Northern Trust Corp Raises Position in Summit Hotel Properties, Inc. (NYSE:INN)

Northern Trust Corp increased its position in Summit Hotel Properties, Inc. (NYSE:INN - Free Report) by 23.3% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 1,469,573 shares of the real estate investment trust's stock after purchasing an additional 277,996 shares during the period. Northern Trust Corp owned 1.36% of Summit Hotel Properties worth $10,067,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. H 2 Credit Manager LP lifted its holdings in shares of Summit Hotel Properties by 24.3% in the 4th quarter. H 2 Credit Manager LP now owns 8,909,500 shares of the real estate investment trust's stock valued at $61,030,000 after purchasing an additional 1,742,169 shares during the last quarter. Jennison Associates LLC lifted its holdings in shares of Summit Hotel Properties by 21.6% in the 4th quarter. Jennison Associates LLC now owns 6,704,189 shares of the real estate investment trust's stock valued at $45,924,000 after purchasing an additional 1,191,506 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Summit Hotel Properties by 5.8% in the 4th quarter. Victory Capital Management Inc. now owns 2,577,615 shares of the real estate investment trust's stock valued at $17,657,000 after purchasing an additional 141,010 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Summit Hotel Properties by 1.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,590,760 shares of the real estate investment trust's stock valued at $10,897,000 after purchasing an additional 24,925 shares during the last quarter. Finally, Barclays PLC lifted its holdings in shares of Summit Hotel Properties by 40.2% in the 3rd quarter. Barclays PLC now owns 1,193,305 shares of the real estate investment trust's stock valued at $8,185,000 after purchasing an additional 342,408 shares during the last quarter. 96.47% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Summit Hotel Properties news, Director Thomas W. Storey purchased 16,270 shares of Summit Hotel Properties stock in a transaction on Tuesday, May 13th. The shares were bought at an average price of $4.62 per share, with a total value of $75,167.40. Following the purchase, the director now directly owns 231,337 shares in the company, valued at $1,068,776.94. This trade represents a 7.57% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 3.37% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on INN. Bank of America raised Summit Hotel Properties from an "underperform" rating to a "neutral" rating and set a $5.00 target price for the company in a report on Wednesday, April 30th. Wall Street Zen downgraded Summit Hotel Properties from a "hold" rating to a "sell" rating in a research note on Thursday.

Summit Hotel Properties Stock Performance

INN traded down $0.05 on Friday, hitting $4.15. 1,219,488 shares of the company traded hands, compared to its average volume of 838,464. The company has a 50 day moving average of $4.46 and a 200-day moving average of $5.83. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.01. The stock has a market capitalization of $465.16 million, a PE ratio of 414.50, a PEG ratio of 1.54 and a beta of 1.62. Summit Hotel Properties, Inc. has a 12-month low of $3.57 and a 12-month high of $7.22.

Summit Hotel Properties (NYSE:INN - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $0.22 EPS for the quarter, beating the consensus estimate of $0.21 by $0.01. Summit Hotel Properties had a return on equity of 1.87% and a net margin of 3.41%. The firm had revenue of $184.48 million during the quarter, compared to the consensus estimate of $184.93 million. Sell-side analysts anticipate that Summit Hotel Properties, Inc. will post 0.88 earnings per share for the current year.

Summit Hotel Properties Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Friday, May 16th will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 7.72%. The ex-dividend date is Friday, May 16th. Summit Hotel Properties's dividend payout ratio is currently 200.00%.

Summit Hotel Properties Company 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.