Summit Hotel Properties, Inc. (NYSE:INN) Shares Sold by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System cut its stake in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 4.8% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 37,722 shares of the real estate investment trust’s stock after selling 1,902 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Summit Hotel Properties were worth $226,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Jennison Associates LLC grew its position in shares of Summit Hotel Properties by 7.6% during the first quarter. Jennison Associates LLC now owns 5,357,138 shares of the real estate investment trust’s stock worth $34,875,000 after buying an additional 379,223 shares in the last quarter. US Bancorp DE boosted its holdings in Summit Hotel Properties by 46.2% in the first quarter. US Bancorp DE now owns 148,424 shares of the real estate investment trust’s stock valued at $966,000 after purchasing an additional 46,895 shares in the last quarter. Jump Financial LLC acquired a new position in Summit Hotel Properties in the fourth quarter valued at approximately $669,000. CANADA LIFE ASSURANCE Co boosted its holdings in Summit Hotel Properties by 1.5% in the first quarter. CANADA LIFE ASSURANCE Co now owns 236,446 shares of the real estate investment trust’s stock valued at $1,537,000 after purchasing an additional 3,540 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Summit Hotel Properties by 7.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,491,396 shares of the real estate investment trust’s stock valued at $10,022,000 after purchasing an additional 99,732 shares in the last quarter. 96.47% of the stock is owned by institutional investors and hedge funds.

Summit Hotel Properties Stock Performance

Shares of INN opened at $6.58 on Thursday. The stock has a 50 day moving average price of $6.24 and a 200 day moving average price of $6.23. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.99. The company has a market capitalization of $711.90 million, a price-to-earnings ratio of -27.42 and a beta of 2.03. Summit Hotel Properties, Inc. has a 52-week low of $5.31 and a 52-week high of $6.98.

Summit Hotel Properties (NYSE:INN) last announced its quarterly earnings results on Monday, July 29th. The real estate investment trust reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). The business had revenue of $193.90 million during the quarter, compared to analyst estimates of $191.05 million. Summit Hotel Properties had a net margin of 3.23% and a return on equity of 1.76%. During the same period last year, the company earned $0.27 earnings per share. Research analysts predict that Summit Hotel Properties, Inc. will post 0.88 EPS for the current fiscal year.

Summit Hotel Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 4.86%. The ex-dividend date of this dividend was Friday, August 16th. Summit Hotel Properties’s payout ratio 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.