Cubist Systematic Strategies LLC Takes $1.23 Million Position in Summit Hotel Properties, Inc. $INN

Cubist Systematic Strategies LLC bought a new position in Summit Hotel Properties, Inc. (NYSE:INN - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 227,734 shares of the real estate investment trust's stock, valued at approximately $1,232,000. Cubist Systematic Strategies LLC owned 0.20% of Summit Hotel Properties at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Jennison Associates LLC raised its position in shares of Summit Hotel Properties by 2.1% in the first quarter. Jennison Associates LLC now owns 6,843,363 shares of the real estate investment trust's stock valued at $37,023,000 after purchasing an additional 139,174 shares during the period. Nuveen LLC bought a new position in shares of Summit Hotel Properties in the first quarter valued at about $16,641,000. Charles Schwab Investment Management Inc. increased its stake in shares of Summit Hotel Properties by 16.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,848,480 shares of the real estate investment trust's stock valued at $10,000,000 after acquiring an additional 257,720 shares during the last quarter. Northern Trust Corp increased its stake in shares of Summit Hotel Properties by 23.3% in the 4th quarter. Northern Trust Corp now owns 1,469,573 shares of the real estate investment trust's stock valued at $10,067,000 after acquiring an additional 277,996 shares during the last quarter. Finally, Systematic Financial Management LP grew its position in shares of Summit Hotel Properties by 3.5% in the 4th quarter. Systematic Financial Management LP now owns 1,075,454 shares of the real estate investment trust's stock valued at $7,367,000 after purchasing an additional 36,770 shares during the period. Institutional investors own 96.47% of the company's stock.

Summit Hotel Properties Trading Down 0.4%

NYSE INN traded down $0.03 on Friday, hitting $5.73. The company's stock had a trading volume of 583,011 shares, compared to its average volume of 758,132. The firm has a market cap of $622.94 million, a P/E ratio of -63.61 and a beta of 1.72. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.11. The company's 50-day simple moving average is $5.40 and its 200 day simple moving average is $5.01. Summit Hotel Properties, Inc. has a 52-week low of $3.57 and a 52-week high of $7.22.

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

Summit Hotel Properties Dividend Announcement

The firm also recently disclosed 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 annualized dividend and a dividend yield of 5.6%. The ex-dividend date was Friday, August 15th. Summit Hotel Properties's payout ratio is presently -355.56%.

Wall Street Analyst Weigh In

A number of research firms have commented on INN. Zacks Research cut shares of Summit Hotel Properties from a "hold" rating to a "strong sell" rating in a research report on Wednesday, September 3rd. Wall Street Zen upgraded Summit Hotel Properties from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Bank of America boosted their price objective on Summit Hotel Properties from $5.00 to $5.75 and gave the stock a "neutral" rating in a research report on Monday, July 21st. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Reduce" and an average target price of $5.75.

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.