Charles Schwab Investment Management Inc. Purchases 257,720 Shares of Summit Hotel Properties, Inc. $INN

Key Points

• Charles Schwab Investment Management has increased its stake in Summit Hotel Properties by 16.2%, now holding approximately 1.65% of the company, valued at $10 million.
• Summit Hotel Properties recently announced a quarterly dividend of $0.08 per share, with an annualized dividend yield of 5.9%.
• Analysts have rated Summit Hotel Properties with a consensus "Hold" rating and a price target increase from $5.00 to $5.75 by Bank of America.

Charles Schwab Investment Management Inc. grew its position in shares of Summit Hotel Properties, Inc. (NYSE:INN - Free Report) by 16.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,848,480 shares of the real estate investment trust's stock after purchasing an additional 257,720 shares during the period. Charles Schwab Investment Management Inc. owned about 1.65% of Summit Hotel Properties worth $10,000,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its holdings in shares of Summit Hotel Properties by 453.0% in the first quarter. GAMMA Investing LLC now owns 8,218 shares of the real estate investment trust's stock worth $44,000 after buying an additional 6,732 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Summit Hotel Properties in the fourth quarter worth about $77,000. Teacher Retirement System of Texas purchased a new position in shares of Summit Hotel Properties in the first quarter worth about $86,000. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of Summit Hotel Properties by 57.6% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 22,221 shares of the real estate investment trust's stock worth $120,000 after buying an additional 8,123 shares during the period. Finally, Farther Finance Advisors LLC increased its holdings in shares of Summit Hotel Properties by 58,040.9% in the first quarter. Farther Finance Advisors LLC now owns 25,582 shares of the real estate investment trust's stock worth $139,000 after buying an additional 25,538 shares during the period. Institutional investors own 96.47% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on INN. Wall Street Zen upgraded Summit Hotel Properties from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Bank of America boosted their price target on Summit Hotel Properties from $5.00 to $5.75 and gave the company a "neutral" rating in a report on Monday, July 21st. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $5.75.

Summit Hotel Properties Trading Up 0.6%

NYSE:INN traded up $0.04 during mid-day trading on Friday, reaching $5.48. 694,027 shares of the company's stock traded hands, compared to its average volume of 903,096. Summit Hotel Properties, Inc. has a 12-month low of $3.57 and a 12-month high of $7.22. The firm has a market capitalization of $595.73 million, a price-to-earnings ratio of -60.83 and a beta of 1.73. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.80 and a quick ratio of 0.80. The company has a 50 day moving average price of $5.32 and a 200-day moving average price of $5.07.

Summit Hotel Properties (NYSE:INN - Get Free Report) last posted its earnings results on Tuesday, August 5th. The real estate investment trust reported $0.27 earnings per share for the quarter, topping analysts' consensus estimates of $0.26 by $0.01. Summit Hotel Properties had a return on equity of 0.56% and a net margin of 1.00%.The firm had revenue of $192.92 million for the quarter, compared to the consensus estimate of $194.49 million. Summit Hotel Properties has set its FY 2025 guidance at 0.900-0.900 EPS. On average, sell-side analysts predict that Summit Hotel Properties, Inc. will post 0.88 earnings per share for the current year.

Summit Hotel Properties Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 15th were given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.8%. The ex-dividend date of this dividend was Friday, August 15th. Summit Hotel Properties's payout ratio is currently -355.56%.

About Summit Hotel Properties

Summit Hotel Properties, Inc is a publicly traded real estate investment trust focused on owning premium-branded lodging properties with efficient operating models primarily in the upscale segment of the lodging industry. As of November 1, 2023, the Company's portfolio consisted of 101 assets, 57 of which are wholly owned, with a total of 15,035 guestrooms located in 24 states.