Invesco Ltd. Increases Stock Holdings in Summit Hotel Properties, Inc. $INN

Key Points

• Invesco Ltd. significantly increased its stake in Summit Hotel Properties by 75% during the first quarter, acquiring an additional 336,150 shares, bringing its total ownership to approximately 784,585 shares valued at $4.25 million.
• The company reported earnings per share of $0.27 for the last quarter, slightly exceeding analysts' expectations of $0.26, while revenue reached $192.92 million, which fell short of the consensus estimate.
• Summit Hotel Properties announced a quarterly dividend of $0.08 per share, yielding approximately 5.9%, with the dividend payout ratio currently at a concerning -355.56%.

Invesco Ltd. increased its stake in Summit Hotel Properties, Inc. (NYSE:INN - Free Report) by 75.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 784,585 shares of the real estate investment trust's stock after buying an additional 336,150 shares during the quarter. Invesco Ltd. owned about 0.70% of Summit Hotel Properties worth $4,245,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Alyeska Investment Group L.P. increased its stake in Summit Hotel Properties by 0.3% in the fourth quarter. Alyeska Investment Group L.P. now owns 598,819 shares of the real estate investment trust's stock worth $4,102,000 after purchasing an additional 1,721 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Summit Hotel Properties by 3.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,726 shares of the real estate investment trust's stock worth $409,000 after acquiring an additional 2,083 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Summit Hotel Properties by 1.8% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 161,182 shares of the real estate investment trust's stock worth $872,000 after acquiring an additional 2,815 shares in the last quarter. MetLife Investment Management LLC increased its holdings in Summit Hotel Properties by 10.2% in the 4th quarter. MetLife Investment Management LLC now owns 62,879 shares of the real estate investment trust's stock worth $431,000 after buying an additional 5,845 shares during the period. Finally, CWC Advisors LLC. lifted its stake in Summit Hotel Properties by 31.5% during the 1st quarter. CWC Advisors LLC. now owns 27,307 shares of the real estate investment trust's stock valued at $148,000 after acquiring an additional 6,544 shares during the period. 96.47% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

Summit Hotel Properties Price Performance

Shares of INN traded up $0.04 during mid-day trading on Monday, hitting $5.48. The company's stock had a trading volume of 694,027 shares, compared to its average volume of 884,649. The firm has a 50-day simple moving average of $5.32 and a 200 day simple moving average of $5.06. The firm has a market capitalization of $595.73 million, a P/E ratio of -60.83 and a beta of 1.72. Summit Hotel Properties, Inc. has a 1-year low of $3.57 and a 1-year high of $7.22. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.11.

Summit Hotel Properties (NYSE:INN - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The real estate investment trust reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.01. The firm 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. Analysts predict that Summit Hotel Properties, Inc. will post 0.88 EPS for the current fiscal year.

Summit Hotel Properties Announces Dividend

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. The ex-dividend date of this dividend was Friday, August 15th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.8%. Summit Hotel Properties's payout ratio 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.