MQS Management LLC Sells 14,714 Shares of Summit Hotel Properties, Inc. $INN

MQS Management LLC decreased its stake in Summit Hotel Properties, Inc. (NYSE:INN) by 34.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 27,611 shares of the real estate investment trust’s stock after selling 14,714 shares during the period. MQS Management LLC’s holdings in Summit Hotel Properties were worth $141,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Signaturefd LLC increased its holdings in shares of Summit Hotel Properties by 36.4% in the 2nd quarter. Signaturefd LLC now owns 8,656 shares of the real estate investment trust’s stock worth $44,000 after buying an additional 2,309 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Summit Hotel Properties by 4.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 62,254 shares of the real estate investment trust’s stock worth $337,000 after buying an additional 2,528 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in shares of Summit Hotel Properties by 10.2% in the 2nd quarter. Farther Finance Advisors LLC now owns 28,195 shares of the real estate investment trust’s stock worth $144,000 after buying an additional 2,613 shares during the last quarter. Jane Street Group LLC increased its holdings in shares of Summit Hotel Properties by 1.7% in the 1st quarter. Jane Street Group LLC now owns 165,679 shares of the real estate investment trust’s stock worth $896,000 after buying an additional 2,793 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Summit Hotel Properties by 1.8% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 161,182 shares of the real estate investment trust’s stock valued at $872,000 after purchasing an additional 2,815 shares during the last quarter. Institutional investors own 96.47% of the company’s stock.

Summit Hotel Properties Trading Down 1.6%

Shares of INN opened at $5.27 on Wednesday. The stock has a market capitalization of $572.88 million, a P/E ratio of -58.50 and a beta of 1.70. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.11. The firm has a fifty day simple moving average of $5.51 and a two-hundred day simple moving average of $5.03. Summit Hotel Properties, Inc. has a twelve month low of $3.57 and a twelve month high of $6.99.

Summit Hotel Properties (NYSE:INN) last announced its quarterly earnings results on Tuesday, August 5th. The real estate investment trust reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.01. Summit Hotel Properties had a net margin of 1.00% and a return on equity of 0.56%. The business had revenue of $192.92 million during the quarter, compared to analysts’ expectations of $194.49 million. Summit Hotel Properties has set its FY 2025 guidance at 0.900-0.900 EPS. On average, research analysts anticipate that Summit Hotel Properties, Inc. will post 0.88 EPS for the current year.

Summit Hotel Properties Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 15th were given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 6.1%. The ex-dividend date of this dividend was Friday, August 15th. Summit Hotel Properties’s dividend payout ratio (DPR) is currently -355.56%.

Analyst Upgrades and Downgrades

Several research firms recently commented on INN. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Summit Hotel Properties in a report on Tuesday, October 14th. Bank of America increased their target price on shares of Summit Hotel Properties from $5.00 to $5.75 and gave the company a “neutral” rating in a report on Monday, July 21st. Wall Street Zen lowered shares of Summit Hotel Properties from a “hold” rating to a “sell” rating in a report on Saturday, October 18th. Robert W. Baird reduced their target price on shares of Summit Hotel Properties from $5.00 to $4.50 and set a “neutral” rating on the stock in a report on Friday, October 3rd. Finally, Zacks Research raised shares of Summit Hotel Properties from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 21st. Three analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and an average target price of $5.13.

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.