Summit Hotel Properties, Inc. $INN Shares Bought by Martingale Asset Management L P

Key Points

• Martingale Asset Management L P increased its holdings in Summit Hotel Properties by 50.4%, owning 307,142 shares after acquiring an additional 102,875 shares in the first quarter.
• The stock has a consensus rating of "Hold" with a price target raised from $5.00 to $5.75 as per recent analyst reports.
• Summit Hotel Properties declared a $0.08 per share quarterly dividend, reflecting an annual yield of 5.9%, despite a high dividend payout ratio of -355.56%.

Martingale Asset Management L P lifted its stake in Summit Hotel Properties, Inc. (NYSE:INN - Free Report) by 50.4% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 307,142 shares of the real estate investment trust's stock after buying an additional 102,875 shares during the quarter. Martingale Asset Management L P owned approximately 0.27% of Summit Hotel Properties worth $1,662,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of INN. GAMMA Investing LLC increased its position in Summit Hotel Properties by 453.0% in the first 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 last quarter. Wealth Enhancement Advisory Services LLC bought a new stake in Summit Hotel Properties in the fourth quarter worth $77,000. Teacher Retirement System of Texas bought a new stake in Summit Hotel Properties in the first quarter worth $86,000. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in Summit Hotel Properties by 57.6% in the first 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 purchasing an additional 8,123 shares during the last quarter. Finally, Farther Finance Advisors LLC increased its position in Summit Hotel Properties by 58,040.9% in the first quarter. Farther Finance Advisors LLC now owns 25,582 shares of the real estate investment trust's stock worth $139,000 after purchasing an additional 25,538 shares during the last quarter. Hedge funds and other institutional investors own 96.47% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. 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. Bank of America boosted their price objective on shares of Summit Hotel Properties from $5.00 to $5.75 and gave the company a "neutral" rating in a research report on Monday, July 21st. One analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $5.75.

Summit Hotel Properties Trading Down 1.4%

Shares of NYSE INN traded down $0.08 during mid-day trading on Thursday, reaching $5.44. The company had a trading volume of 459,955 shares, compared to its average volume of 1,257,556. Summit Hotel Properties, Inc. has a 52 week low of $3.57 and a 52 week high of $7.22. The business's 50-day moving average is $5.30 and its 200-day moving average is $5.10. The stock has a market cap of $591.38 million, a price-to-earnings ratio of -60.28 and a beta of 1.73. 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 released its quarterly earnings results on Tuesday, August 5th. The real estate investment trust reported $0.27 EPS for the quarter, beating the consensus estimate of $0.26 by $0.01. The business 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. Equities analysts expect that Summit Hotel Properties, Inc. will post 0.88 earnings per share for the current year.

Summit Hotel Properties Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 5.9%. The ex-dividend date of this dividend is Friday, August 15th. Summit Hotel Properties's dividend payout ratio is presently -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.