Bank of New York Mellon Corp Buys Shares of 615,761 Summit Hotel Properties, Inc. $INN

Bank of New York Mellon Corp purchased a new position in Summit Hotel Properties, Inc. (NYSE:INN - Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 615,761 shares of the real estate investment trust's stock, valued at approximately $4,316,000. Bank of New York Mellon Corp owned 0.57% of Summit Hotel Properties as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Amundi increased its position in Summit Hotel Properties by 3.4% during the first quarter. Amundi now owns 109,185 shares of the real estate investment trust's stock worth $591,000 after acquiring an additional 3,623 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Summit Hotel Properties by 4.2% in the 1st 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 purchasing an additional 2,528 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Summit Hotel Properties by 1.4% in the 1st 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 worth $3,905,000 after purchasing an additional 9,879 shares during the last quarter. Jane Street Group LLC grew its position in Summit Hotel Properties by 1.7% in the 1st quarter. Jane Street Group LLC now owns 165,679 shares of the real estate investment trust's stock worth $896,000 after purchasing an additional 2,793 shares during the last quarter. Finally, Strs Ohio bought a new position in shares of Summit Hotel Properties during the 1st quarter worth about $102,000. 96.47% of the stock is currently owned by institutional investors and hedge funds.

Summit Hotel Properties Price Performance

NYSE:INN opened at $5.79 on Friday. The company has a 50-day moving average of $6.46 and a 200-day moving average of $5.57. The company has a market capitalization of $624.47 million, a price-to-earnings ratio of -25.17 and a beta of 1.24. Summit Hotel Properties, Inc. has a 52 week low of $3.97 and a 52 week high of $7.17. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.71 and a current ratio of 0.71.

Summit Hotel Properties (NYSE:INN - Get Free Report) last issued its earnings results on Wednesday, August 5th. The real estate investment trust reported $0.04 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.05. The business had revenue of $199.02 million for the quarter, compared to analyst estimates 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. As a group, equities research analysts anticipate that Summit Hotel Properties, Inc. will post 0.76 earnings per share for the current fiscal year.

Summit Hotel Properties Announces Dividend

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

Analyst Ratings Changes

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

Summit Hotel Properties 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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