New York State Teachers Retirement System Increases Position in Summit Hotel Properties, Inc. $INN

New York State Teachers Retirement System increased its stake in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 3.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 157,783 shares of the real estate investment trust’s stock after buying an additional 5,537 shares during the quarter. New York State Teachers Retirement System’s holdings in Summit Hotel Properties were worth $803,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its position in Summit Hotel Properties by 453.0% during the first quarter. GAMMA Investing LLC now owns 8,218 shares of the real estate investment trust’s stock valued at $44,000 after purchasing an additional 6,732 shares during the period. Signaturefd LLC lifted its position in Summit Hotel Properties by 36.4% during the second quarter. Signaturefd LLC now owns 8,656 shares of the real estate investment trust’s stock valued at $44,000 after purchasing an additional 2,309 shares during the period. Teacher Retirement System of Texas acquired a new position in Summit Hotel Properties during the first quarter valued at $86,000. Wealth Enhancement Advisory Services LLC acquired a new position in Summit Hotel Properties during the second quarter valued at $91,000. Finally, CWM LLC lifted its position in Summit Hotel Properties by 766.8% during the second quarter. CWM LLC now owns 18,437 shares of the real estate investment trust’s stock valued at $94,000 after purchasing an additional 16,310 shares during the period. 96.47% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on INN shares. Zacks Research downgraded shares of Summit Hotel Properties from a “hold” rating to a “strong sell” rating in a research report on Wednesday, September 3rd. Weiss Ratings restated a “sell (d+)” rating on shares of Summit Hotel Properties in a research report on Tuesday, October 14th. Bank of America upped their price objective on shares of Summit Hotel Properties from $5.00 to $5.75 and gave the stock a “neutral” rating in a research report on Monday, July 21st. Wall Street Zen downgraded shares of Summit Hotel Properties from a “hold” rating to a “sell” rating in a research report on Saturday, October 18th. Finally, Robert W. Baird decreased 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. Two equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average target price of $5.13.

Summit Hotel Properties Stock Up 1.6%

INN stock opened at $5.45 on Thursday. The stock has a market capitalization of $592.47 million, a P/E ratio of -60.50 and a beta of 1.70. The firm has a 50-day simple moving average of $5.51 and a 200-day simple moving average of $4.97. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.11. Summit Hotel Properties, Inc. has a 52 week low of $3.57 and a 52 week high of $6.99.

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

Summit Hotel Properties Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 15th were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, August 15th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.9%. Summit Hotel Properties’s 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.