Nuveen LLC bought a new stake in Summit Hotel Properties, Inc. (NYSE:INN - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 3,075,939 shares of the real estate investment trust's stock, valued at approximately $16,641,000. Nuveen LLC owned approximately 2.74% of Summit Hotel Properties as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its holdings 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 purchasing an additional 6,732 shares during the period. Wealth Enhancement Advisory Services LLC acquired a new position in Summit Hotel Properties during the 4th quarter worth about $77,000. Teacher Retirement System of Texas acquired a new position in Summit Hotel Properties during the 1st quarter worth about $86,000. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in Summit Hotel Properties by 57.6% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 22,221 shares of the real estate investment trust's stock worth $120,000 after acquiring an additional 8,123 shares in the last quarter. Finally, First Trust Advisors LP lifted its stake in Summit Hotel Properties by 44.3% during the 4th quarter. First Trust Advisors LP now owns 24,339 shares of the real estate investment trust's stock worth $167,000 after acquiring an additional 7,468 shares in the last quarter. 96.47% of the stock is currently owned by hedge funds and other institutional investors.
Summit Hotel Properties Stock Performance
Shares of INN stock traded down $0.0940 during midday trading on Monday, hitting $5.3160. The company had a trading volume of 368,441 shares, compared to its average volume of 1,264,824. The company's 50 day simple moving average is $5.26 and its 200 day simple moving average is $5.10. Summit Hotel Properties, Inc. has a 52-week low of $3.57 and a 52-week high of $7.22. The stock has a market cap of $578.43 million, a price-to-earnings ratio of -59.07 and a beta of 1.73. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.80 and a quick ratio of 0.80.
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 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.01. Summit Hotel Properties had a return on equity of 0.56% and a net margin of 1.00%.The company had revenue of $192.92 million for the quarter, compared to the consensus estimate of $194.49 million. Summit Hotel Properties has set its FY 2025 guidance at 0.900-0.900 EPS. Research analysts anticipate that Summit Hotel Properties, Inc. will post 0.88 earnings per share for the current fiscal year.
Summit Hotel Properties Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 6.0%. The ex-dividend date is Friday, August 15th. Summit Hotel Properties's dividend payout ratio (DPR) is -355.56%.
Wall Street Analyst Weigh In
Several equities analysts recently issued reports on the company. Bank of America increased their target price on Summit Hotel Properties from $5.00 to $5.75 and gave the stock a "neutral" rating in a research note on Monday, July 21st. Wall Street Zen raised 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, According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $5.75.
Get Our Latest Research Report on INN
Summit Hotel Properties Company Profile
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Free Report)
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.
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