Geode Capital Management LLC Boosts Stock Position in Summit Hotel Properties, Inc. (NYSE:INN)

Geode Capital Management LLC lifted its stake in Summit Hotel Properties, Inc. (NYSE:INN) by 2.1% in the 3rd quarter, Holdings Channel.com reports. The firm owned 2,788,634 shares of the real estate investment trust’s stock after purchasing an additional 56,027 shares during the period. Geode Capital Management LLC’s holdings in Summit Hotel Properties were worth $19,134,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in INN. Loomis Sayles & Co. L P grew its holdings in shares of Summit Hotel Properties by 3,505.8% in the third quarter. Loomis Sayles & Co. L P now owns 7,464 shares of the real estate investment trust’s stock valued at $51,000 after purchasing an additional 7,257 shares during the period. KBC Group NV boosted its holdings in Summit Hotel Properties by 76.5% in the 3rd quarter. KBC Group NV now owns 9,177 shares of the real estate investment trust’s stock valued at $63,000 after purchasing an additional 3,979 shares during the last quarter. MQS Management LLC purchased a new stake in shares of Summit Hotel Properties in the 2nd quarter valued at approximately $75,000. Metis Global Partners LLC acquired a new stake in shares of Summit Hotel Properties during the 3rd quarter worth approximately $81,000. Finally, Point72 Asia Singapore Pte. Ltd. increased its holdings in shares of Summit Hotel Properties by 193.3% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 12,147 shares of the real estate investment trust’s stock worth $83,000 after buying an additional 8,006 shares during the last quarter. Hedge funds and other institutional investors own 96.47% of the company’s stock.

Summit Hotel Properties Price Performance

NYSE:INN opened at $6.78 on Friday. Summit Hotel Properties, Inc. has a 52 week low of $5.66 and a 52 week high of $7.22. The stock’s fifty day moving average is $6.52 and its two-hundred day moving average is $6.40. The company has a market capitalization of $735.07 million, a P/E ratio of 678.00 and a beta of 2.05. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.01.

Summit Hotel Properties (NYSE:INN) last issued its quarterly earnings data on Monday, November 4th. The real estate investment trust reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.22). The company had revenue of $176.81 million during the quarter, compared to analyst estimates 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 earnings per share. Equities analysts expect that Summit Hotel Properties, Inc. will post 0.89 EPS for the current 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 paid a dividend of $0.08 per share. The ex-dividend date was Friday, November 15th. This represents a $0.32 dividend on an annualized basis and a yield of 4.72%. Summit Hotel Properties’s dividend payout ratio (DPR) 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.