BlackRock Inc. Takes $66.08 Million Position in Summit Hotel Properties, Inc. $INN

Key Points

• BlackRock acquired 9.43 million shares of Summit Hotel Properties during the second quarter, worth approximately $66.08 million and representing an 8.70% stake. Institutional investors collectively own 96.47% of the REIT.
• Analysts have a consensus “Hold” rating on INN, with a $5.40 average price target; ratings include two Buys, three Holds and one Sell.
• Summit Hotel Properties reported quarterly EPS of $0.04, exceeding estimates, and revenue of $199.02 million. It declared a quarterly dividend of $0.08 per share, equivalent to a 5.3% annualized yield.

BlackRock Inc. purchased a new position in shares of Summit Hotel Properties, Inc. (NYSE:INN - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 9,426,587 shares of the real estate investment trust's stock, valued at approximately $66,080,000. BlackRock Inc. owned about 8.70% of Summit Hotel Properties as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of INN. Quarry LP purchased a new position in shares of Summit Hotel Properties during the third quarter worth about $35,000. Corient Private Wealth LLC purchased a new position in shares of Summit Hotel Properties in the 4th quarter valued at about $52,000. CIBC Asset Management Inc acquired a new stake in shares of Summit Hotel Properties during the 4th quarter valued at approximately $52,000. BNP Paribas Financial Markets raised its holdings in Summit Hotel Properties by 53.6% during the second quarter. BNP Paribas Financial Markets now owns 10,807 shares of the real estate investment trust's stock worth $55,000 after purchasing an additional 3,773 shares during the last quarter. Finally, Tower Research Capital LLC TRC raised its stake in shares of Summit Hotel Properties by 148.1% during the 2nd 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. 96.47% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on INN shares. Weiss Ratings raised Summit Hotel Properties from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Thursday, August 6th. Raymond James Financial reaffirmed an "outperform" rating and issued a $7.00 price objective on shares of Summit Hotel Properties in a research report on Monday, June 8th. Finally, Zacks Research lowered Summit Hotel Properties from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 24th. Two equities 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's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $5.40.

Summit Hotel Properties Stock Down 0.3%

Shares of NYSE INN opened at $6.04 on Monday. The stock has a fifty day moving average price of $6.56 and a 200 day moving average price of $5.53. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 1.15. Summit Hotel Properties, Inc. has a 12-month low of $3.97 and a 12-month high of $7.17. The company has a market cap of $651.43 million, a P/E ratio of -26.26 and a beta of 1.26.

Summit Hotel Properties (NYSE:INN - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The real estate investment trust reported $0.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.01) by $0.05. The company 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. Research analysts anticipate that Summit Hotel Properties, Inc. will post 0.76 EPS for the current fiscal year.

Summit Hotel Properties Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Monday, August 17th will be paid a dividend of $0.08 per share. The ex-dividend date is Monday, August 17th. This represents a $0.32 annualized dividend and a yield of 5.3%. Summit Hotel Properties's payout ratio is presently -139.13%.

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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