Millennium Management LLC Reduces Position in Summit Hotel Properties, Inc. (NYSE:INN)

Millennium Management LLC reduced its stake in Summit Hotel Properties, Inc. (NYSE:INN - Free Report) by 81.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 83,564 shares of the real estate investment trust's stock after selling 372,272 shares during the quarter. Millennium Management LLC owned approximately 0.08% of Summit Hotel Properties worth $572,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of INN. Victory Capital Management Inc. increased its position in shares of Summit Hotel Properties by 5.8% during the 4th quarter. Victory Capital Management Inc. now owns 2,577,615 shares of the real estate investment trust's stock valued at $17,657,000 after purchasing an additional 141,010 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of Summit Hotel Properties by 3.0% during the 4th quarter. Principal Financial Group Inc. now owns 525,598 shares of the real estate investment trust's stock worth $3,600,000 after purchasing an additional 15,137 shares during the period. Northern Trust Corp raised 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 period. Amundi raised its stake in shares of Summit Hotel Properties by 22.4% during the 4th quarter. Amundi now owns 105,562 shares of the real estate investment trust's stock worth $689,000 after purchasing an additional 19,317 shares during the period. Finally, New York State Common Retirement Fund raised its stake in shares of Summit Hotel Properties by 10.2% during the 4th quarter. New York State Common Retirement Fund now owns 35,258 shares of the real estate investment trust's stock worth $242,000 after purchasing an additional 3,274 shares during the period. 96.47% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

INN has been the topic of a number of recent analyst reports. Bank of America upgraded Summit Hotel Properties from an "underperform" rating to a "neutral" rating and set a $5.00 target price on the stock in a research note on Wednesday, April 30th. Wall Street Zen cut Summit Hotel Properties from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd.

Insider Buying and Selling at Summit Hotel Properties

In other news, Director Thomas W. Storey bought 16,270 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The stock was bought at an average price of $4.62 per share, for a total transaction of $75,167.40. Following the transaction, the director now directly owns 231,337 shares of the company's stock, valued at $1,068,776.94. This represents a 7.57% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 3.83% of the company's stock.

Summit Hotel Properties Stock Performance

Summit Hotel Properties stock traded up $0.03 during midday trading on Wednesday, reaching $4.73. The stock had a trading volume of 5,209,525 shares, compared to its average volume of 888,683. Summit Hotel Properties, Inc. has a 12 month low of $3.57 and a 12 month high of $7.22. The firm's 50-day moving average price is $4.21 and its 200 day moving average price is $5.66. The firm has a market capitalization of $530.24 million, a PE ratio of 472.50, a P/E/G ratio of 1.54 and a beta of 1.63. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.01.

Summit Hotel Properties (NYSE:INN - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $0.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.21 by $0.01. The business had revenue of $184.48 million for the quarter, compared to analysts' expectations of $184.93 million. Summit Hotel Properties had a return on equity of 1.87% and a net margin of 3.41%. As a group, research analysts predict that Summit Hotel Properties, Inc. will post 0.88 earnings per share for the current fiscal year.

Summit Hotel Properties Announces Dividend

The business also recently announced 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 6.77%. The ex-dividend date of this dividend was Friday, May 16th. Summit Hotel Properties's payout ratio is presently 200.00%.

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.