Goldman Sachs Group Inc. Has $4.60 Million Stock Position in Summit Hotel Properties, Inc. $INN

Key Points

• Goldman Sachs Group Inc. reduced its stake in Summit Hotel Properties by 46.1% during the first quarter, now holding approximately 0.76% of the company’s shares valued at $4.6 million.
• The company recently received mixed ratings from analysts, with Zacks downgrading it to a "strong sell" while Bank of America raised its price target from $5 to $5.75, maintaining a "neutral" rating.
• Summit Hotel Properties declared a quarterly dividend of $0.08 per share, resulting in an annualized dividend yield of 5.5%, despite a significant negative dividend payout ratio of -355.56%.

Goldman Sachs Group Inc. trimmed its holdings in shares of Summit Hotel Properties, Inc. (NYSE:INN - Free Report) by 46.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 850,585 shares of the real estate investment trust's stock after selling 726,649 shares during the period. Goldman Sachs Group Inc. owned about 0.76% of Summit Hotel Properties worth $4,602,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. New York State Teachers Retirement System boosted its stake in shares of Summit Hotel Properties by 11.2% during the 1st quarter. New York State Teachers Retirement System now owns 152,246 shares of the real estate investment trust's stock worth $824,000 after buying an additional 15,334 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Summit Hotel Properties by 2.7% during the 1st quarter. Principal Financial Group Inc. now owns 539,713 shares of the real estate investment trust's stock worth $2,920,000 after buying an additional 14,115 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of 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 buying an additional 6,732 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Summit Hotel Properties by 16.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,848,480 shares of the real estate investment trust's stock worth $10,000,000 after buying an additional 257,720 shares during the last quarter. Finally, Public Sector Pension Investment Board raised its holdings in shares of Summit Hotel Properties by 26.7% in the 1st quarter. Public Sector Pension Investment Board now owns 343,810 shares of the real estate investment trust's stock valued at $1,860,000 after purchasing an additional 72,445 shares during the period. 96.47% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

INN has been the topic of a number of research analyst reports. Bank of America upped their target price on shares of Summit Hotel Properties from $5.00 to $5.75 and gave the company a "neutral" rating in a report on Monday, July 21st. Zacks Research cut shares of Summit Hotel Properties from a "hold" rating to a "strong sell" rating in a report on Wednesday, September 3rd. Finally, Wall Street Zen raised shares of Summit Hotel Properties from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. 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 a consensus target price of $5.75.

Summit Hotel Properties Stock Performance

Shares of INN traded down $0.09 during mid-day trading on Friday, hitting $5.89. 2,388,117 shares of the company's stock were exchanged, compared to its average volume of 718,964. Summit Hotel Properties, Inc. has a 52 week low of $3.57 and a 52 week high of $7.22. The stock's 50-day simple moving average is $5.44 and its 200-day simple moving average is $5.00. The firm has a market cap of $640.89 million, a price-to-earnings ratio of -65.44 and a beta of 1.72. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.11.

Summit Hotel Properties (NYSE:INN - Get Free Report) last announced its earnings results on Tuesday, August 5th. The real estate investment trust reported $0.27 EPS for the quarter, topping the consensus estimate of $0.26 by $0.01. Summit Hotel Properties had a net margin of 1.00% and a return on equity of 0.56%. The company 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, equities research analysts expect that Summit Hotel Properties, Inc. will post 0.88 EPS for the current year.

Summit Hotel Properties Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 15th were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, August 15th. This represents a $0.32 annualized dividend and a dividend yield of 5.4%. Summit Hotel Properties's dividend payout ratio (DPR) is currently -355.56%.

Summit Hotel Properties Profile

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.