Two Sigma Investments LP Buys 81,917 Shares of Summit Hotel Properties, Inc. (NYSE:INN)

Two Sigma Investments LP raised its position in shares of Summit Hotel Properties, Inc. (NYSE:INN - Free Report) by 28.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 371,666 shares of the real estate investment trust's stock after buying an additional 81,917 shares during the period. Two Sigma Investments LP owned about 0.34% of Summit Hotel Properties worth $2,546,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Wolverine Asset Management LLC grew its stake in Summit Hotel Properties by 123.2% during the 4th quarter. Wolverine Asset Management LLC now owns 6,400 shares of the real estate investment trust's stock worth $44,000 after buying an additional 34,000 shares during the last quarter. Ieq Capital LLC purchased a new position in Summit Hotel Properties in the 4th quarter valued at approximately $87,000. Entropy Technologies LP purchased a new stake in shares of Summit Hotel Properties in the 4th quarter worth about $88,000. Van ECK Associates Corp increased its stake in shares of Summit Hotel Properties by 10.2% during the 4th quarter. Van ECK Associates Corp now owns 19,879 shares of the real estate investment trust's stock worth $136,000 after purchasing an additional 1,842 shares in the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new position in shares of Summit Hotel Properties in the fourth quarter worth $136,000. 96.47% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Thomas W. Storey purchased 16,270 shares of the company's stock in a transaction on Tuesday, May 13th. The shares were purchased at an average price of $4.62 per share, with a total value of $75,167.40. Following the purchase, the director now directly owns 231,337 shares of the company's stock, valued at $1,068,776.94. This trade represents a 7.57% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 3.83% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have commented on INN shares. Wall Street Zen cut Summit Hotel Properties from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Bank of America upgraded shares of Summit Hotel Properties from an "underperform" rating to a "neutral" rating and set a $5.00 target price for the company in a research note on Wednesday, April 30th.

Summit Hotel Properties Trading Down 2.7%

Shares of Summit Hotel Properties stock traded down $0.12 on Wednesday, reaching $4.25. 1,288,571 shares of the company were exchanged, compared to its average volume of 851,129. Summit Hotel Properties, Inc. has a fifty-two week low of $3.57 and a fifty-two week high of $7.22. The stock has a fifty day moving average price of $4.26 and a 200-day moving average price of $5.72. The firm has a market capitalization of $476.94 million, a price-to-earnings ratio of 425.00, a price-to-earnings-growth ratio of 1.54 and a beta of 1.62. The company has a current ratio of 0.78, a quick 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 results on Wednesday, April 30th. The real estate investment trust reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.01. Summit Hotel Properties had a return on equity of 1.87% and a net margin of 3.41%. The business had revenue of $184.48 million during the quarter, compared to analyst estimates of $184.93 million. On average, analysts expect that Summit Hotel Properties, Inc. will post 0.88 EPS for the current year.

Summit Hotel Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Friday, May 16th were paid a dividend of $0.08 per share. The ex-dividend date was Friday, May 16th. This represents a $0.32 dividend on an annualized basis and a yield of 7.53%. Summit Hotel Properties's dividend payout ratio is currently 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.