State of New Jersey Common Pension Fund D Sells 122,291 Shares of Summit Hotel Properties, Inc. (NYSE:INN)

State of New Jersey Common Pension Fund D lowered its holdings in Summit Hotel Properties, Inc. (NYSE:INN) by 28.3% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 309,975 shares of the real estate investment trust’s stock after selling 122,291 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Summit Hotel Properties were worth $1,857,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Quadrant Capital Group LLC increased its holdings in shares of Summit Hotel Properties by 103.1% during the fourth quarter. Quadrant Capital Group LLC now owns 4,835 shares of the real estate investment trust’s stock worth $32,000 after purchasing an additional 2,454 shares during the period. Daiwa Securities Group Inc. grew its position in Summit Hotel Properties by 8.9% during the first quarter. Daiwa Securities Group Inc. now owns 34,996 shares of the real estate investment trust’s stock worth $228,000 after buying an additional 2,874 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its position in Summit Hotel Properties by 1.5% during 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. BNP Paribas Financial Markets increased its stake in Summit Hotel Properties by 6.7% during the 4th quarter. BNP Paribas Financial Markets now owns 59,523 shares of the real estate investment trust’s stock worth $400,000 after acquiring an additional 3,750 shares during the period. Finally, Fidelis Capital Partners LLC acquired a new position in Summit Hotel Properties in the 1st quarter valued at $30,000. Institutional investors own 96.47% of the company’s stock.

Summit Hotel Properties Stock Performance

NYSE:INN opened at $7.00 on Monday. The company has a market cap of $757.34 million, a price-to-earnings ratio of -29.17 and a beta of 2.04. Summit Hotel Properties, Inc. has a fifty-two week low of $5.31 and a fifty-two week high of $7.03. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a fifty day moving average price of $6.41 and a 200-day moving average price of $6.23.

Summit Hotel Properties (NYSE:INN) last posted its quarterly earnings data on Monday, July 29th. The real estate investment trust reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.02). The firm had revenue of $193.90 million for the quarter, compared to the consensus estimate of $191.05 million. Summit Hotel Properties had a return on equity of 1.76% and a net margin of 3.23%. During the same period in the prior year, the company earned $0.27 EPS. As a group, equities analysts anticipate that Summit Hotel Properties, Inc. will post 0.89 EPS for the current fiscal year.

Summit Hotel Properties Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, August 16th. This represents a $0.32 annualized dividend and a dividend yield of 4.57%. Summit Hotel Properties’s dividend payout ratio is -133.33%.

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.