Bank of America Corp DE Sells 637,705 Shares of Summit Hotel Properties, Inc. $INN

Bank of America Corp DE decreased its position in Summit Hotel Properties, Inc. (NYSE:INN - Free Report) by 71.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 258,279 shares of the real estate investment trust's stock after selling 637,705 shares during the quarter. Bank of America Corp DE owned approximately 0.24% of Summit Hotel Properties worth $1,142,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in INN. Amundi lifted its holdings in shares of Summit Hotel Properties by 3.4% during the first quarter. Amundi now owns 109,185 shares of the real estate investment trust's stock valued at $591,000 after purchasing an additional 3,623 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Summit Hotel Properties by 4.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 62,254 shares of the real estate investment trust's stock valued at $337,000 after buying an additional 2,528 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Summit Hotel Properties by 1.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 721,875 shares of the real estate investment trust's stock valued at $3,905,000 after buying an additional 9,879 shares during the last quarter. Jane Street Group LLC boosted its holdings in Summit Hotel Properties by 1.7% in the first quarter. Jane Street Group LLC now owns 165,679 shares of the real estate investment trust's stock worth $896,000 after acquiring an additional 2,793 shares in the last quarter. Finally, Strs Ohio purchased a new stake in shares of Summit Hotel Properties in the first quarter worth $102,000. Institutional investors own 96.47% of the company's stock.

Summit Hotel Properties Price Performance

NYSE INN opened at $5.79 on Friday. The stock has a market capitalization of $624.45 million, a price-to-earnings ratio of -25.17 and a beta of 1.24. Summit Hotel Properties, Inc. has a 1-year low of $3.97 and a 1-year high of $7.17. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.71 and a quick ratio of 0.71. The business's fifty day moving average price is $6.46 and its 200-day moving average price is $5.57.

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

Summit Hotel Properties Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 31st. Stockholders of record on Monday, August 17th were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 5.5%. The ex-dividend date was Monday, August 17th. Summit Hotel Properties's dividend payout ratio (DPR) is currently -139.13%.

Analyst Upgrades and Downgrades

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

Summit Hotel Properties Company Profile

Summit Hotel Properties is a real estate investment trust (REIT) that acquires, owns and operates branded select-service hotels and extended-stay properties across the United States. The company focuses on upper-midscale and upscale lodging segments, targeting established national brands to combine the operational efficiencies of limited-service properties with strong franchise affiliation.

The company's portfolio comprises over thirty hotels carrying well-known flags such as Marriott, Hilton, Hyatt and IHG.

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