Jennison Associates LLC Has $37.02 Million Holdings in Summit Hotel Properties, Inc. (NYSE:INN)

Jennison Associates LLC increased its position in shares of Summit Hotel Properties, Inc. (NYSE:INN - Free Report) by 2.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,843,363 shares of the real estate investment trust's stock after acquiring an additional 139,174 shares during the period. Jennison Associates LLC owned about 6.14% of Summit Hotel Properties worth $37,023,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. 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 worth $61,030,000 after purchasing an additional 1,742,169 shares during the last quarter. Northern Trust Corp lifted its holdings in Summit Hotel Properties by 23.3% in 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. Lighthouse Investment Partners LLC lifted its holdings in Summit Hotel Properties by 47.7% in the 4th quarter. Lighthouse Investment Partners LLC now owns 635,000 shares of the real estate investment trust's stock worth $4,350,000 after purchasing an additional 205,000 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in Summit Hotel Properties by 45.0% in the 4th quarter. Alliancebernstein L.P. now owns 349,226 shares of the real estate investment trust's stock worth $2,392,000 after purchasing an additional 108,459 shares during the last quarter. Finally, ExodusPoint Capital Management LP lifted its holdings in Summit Hotel Properties by 113.7% in the 4th quarter. ExodusPoint Capital Management LP now owns 165,447 shares of the real estate investment trust's stock worth $1,133,000 after purchasing an additional 88,039 shares during the last quarter. 96.47% of the stock is currently owned by hedge funds and other institutional investors.

Summit Hotel Properties Stock Performance

INN traded up $0.06 on Friday, hitting $5.29. 1,058,702 shares of the stock traded hands, compared to its average volume of 1,091,472. Summit Hotel Properties, Inc. has a 52 week low of $3.57 and a 52 week high of $7.22. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 1.08. The firm has a market capitalization of $593.65 million, a PE ratio of 33.06, a P/E/G ratio of 1.34 and a beta of 1.66. The business has a fifty day moving average price of $4.82 and a two-hundred day moving average price of $5.35.

Summit Hotel Properties (NYSE:INN - Get Free Report) last released 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 for the quarter, compared to the consensus estimate of $184.93 million. Summit Hotel Properties had a return on equity of 2.98% and a net margin of 5.46%. On average, research analysts predict that Summit Hotel Properties, Inc. will post 0.88 EPS for the current fiscal year.

Summit Hotel Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Friday, May 16th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 6.05%. The ex-dividend date was Friday, May 16th. Summit Hotel Properties's payout ratio is 200.00%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Bank of America upgraded Summit Hotel Properties from an "underperform" rating to a "neutral" rating and set a $5.00 price objective on the stock in a research note on Wednesday, April 30th. Wall Street Zen lowered Summit Hotel Properties from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd.

Insiders Place Their Bets

In related news, Director Thomas W. Storey acquired 16,270 shares of the firm's stock in a transaction on Tuesday, May 13th. The shares were bought at an average cost of $4.62 per share, with a total value of $75,167.40. Following the completion of the acquisition, 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 acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 3.83% of the company's stock.

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.