Strs Ohio Buys 569,400 Shares of Summit Hotel Properties, Inc. $INN

Strs Ohio increased its stake in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 3,028.7% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 588,200 shares of the real estate investment trust’s stock after acquiring an additional 569,400 shares during the quarter. Strs Ohio owned about 0.52% of Summit Hotel Properties worth $2,994,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of INN. New York State Teachers Retirement System boosted its position in shares of Summit Hotel Properties by 11.2% during the first quarter. New York State Teachers Retirement System now owns 152,246 shares of the real estate investment trust’s stock worth $824,000 after acquiring an additional 15,334 shares during the last quarter. Teacher Retirement System of Texas bought a new position in shares of Summit Hotel Properties during the first quarter worth $86,000. Principal Financial Group Inc. boosted its position in shares of Summit Hotel Properties by 2.7% during the first quarter. Principal Financial Group Inc. now owns 539,713 shares of the real estate investment trust’s stock worth $2,920,000 after acquiring an additional 14,115 shares during the last quarter. MQS Management LLC bought a new position in shares of Summit Hotel Properties during the first quarter worth $229,000. Finally, Jennison Associates LLC boosted its position in shares of Summit Hotel Properties by 2.1% during the first quarter. Jennison Associates LLC now owns 6,843,363 shares of the real estate investment trust’s stock worth $37,023,000 after acquiring an additional 139,174 shares during the last quarter. Institutional investors own 96.47% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Wall Street Zen lowered shares of Summit Hotel Properties from a “hold” rating to a “sell” rating in a research report on Saturday, October 18th. Zacks Research upgraded shares of Summit Hotel Properties from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 21st. Weiss Ratings reiterated a “sell (d+)” rating on shares of Summit Hotel Properties in a research report on Tuesday, October 14th. Robert W. Baird lowered their price objective on shares of Summit Hotel Properties from $5.00 to $4.50 and set a “neutral” rating for the company in a research report on Friday, October 3rd. Finally, Bank of America increased their price objective on shares of Summit Hotel Properties from $5.00 to $5.75 and gave the company a “neutral” rating in a research report on Monday, July 21st. Three investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $5.13.

Summit Hotel Properties Trading Up 1.3%

Shares of INN opened at $5.21 on Tuesday. Summit Hotel Properties, Inc. has a twelve month low of $3.57 and a twelve month high of $6.99. The company has a market cap of $566.35 million, a P/E ratio of -57.83 and a beta of 1.70. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.11. The company’s fifty day simple moving average is $5.51 and its 200-day simple moving average is $5.07.

Summit Hotel Properties (NYSE:INN) last announced its 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 for the quarter, compared to the consensus estimate of $194.49 million. As a group, analysts expect that Summit Hotel Properties, Inc. will post 0.88 EPS for the current year.

Summit Hotel Properties Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 14th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Friday, November 14th. This represents a $0.32 annualized dividend and a dividend yield of 6.1%. Summit Hotel Properties’s dividend payout ratio is currently -355.56%.

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.