Jacobs Levy Equity Management Inc. Acquires New Shares in Summit Hotel Properties, Inc. $INN

Key Points

• Jacobs Levy Equity Management Inc. purchased a new stake in Summit Hotel Properties, acquiring 284,819 shares valued at approximately $1.54 million in the first quarter.
• Institutional investors collectively own 96.47% of Summit Hotel Properties, with notable increases in stakes from firms like GAMMA Investing LLC and Farther Finance Advisors LLC.
• Summit Hotel Properties has announced a quarterly dividend of $0.08 per share, reflecting a 5.7% dividend yield, despite having a negative dividend payout ratio.

Jacobs Levy Equity Management Inc. purchased a new position in Summit Hotel Properties, Inc. (NYSE:INN - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 284,819 shares of the real estate investment trust's stock, valued at approximately $1,541,000. Jacobs Levy Equity Management Inc. owned about 0.25% of Summit Hotel Properties as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Summit Hotel Properties by 3.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,726 shares of the real estate investment trust's stock worth $409,000 after purchasing an additional 2,083 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Summit Hotel Properties by 1.8% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 161,182 shares of the real estate investment trust's stock worth $872,000 after purchasing an additional 2,815 shares in the last quarter. Amundi grew its position in Summit Hotel Properties by 3.4% during the 1st quarter. Amundi now owns 109,185 shares of the real estate investment trust's stock worth $591,000 after purchasing an additional 3,623 shares in the last quarter. Resona Asset Management Co. Ltd. grew its position in Summit Hotel Properties by 9.0% during the 1st quarter. Resona Asset Management Co. Ltd. now owns 47,076 shares of the real estate investment trust's stock worth $254,000 after purchasing an additional 3,874 shares in the last quarter. Finally, Hancock Whitney Corp grew its position in Summit Hotel Properties by 23.5% during the 1st quarter. Hancock Whitney Corp now owns 30,740 shares of the real estate investment trust's stock worth $166,000 after purchasing an additional 5,848 shares in the last quarter. Institutional investors and hedge funds own 96.47% of the company's stock.

Summit Hotel Properties Stock Down 0.4%

Shares of NYSE:INN traded down $0.03 during trading on Friday, reaching $5.73. 583,011 shares of the company traded hands, compared to its average volume of 758,132. The firm has a fifty day simple moving average of $5.40 and a 200 day simple moving average of $5.02. The firm has a market cap of $622.94 million, a P/E ratio of -63.61 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 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 issued its earnings results 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 company had revenue of $192.92 million during the quarter, compared to analyst estimates of $194.49 million. Summit Hotel Properties had a net margin of 1.00% and a return on equity of 0.56%. Summit Hotel Properties has set its FY 2025 guidance at 0.900-0.900 EPS. Analysts anticipate that Summit Hotel Properties, Inc. will post 0.88 earnings per share for the current fiscal year.

Summit Hotel Properties Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 15th were paid a dividend of $0.08 per share. 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 5.6%. Summit Hotel Properties's dividend payout ratio (DPR) is -355.56%.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Bank of America lifted their price objective on shares of Summit Hotel Properties from $5.00 to $5.75 and gave the stock a "neutral" rating in a research report on Monday, July 21st. 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. Finally, Wall Street Zen upgraded shares of Summit Hotel Properties from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Reduce" and a consensus price target of $5.75.

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.