Public Sector Pension Investment Board Buys 72,445 Shares of Summit Hotel Properties, Inc. $INN

Key Points

• The Public Sector Pension Investment Board increased its stake in Summit Hotel Properties, Inc. by 26.7%, acquiring a total of 343,810 shares worth approximately $1.86 million.
• Summit Hotel Properties recently declared a quarterly dividend of $0.08 per share, resulting in an annualized yield of 6.2%.
• The company's latest earnings report showed an EPS of $0.27, slightly above analyst estimates, with total revenue of $192.92 million during the quarter.

Public Sector Pension Investment Board lifted its stake in shares of Summit Hotel Properties, Inc. (NYSE:INN - Free Report) by 26.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 343,810 shares of the real estate investment trust's stock after purchasing an additional 72,445 shares during the quarter. Public Sector Pension Investment Board owned about 0.31% of Summit Hotel Properties worth $1,860,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of INN. Nuveen LLC acquired a new position in shares of Summit Hotel Properties in the first quarter worth $16,641,000. H 2 Credit Manager LP lifted its holdings in 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 in the last quarter. Invesco Ltd. boosted its stake in shares of Summit Hotel Properties by 75.0% during the 1st quarter. Invesco Ltd. now owns 784,585 shares of the real estate investment trust's stock worth $4,245,000 after purchasing an additional 336,150 shares during the last quarter. Northern Trust Corp boosted its stake in shares of Summit Hotel Properties by 23.3% during the 4th quarter. Northern Trust Corp now owns 1,469,573 shares of the real estate investment trust's stock worth $10,067,000 after purchasing an additional 277,996 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Summit Hotel Properties by 16.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,848,480 shares of the real estate investment trust's stock worth $10,000,000 after buying an additional 257,720 shares in the last quarter. 96.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Wall Street Zen upgraded Summit Hotel Properties from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Bank of America lifted 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 note on Monday, July 21st. One analyst has rated the stock with a Hold rating, According to MarketBeat, Summit Hotel Properties currently has a consensus rating of "Hold" and a consensus target price of $5.75.

Summit Hotel Properties Stock Performance

NYSE INN traded up $0.3450 during trading hours on Friday, reaching $5.4050. The company's stock had a trading volume of 1,264,944 shares, compared to its average volume of 849,682. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.11. The business has a 50-day simple moving average of $5.26 and a 200 day simple moving average of $5.11. 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 $588.12 million, a PE ratio of -60.06 and a beta of 1.73.

Summit Hotel Properties (NYSE:INN - Get Free Report) last issued its earnings results on Tuesday, August 5th. The real estate investment trust reported $0.27 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.26 by $0.01. Summit Hotel Properties had a net margin of 1.00% and a return on equity of 0.56%. The firm had revenue of $192.92 million for the quarter, compared to analysts' expectations of $194.49 million. Summit Hotel Properties has set its FY 2025 guidance at 0.900-0.900 EPS. Equities research analysts predict that Summit Hotel Properties, Inc. will post 0.88 earnings per share for the current fiscal year.

Summit Hotel Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be paid 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 yield of 5.9%. Summit Hotel Properties's dividend payout ratio is currently -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.