Allianz Asset Management GmbH Takes Position in Summit Hotel Properties, Inc. (NYSE:INN)

Key Points

• Allianz Asset Management GmbH has acquired a new stake of 63,803 shares in Summit Hotel Properties, valued at approximately $345,000, raising its ownership to about 0.06%.
• Several institutional investors have increased their stakes, with Jennison Associates owning the largest share at over 6.8 million shares, valued at $37 million.
• Summit Hotel Properties' stock has recently been rated a "sell" by Wall Street Zen, while Bank of America raised its price target from $5.00 to $5.75.

Allianz Asset Management GmbH purchased a new stake in shares of Summit Hotel Properties, Inc. (NYSE:INN - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 63,803 shares of the real estate investment trust's stock, valued at approximately $345,000. Allianz Asset Management GmbH owned 0.06% of Summit Hotel Properties as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. New York State Teachers Retirement System grew its holdings in 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 valued at $824,000 after purchasing an additional 15,334 shares during the period. Principal Financial Group Inc. grew its holdings in 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 valued at $2,920,000 after purchasing an additional 14,115 shares during the period. GAMMA Investing LLC grew its holdings 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. Northern Trust Corp grew its holdings in Summit Hotel Properties by 23.3% during the fourth quarter. Northern Trust Corp now owns 1,469,573 shares of the real estate investment trust's stock valued at $10,067,000 after purchasing an additional 277,996 shares during the period. Finally, Two Sigma Investments LP lifted its position in shares of Summit Hotel Properties by 28.3% in the fourth quarter. Two Sigma Investments LP now owns 371,666 shares of the real estate investment trust's stock valued at $2,546,000 after acquiring an additional 81,917 shares in the last quarter. Institutional investors own 96.47% of the company's stock.

Summit Hotel Properties Price Performance

Shares of NYSE:INN traded up $0.03 during mid-day trading on Monday, reaching $5.06. The stock had a trading volume of 694,055 shares, compared to its average volume of 1,303,609. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 1.08. The company has a market cap of $567.83 million, a P/E ratio of 31.63 and a beta of 1.73. Summit Hotel Properties, Inc. has a 1 year low of $3.57 and a 1 year high of $7.22. The business's 50 day moving average price is $5.02 and its 200 day moving average price is $5.26.

Summit Hotel Properties Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 6.3%. The ex-dividend date is Friday, August 15th. Summit Hotel Properties's payout ratio is currently 200.00%.

Insider Activity at Summit Hotel Properties

In other news, Director Thomas W. Storey bought 16,270 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The shares were bought at an average cost of $4.62 per share, for a total transaction of $75,167.40. Following the completion of the transaction, the director owned 231,337 shares of the company's stock, valued at approximately $1,068,776.94. This represents 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 the SEC website. Corporate insiders own 3.37% of the company's stock.

Wall Street Analysts Forecast Growth

INN has been the topic of several research analyst reports. Wall Street Zen downgraded Summit Hotel Properties from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Bank of America boosted their price objective on Summit Hotel Properties from $5.00 to $5.75 and gave the company a "neutral" rating in a research report on Monday, July 21st.

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.