Jennison Associates LLC Raises Holdings in Summit Hotel Properties, Inc. (NYSE:INN)

Jennison Associates LLC increased its holdings in shares of Summit Hotel Properties, Inc. (NYSE:INN - Free Report) by 2.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,843,363 shares of the real estate investment trust's stock after purchasing an additional 139,174 shares during the period. Jennison Associates LLC owned approximately 6.14% of Summit Hotel Properties worth $37,023,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. MQS Management LLC acquired a new stake in shares of Summit Hotel Properties in the 1st quarter valued at about $229,000. Principal Financial Group Inc. grew its stake in Summit Hotel Properties by 2.7% in the first quarter. Principal Financial Group Inc. now owns 539,713 shares of the real estate investment trust's stock valued at $2,920,000 after acquiring an additional 14,115 shares during the period. Teacher Retirement System of Texas bought a new stake in shares of Summit Hotel Properties during the first quarter valued at approximately $86,000. Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in shares of Summit Hotel Properties by 57.6% in 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 purchasing an additional 8,123 shares in the last quarter. Finally, New York State Teachers Retirement System lifted its holdings in shares of Summit Hotel Properties by 11.2% in the 1st quarter. New York State Teachers Retirement System now owns 152,246 shares of the real estate investment trust's stock worth $824,000 after purchasing an additional 15,334 shares in the last quarter. 96.47% of the stock is currently owned by institutional investors.

Summit Hotel Properties Price Performance

NYSE:INN traded up $0.02 during mid-day trading on Wednesday, reaching $5.65. The stock had a trading volume of 99,136 shares, compared to its average volume of 1,088,331. The stock has a market capitalization of $633.48 million, a P/E ratio of 35.35, a P/E/G ratio of 1.36 and a beta of 1.66. Summit Hotel Properties, Inc. has a one year low of $3.57 and a one year high of $7.22. The firm has a 50 day moving average price of $4.85 and a two-hundred day moving average price of $5.34. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.91 and a current ratio of 0.91.

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 earnings per share for the quarter, beating analysts' consensus estimates of $0.21 by $0.01. The company had revenue of $184.48 million during the quarter, compared to analyst estimates of $184.93 million. Summit Hotel Properties had a return on equity of 2.98% and a net margin of 5.46%. As a group, analysts expect that Summit Hotel Properties, Inc. will post 0.88 earnings per share for the current year.

Summit Hotel Properties Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 16th were given a $0.08 dividend. The ex-dividend date was Friday, May 16th. This represents a $0.32 annualized dividend and a yield of 5.67%. Summit Hotel Properties's dividend payout ratio is currently 200.00%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on INN. Wall Street Zen downgraded Summit Hotel Properties from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Bank of America upped their target price on Summit Hotel Properties from $5.00 to $5.75 and gave the company a "neutral" rating in a report on Monday.

Insiders Place Their Bets

In related news, Director Thomas W. Storey bought 16,270 shares of the stock in a transaction dated Tuesday, May 13th. The stock was purchased at an average cost of $4.62 per share, with a total value of $75,167.40. Following the completion of the purchase, the director owned 231,337 shares of the company's stock, valued at $1,068,776.94. This trade represents a 7.57% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 3.37% of the company's stock.

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.