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

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

A number of other institutional investors have also modified their holdings of INN. GAMMA Investing LLC increased its holdings in Summit Hotel Properties by 453.0% during the 1st quarter. GAMMA Investing LLC now owns 8,218 shares of the real estate investment trust's stock worth $44,000 after purchasing an additional 6,732 shares during the period. Wealth Enhancement Advisory Services LLC acquired a new stake in Summit Hotel Properties in the fourth quarter valued at approximately $77,000. Teacher Retirement System of Texas acquired a new stake in Summit Hotel Properties in the first quarter valued at approximately $86,000. Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in 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 valued at $120,000 after acquiring an additional 8,123 shares in the last quarter. Finally, First Trust Advisors LP raised its holdings in Summit Hotel Properties by 44.3% in the fourth quarter. First Trust Advisors LP now owns 24,339 shares of the real estate investment trust's stock valued at $167,000 after acquiring an additional 7,468 shares in the last quarter. 96.47% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Zacks Research cut Summit Hotel Properties from a "hold" rating to a "strong sell" rating in a research note on Wednesday, September 3rd. Wall Street Zen upgraded Summit Hotel Properties from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, Bank of America boosted their target price on Summit Hotel Properties from $5.00 to $5.75 and gave the stock a "neutral" rating in a research note on Monday, July 21st. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Summit Hotel Properties presently has a consensus rating of "Reduce" and a consensus price target of $5.75.

Summit Hotel Properties Stock Performance

NYSE INN traded up $0.05 on Wednesday, hitting $5.64. 545,882 shares of the company's stock were exchanged, compared to its average volume of 774,604. 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 firm's 50-day moving average price is $5.39 and its two-hundred day moving average price is $5.03. Summit Hotel Properties, Inc. has a fifty-two week low of $3.57 and a fifty-two week high of $7.22. The firm has a market cap of $613.14 million, a price-to-earnings ratio of -62.61 and a beta of 1.72.

Summit Hotel Properties (NYSE:INN - Get Free Report) last released its quarterly 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 business had revenue of $192.92 million for the quarter, compared to analysts' expectations of $194.49 million. Summit Hotel Properties has set its FY 2025 guidance at 0.900-0.900 EPS. On average, research analysts expect that Summit Hotel Properties, Inc. will post 0.88 EPS 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 issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.7%. The ex-dividend date of this dividend was Friday, August 15th. Summit Hotel Properties's payout ratio is -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.