Bank of New York Mellon Corp Acquires 98,548 Shares of Summit Hotel Properties, Inc. (NYSE:INN)

Bank of New York Mellon Corp grew its holdings in Summit Hotel Properties, Inc. (NYSE:INN) by 12.4% during the 4th quarter, Holdings Channel reports. The fund owned 895,048 shares of the real estate investment trust’s stock after buying an additional 98,548 shares during the period. Bank of New York Mellon Corp’s holdings in Summit Hotel Properties were worth $6,131,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. H 2 Credit Manager LP increased its holdings in Summit Hotel Properties by 43.0% in the 3rd quarter. H 2 Credit Manager LP now owns 7,167,331 shares of the real estate investment trust’s stock valued at $49,168,000 after acquiring an additional 2,156,700 shares during the last quarter. Jennison Associates LLC boosted its position in Summit Hotel Properties by 21.6% in the 4th quarter. Jennison Associates LLC now owns 6,704,189 shares of the real estate investment trust’s stock valued at $45,924,000 after buying an additional 1,191,506 shares during the period. Indaba Capital Management L.P. purchased a new stake in Summit Hotel Properties in the 3rd quarter valued at about $4,248,000. Geode Capital Management LLC boosted its position in Summit Hotel Properties by 2.1% in the 3rd quarter. Geode Capital Management LLC now owns 2,788,634 shares of the real estate investment trust’s stock valued at $19,134,000 after buying an additional 56,027 shares during the period. Finally, Victory Capital Management Inc. raised its holdings in shares of Summit Hotel Properties by 0.9% in the 3rd quarter. Victory Capital Management Inc. now owns 2,436,605 shares of the real estate investment trust’s stock valued at $16,715,000 after purchasing an additional 21,389 shares in the last quarter. 96.47% of the stock is currently owned by institutional investors.

Summit Hotel Properties Trading Up 2.7 %

NYSE:INN opened at $5.66 on Monday. Summit Hotel Properties, Inc. has a one year low of $5.50 and a one year 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. The firm has a market cap of $621.15 million, a P/E ratio of 565.80, a P/E/G ratio of 1.54 and a beta of 2.04. The firm has a 50-day simple moving average of $6.52 and a 200-day simple moving average of $6.57.

Summit Hotel Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 14th were paid a dividend of $0.08 per share. The ex-dividend date was Friday, February 14th. This represents a $0.32 annualized dividend and a dividend yield of 5.66%. Summit Hotel Properties’s dividend payout ratio (DPR) is presently 177.78%.

About Summit Hotel Properties

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.