Jennison Associates LLC Increases Stock Holdings in Summit Hotel Properties, Inc. (NYSE:INN)

Jennison Associates LLC boosted its stake in Summit Hotel Properties, Inc. (NYSE:INN) by 21.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,704,189 shares of the real estate investment trust’s stock after acquiring an additional 1,191,506 shares during the period. Jennison Associates LLC owned 6.18% of Summit Hotel Properties worth $45,924,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in INN. Asset Management One Co. Ltd. boosted its holdings in shares of Summit Hotel Properties by 1.2% during the 3rd quarter. Asset Management One Co. Ltd. now owns 162,720 shares of the real estate investment trust’s stock valued at $1,116,000 after buying an additional 1,888 shares in the last quarter. Van ECK Associates Corp lifted its position in Summit Hotel Properties by 12.3% during the 3rd quarter. Van ECK Associates Corp now owns 18,037 shares of the real estate investment trust’s stock valued at $124,000 after acquiring an additional 1,980 shares during the period. abrdn plc boosted its stake in Summit Hotel Properties by 10.5% during the third quarter. abrdn plc now owns 21,553 shares of the real estate investment trust’s stock worth $148,000 after acquiring an additional 2,056 shares in the last quarter. Daiwa Securities Group Inc. grew its holdings in Summit Hotel Properties by 6.3% in the third quarter. Daiwa Securities Group Inc. now owns 35,785 shares of the real estate investment trust’s stock worth $245,000 after purchasing an additional 2,125 shares during the period. Finally, Point72 Asset Management L.P. increased its stake in shares of Summit Hotel Properties by 12.2% during the third quarter. Point72 Asset Management L.P. now owns 32,157 shares of the real estate investment trust’s stock valued at $221,000 after purchasing an additional 3,502 shares in the last quarter. 96.47% of the stock is owned by hedge funds and other institutional investors.

Summit Hotel Properties Stock Performance

Shares of INN opened at $6.65 on Wednesday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.01. The stock has a market cap of $720.45 million, a P/E ratio of 664.50 and a beta of 2.02. The business’s 50 day moving average price is $6.74 and its 200-day moving average price is $6.57. Summit Hotel Properties, Inc. has a 52 week low of $5.66 and a 52 week high of $7.22.

Summit Hotel Properties (NYSE:INN) last released its earnings results 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). Summit Hotel Properties had a return on equity of 1.87% and a net margin of 3.41%. The company had revenue of $176.81 million during the quarter, compared to the consensus estimate of $176.24 million. During the same period last year, the firm posted $0.22 earnings per share. Equities research analysts anticipate that Summit Hotel Properties, Inc. will post 0.88 earnings per share for the current fiscal year.

Summit Hotel Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 14th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 4.82%. The ex-dividend date of this dividend is Friday, February 14th. Summit Hotel Properties’s dividend payout ratio (DPR) is 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.