Mackenzie Financial Corp Buys Shares of 228,630 Summit Hotel Properties, Inc. (NYSE:INN)

Key Points

• Mackenzie Financial Corp acquired a new stake in Summit Hotel Properties by buying 228,630 shares, valued at approximately $1,237,000.
• Insider trading was noted as Director Thomas W. Storey purchased 16,270 shares at an average cost of $4.62, enhancing his position by 7.57%.
• Bank of America raised its target price for Summit Hotel Properties from $5.00 to $5.75, while Wall Street Zen downgraded it from a "hold" rating to a "sell" rating.

Mackenzie Financial Corp bought a new stake in Summit Hotel Properties, Inc. (NYSE:INN - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 228,630 shares of the real estate investment trust's stock, valued at approximately $1,237,000. Mackenzie Financial Corp owned 0.20% of Summit Hotel Properties at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank grew its stake 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 valued at $872,000 after acquiring an additional 2,815 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Summit Hotel Properties in the first quarter valued at about $585,000. Allianz Asset Management GmbH acquired a new position in Summit Hotel Properties in the first quarter valued at about $345,000. Jennison Associates LLC grew its stake in 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 acquiring an additional 139,174 shares during the period. Finally, MQS Management LLC acquired a new position in Summit Hotel Properties in the first quarter valued at about $229,000. 96.47% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Summit Hotel Properties

In other news, Director Thomas W. Storey purchased 16,270 shares of the business's stock in a transaction dated Tuesday, May 13th. The shares were bought at an average cost of $4.62 per share, for a total transaction of $75,167.40. Following the completion of the acquisition, the director directly owned 231,337 shares in the company, valued at approximately $1,068,776.94. This trade represents a 7.57% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.83% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

INN has been the subject of a number of research analyst reports. Bank of America boosted their target price on Summit Hotel Properties from $5.00 to $5.75 and gave the company a "neutral" rating in a research note on Monday, July 21st. Wall Street Zen lowered Summit Hotel Properties from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd.

Summit Hotel Properties Stock Performance

Shares of Summit Hotel Properties stock opened at $5.06 on Tuesday. The firm has a market cap of $567.84 million, a price-to-earnings ratio of 31.63 and a beta of 1.73. The stock's 50-day moving average is $5.04 and its 200-day moving average is $5.24. Summit Hotel Properties, Inc. has a one year low of $3.57 and a one year high of $7.22. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.91 and a quick ratio of 0.91.

Summit Hotel Properties Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 6.3%. The ex-dividend date is Friday, August 15th. Summit Hotel Properties's payout ratio is 200.00%.

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.

Want to see what other hedge funds are holding INN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Summit Hotel Properties, Inc. (NYSE:INN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.