Vestcor Inc Makes New Investment in Summit Hotel Properties, Inc. (NYSE:INN)

Key Points

• Vestcor Inc acquired 74,078 shares of Summit Hotel Properties, valued at approximately $401,000, representing about 0.07% of the company, in its first quarter SEC filing.
• Director Thomas W. Storey purchased 16,270 shares at an average price of $4.62, increasing his total holdings by 7.57%.
• Bank of America raised its price target for Summit Hotel Properties from $5.00 to $5.75, maintaining a "neutral" rating on the stock.

Vestcor Inc bought a new stake in shares of Summit Hotel Properties, Inc. (NYSE:INN - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 74,078 shares of the real estate investment trust's stock, valued at approximately $401,000. Vestcor Inc owned approximately 0.07% of Summit Hotel Properties at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. KLP Kapitalforvaltning AS purchased a new position in shares of Summit Hotel Properties in the 4th quarter worth approximately $136,000. Alliancebernstein L.P. grew its position in shares of Summit Hotel Properties by 45.0% in the 4th quarter. Alliancebernstein L.P. now owns 349,226 shares of the real estate investment trust's stock worth $2,392,000 after buying an additional 108,459 shares during the last quarter. ExodusPoint Capital Management LP grew its stake in shares of Summit Hotel Properties by 113.7% during the fourth quarter. ExodusPoint Capital Management LP now owns 165,447 shares of the real estate investment trust's stock worth $1,133,000 after acquiring an additional 88,039 shares during the last quarter. Resona Asset Management Co. Ltd. purchased a new stake in shares of Summit Hotel Properties during the fourth quarter worth about $293,000. Finally, Invesco Ltd. grew its stake in shares of Summit Hotel Properties by 3.6% during the fourth quarter. Invesco Ltd. now owns 448,435 shares of the real estate investment trust's stock worth $3,072,000 after acquiring an additional 15,651 shares during the last quarter. 96.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Summit Hotel Properties

In other news, Director Thomas W. Storey purchased 16,270 shares of the firm's stock in a transaction dated Tuesday, May 13th. The shares were acquired at an average price of $4.62 per share, with a total value of $75,167.40. Following the purchase, the director directly owned 231,337 shares of the company's stock, valued at $1,068,776.94. The trade was a 7.57% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. 3.37% of the stock is owned by corporate insiders.

Summit Hotel Properties Stock Up 1.4%

Shares of NYSE:INN traded up $0.07 during trading on Tuesday, hitting $5.13. The company's stock had a trading volume of 822,980 shares, compared to its average volume of 897,391. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.91 and a current ratio of 0.91. Summit Hotel Properties, Inc. has a fifty-two week low of $3.57 and a fifty-two week high of $7.22. The company has a market capitalization of $575.69 million, a PE ratio of 32.06 and a beta of 1.73. The business has a 50 day moving average price of $5.04 and a two-hundred day moving average price of $5.24.

Summit Hotel Properties (NYSE:INN - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The real estate investment trust reported $0.27 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.26 by $0.01. Summit Hotel Properties had a return on equity of 2.98% and a net margin of 5.46%. As a group, research analysts expect that Summit Hotel Properties, Inc. will post 0.88 EPS for the current fiscal year.

Summit Hotel Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 6.2%. The ex-dividend date of this dividend is Friday, August 15th. Summit Hotel Properties's dividend payout ratio (DPR) is currently 200.00%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on INN shares. Bank of America increased their target price on shares of Summit Hotel Properties from $5.00 to $5.75 and gave the stock a "neutral" rating in a research note on Monday, July 21st. Wall Street Zen downgraded shares of Summit Hotel Properties from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd.

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.