Cubist Systematic Strategies LLC Sells 226,574 Shares of Summit Hotel Properties, Inc. (NYSE:INN)

Cubist Systematic Strategies LLC lowered its position in Summit Hotel Properties, Inc. (NYSE:INN) by 73.1% in the second quarter, Holdings Channel.com reports. The fund owned 83,329 shares of the real estate investment trust’s stock after selling 226,574 shares during the period. Cubist Systematic Strategies LLC’s holdings in Summit Hotel Properties were worth $499,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the company. Public Sector Pension Investment Board boosted its position in shares of Summit Hotel Properties by 6.7% during the 2nd quarter. Public Sector Pension Investment Board now owns 238,092 shares of the real estate investment trust’s stock valued at $1,426,000 after acquiring an additional 14,857 shares in the last quarter. Intech Investment Management LLC bought a new position in Summit Hotel Properties during the second quarter worth about $212,000. MQS Management LLC acquired a new stake in Summit Hotel Properties during the second quarter valued at approximately $75,000. Hsbc Holdings PLC grew its stake in shares of Summit Hotel Properties by 10.3% in the 2nd quarter. Hsbc Holdings PLC now owns 136,315 shares of the real estate investment trust’s stock valued at $812,000 after purchasing an additional 12,760 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Summit Hotel Properties by 5.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,611,956 shares of the real estate investment trust’s stock worth $9,655,000 after buying an additional 80,577 shares in the last quarter. Institutional investors and hedge funds own 96.47% of the company’s stock.

Summit Hotel Properties Price Performance

Shares of INN stock opened at $7.14 on Friday. The stock’s fifty day simple moving average is $6.57 and its 200 day simple moving average is $6.26. Summit Hotel Properties, Inc. has a one year low of $5.31 and a one year high of $7.22. The firm has a market cap of $772.49 million, a price-to-earnings ratio of -29.92 and a beta of 2.04. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.89 and a quick ratio of 0.89.

Summit Hotel Properties (NYSE:INN) last issued its quarterly earnings data 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). Summit Hotel Properties had a net margin of 3.23% and a return on equity of 1.76%. The company had revenue of $193.90 million for the quarter, compared to the consensus estimate of $191.05 million. During the same period in the previous year, the business posted $0.27 earnings per share. On average, analysts expect that Summit Hotel Properties, Inc. will post 0.89 earnings per share for the current fiscal year.

Summit Hotel Properties Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were given a $0.08 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $0.32 dividend on an annualized basis and a yield of 4.48%. Summit Hotel Properties’s dividend payout ratio (DPR) is presently -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.