties (NYSE:INN)

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