Bank of America Corp DE Buys New Position in Summit Hotel Properties, Inc. $INN

Key Points

• Bank of America acquired 479,064 shares of Summit Hotel Properties in the second quarter, valued at approximately $3.36 million and representing a 0.44% stake. Institutional investors collectively own 96.47% of the REIT.
• Summit reported quarterly earnings of $0.04 per share, exceeding estimates by $0.05, while revenue reached $199.02 million. The company issued fiscal 2026 EPS guidance of $0.79–$0.85.
• The REIT maintains a quarterly dividend of $0.08 per share, equating to an annualized yield of about 5.4%. Analysts’ consensus rating is “Hold,” with an average price target of $5.40.

Bank of America Corp DE acquired a new stake in shares of Summit Hotel Properties, Inc. (NYSE:INN - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 479,064 shares of the real estate investment trust's stock, valued at approximately $3,358,000. Bank of America Corp DE owned 0.44% of Summit Hotel Properties at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Bank of New York Mellon Corp purchased a new stake in shares of Summit Hotel Properties during the second quarter valued at approximately $4,316,000. Y Intercept Hong Kong Ltd raised its holdings in Summit Hotel Properties by 717.9% in the 1st quarter. Y Intercept Hong Kong Ltd now owns 268,530 shares of the real estate investment trust's stock worth $1,187,000 after acquiring an additional 235,699 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new position in Summit Hotel Properties in the 1st quarter valued at approximately $8,624,000. Algert Global LLC bought a new position in Summit Hotel Properties in the 2nd quarter valued at approximately $3,856,000. Finally, Globeflex Capital L P purchased a new stake in Summit Hotel Properties during the 2nd quarter valued at $3,418,000. 96.47% of the stock is owned by institutional investors.

Summit Hotel Properties Stock Up 1.8%

Shares of INN stock opened at $5.92 on Wednesday. Summit Hotel Properties, Inc. has a 12 month low of $3.97 and a 12 month high of $7.17. The stock has a market cap of $639.01 million, a P/E ratio of -25.76 and a beta of 1.24. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 1.15. The company has a 50 day simple moving average of $6.13 and a two-hundred day simple moving average of $5.73.

Summit Hotel Properties (NYSE:INN - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The real estate investment trust reported $0.04 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.05. The business had revenue of $199.02 million for the quarter, compared to analysts' expectations of $198.41 million. Summit Hotel Properties had a negative net margin of 0.99% and a negative return on equity of 0.60%. Summit Hotel Properties has set its FY 2026 guidance at 0.790-0.850 EPS. On average, research analysts expect that Summit Hotel Properties, Inc. will post 0.76 earnings per share for the current year.

Summit Hotel Properties Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 31st. Shareholders of record on Monday, August 17th were given a $0.08 dividend. The ex-dividend date was Monday, August 17th. This represents a $0.32 dividend on an annualized basis and a yield of 5.4%. Summit Hotel Properties's dividend payout ratio is presently -139.13%.

Analysts Set New Price Targets

A number of analysts have commented on the company. Weiss Ratings raised Summit Hotel Properties from a "sell (d+)" rating to a "hold (c-)" rating in a report on Thursday, August 6th. Raymond James Financial reaffirmed an "outperform" rating and set a $7.00 price target on shares of Summit Hotel Properties in a report on Monday, June 8th. Finally, Zacks Research cut Summit Hotel Properties from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 24th. Two analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $5.40.

About Summit Hotel Properties

Summit Hotel Properties, Inc is a self-managed real estate investment trust (REIT) focused on owning premium-branded hotels in the upscale and upper-midscale segments. The company's properties primarily operate under recognized hospitality brands, including those affiliated with Marriott International, Hilton, Hyatt Hotels and InterContinental Hotels Group.

Summit's hotel portfolio is concentrated in the United States, with an emphasis on markets supported by business, leisure and other diverse sources of lodging demand.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.