Bank of New York Mellon Corp Sells 285,307 Shares of Summit Hotel Properties, Inc. $INN

Key Points

• Bank of New York Mellon reduced its Summit Hotel Properties stake by 32.6%, selling 285,307 shares and retaining 589,050 shares worth approximately $2.6 million. Institutional investors collectively own 96.47% of INN.
• Summit Hotel Properties reported quarterly EPS of $0.04, exceeding estimates by $0.05, while revenue of $199.02 million was slightly above expectations. The company issued fiscal 2026 EPS guidance of $0.79–$0.85.
• The REIT declared a quarterly dividend of $0.08, equivalent to an annualized $0.32 and a 4.9% yield. Analysts maintain a consensus “Moderate Buy” rating, with an average price target of $5.40.

Bank of New York Mellon Corp lessened its stake in shares of Summit Hotel Properties, Inc. (NYSE:INN - Free Report) by 32.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 589,050 shares of the real estate investment trust's stock after selling 285,307 shares during the period. Bank of New York Mellon Corp owned about 0.54% of Summit Hotel Properties worth $2,604,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in INN. Quarry LP purchased a new stake in shares of Summit Hotel Properties during the 3rd quarter worth approximately $35,000. Corient Private Wealth LLC bought a new position in Summit Hotel Properties during the fourth quarter valued at $52,000. CIBC Asset Management Inc bought a new position in Summit Hotel Properties during the fourth quarter valued at $52,000. Tower Research Capital LLC TRC increased its position in Summit Hotel Properties by 148.1% in the second quarter. Tower Research Capital LLC TRC now owns 10,793 shares of the real estate investment trust's stock worth $55,000 after buying an additional 6,442 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its stake in shares of Summit Hotel Properties by 53.6% in the second quarter. BNP Paribas Financial Markets now owns 10,807 shares of the real estate investment trust's stock valued at $55,000 after buying an additional 3,773 shares during the period. 96.47% of the stock is currently owned by hedge funds and other institutional investors.

Summit Hotel Properties Price Performance

Summit Hotel Properties stock opened at $6.50 on Friday. The firm has a market capitalization of $700.49 million, a P/E ratio of -28.24 and a beta of 1.26. Summit Hotel Properties, Inc. has a one year low of $3.97 and a one 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 0.87. The business has a fifty day moving average price of $6.58 and a 200-day moving average price of $5.37.

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 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 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. As a group, equities research analysts forecast that Summit Hotel Properties, Inc. will post 0.75 EPS for the current year.

Summit Hotel Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 31st. Stockholders of record on Monday, August 17th will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date is Monday, August 17th. Summit Hotel Properties's dividend payout ratio (DPR) is -139.13%.

Analysts Set New Price Targets

A number of research analysts have recently commented on INN shares. Raymond James Financial reaffirmed an "outperform" rating and set a $7.00 price target on shares of Summit Hotel Properties in a research report on Monday, June 8th. Weiss Ratings upgraded Summit Hotel Properties from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Thursday. Finally, Zacks Research upgraded Summit Hotel Properties from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $5.40.

About Summit Hotel Properties

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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