Loomis Sayles & Co. L P Buys 7,257 Shares of Summit Hotel Properties, Inc. (NYSE:INN)

Loomis Sayles & Co. L P lifted its stake in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 3,505.8% in the third quarter, according to its most recent filing with the SEC. The fund owned 7,464 shares of the real estate investment trust’s stock after acquiring an additional 7,257 shares during the period. Loomis Sayles & Co. L P’s holdings in Summit Hotel Properties were worth $51,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in INN. Vanguard Group Inc. lifted its stake in Summit Hotel Properties by 3.0% during the first quarter. Vanguard Group Inc. now owns 15,130,679 shares of the real estate investment trust’s stock worth $98,501,000 after purchasing an additional 439,383 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its stake 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 worth $1,537,000 after buying an additional 3,540 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in Summit Hotel Properties by 8.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 65,781 shares of the real estate investment trust’s stock valued at $429,000 after acquiring an additional 5,036 shares during the last quarter. Panagora Asset Management Inc. purchased a new position in shares of Summit Hotel Properties during the second quarter worth approximately $604,000. Finally, Allegheny Financial Group LTD lifted its holdings in shares of Summit Hotel Properties by 9.1% in the 2nd quarter. Allegheny Financial Group LTD now owns 251,718 shares of the real estate investment trust’s stock worth $1,508,000 after acquiring an additional 20,922 shares during the last quarter. 96.47% of the stock is currently owned by hedge funds and other institutional investors.

Summit Hotel Properties Price Performance

Shares of Summit Hotel Properties stock opened at $6.52 on Friday. The stock has a market capitalization of $706.90 million, a price-to-earnings ratio of 652.00 and a beta of 2.05. The company has a fifty day moving average of $6.53 and a 200-day moving average of $6.29. Summit Hotel Properties, Inc. has a 52-week low of $5.66 and a 52-week high of $7.22. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.78 and a current ratio of 0.78.

Summit Hotel Properties (NYSE:INN) last announced 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 the consensus estimate 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 period last year, the business posted $0.22 earnings per share. Equities research analysts expect that Summit Hotel Properties, Inc. will post 0.87 EPS for the current year.

Summit Hotel Properties Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $0.32 dividend on an annualized basis and a yield of 4.91%. Summit Hotel Properties’s dividend payout ratio (DPR) is currently 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.