Martingale Asset Management L P Has $1.66 Million Stock Holdings in Summit Hotel Properties, Inc. $INN

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 grew its stake in shares of Summit Hotel Properties, Inc. (NYSE:INN - Free Report) by 50.4% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 307,142 shares of the real estate investment trust's stock after acquiring an additional 102,875 shares during the period. Martingale Asset Management L P owned 0.27% of Summit Hotel Properties worth $1,662,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of INN. Alyeska Investment Group L.P. boosted its holdings in Summit Hotel Properties by 0.3% in the fourth quarter. Alyeska Investment Group L.P. now owns 598,819 shares of the real estate investment trust's stock worth $4,102,000 after purchasing an additional 1,721 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Summit Hotel Properties by 3.6% in the fourth 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 boosted its holdings 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 worth $872,000 after purchasing an additional 2,815 shares in the last quarter. Resona Asset Management Co. Ltd. boosted its holdings in Summit Hotel Properties by 9.0% in the first 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, MetLife Investment Management LLC boosted its holdings in Summit Hotel Properties by 10.2% in the fourth quarter. MetLife Investment Management LLC now owns 62,879 shares of the real estate investment trust's stock worth $431,000 after purchasing an additional 5,845 shares in the last quarter. 96.47% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on INN shares. Wall Street Zen upgraded shares of Summit Hotel Properties from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Bank of America upped their price target on shares of Summit Hotel Properties from $5.00 to $5.75 and gave the company a "neutral" rating in a report on Monday, July 21st. One investment analyst has rated the stock with a Hold rating, According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $5.75.

Summit Hotel Properties Stock Performance

Shares of INN traded down $0.04 during trading hours on Friday, reaching $5.40. 165,331 shares of the company traded hands, compared to its average volume of 1,252,950. The stock's fifty day moving average is $5.31 and its 200 day moving average is $5.09. The stock has a market cap of $588.01 million, a P/E ratio of -59.83 and a beta of 1.73. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.80 and a current ratio of 0.80. Summit Hotel Properties, Inc. has a 1-year low of $3.57 and a 1-year high of $7.22.

Summit Hotel Properties (NYSE:INN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The real estate investment trust reported $0.27 EPS for the quarter, beating analysts' consensus estimates 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 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 disclosed a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.9%. Summit Hotel Properties's dividend payout ratio is currently -355.56%.

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.