Vanguard Group Inc. Cuts Stock Holdings in Summit Hotel Properties, Inc. $INN

Key Points

• Vanguard Group Inc. has reduced its stake in Summit Hotel Properties by 0.9%, now holding approximately 13.67% of the company's shares worth about $82.98 million.
• Several institutional investors have increased their holdings in Summit Hotel Properties, including GAMMA Investing LLC, which boosted its stake by 453%.
• Summit Hotel Properties recently reported earnings of $0.27 EPS for the last quarter, slightly above expectations, while setting its FY 2025 guidance at 0.900 EPS.

Vanguard Group Inc. decreased its holdings in Summit Hotel Properties, Inc. (NYSE:INN - Free Report) by 0.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,337,708 shares of the real estate investment trust's stock after selling 136,359 shares during the quarter. Vanguard Group Inc. owned about 13.67% of Summit Hotel Properties worth $82,977,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. GAMMA Investing LLC boosted its position in shares of Summit Hotel Properties by 453.0% in the 1st quarter. GAMMA Investing LLC now owns 8,218 shares of the real estate investment trust's stock worth $44,000 after purchasing an additional 6,732 shares in the last quarter. Wealth Enhancement Advisory Services LLC acquired a new stake in Summit Hotel Properties during the 4th quarter worth about $77,000. Teacher Retirement System of Texas acquired a new stake in Summit Hotel Properties during the 1st quarter worth about $86,000. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in Summit Hotel Properties by 57.6% during 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 acquiring an additional 8,123 shares during the period. Finally, First Trust Advisors LP lifted its position in Summit Hotel Properties by 44.3% during the 4th quarter. First Trust Advisors LP now owns 24,339 shares of the real estate investment trust's stock worth $167,000 after acquiring an additional 7,468 shares during the period. Institutional investors and hedge funds own 96.47% of the company's stock.

Summit Hotel Properties Price Performance

Shares of Summit Hotel Properties stock traded down $0.09 on Thursday, hitting $5.43. The company's stock had a trading volume of 329,127 shares, compared to its average volume of 1,256,886. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.80 and a current ratio of 0.80. Summit Hotel Properties, Inc. has a 1 year low of $3.57 and a 1 year high of $7.22. The firm has a fifty day moving average price of $5.30 and a 200-day moving average price of $5.10. The company has a market capitalization of $590.29 million, a price-to-earnings ratio of -60.28 and a beta of 1.73.

Summit Hotel Properties (NYSE:INN - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The real estate investment trust reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.01. Summit Hotel Properties had a return on equity of 0.56% and a net margin of 1.00%.The firm had revenue of $192.92 million during the quarter, compared to analyst estimates of $194.49 million. Summit Hotel Properties has set its FY 2025 guidance at 0.900-0.900 EPS. As a group, sell-side analysts anticipate 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. This represents a $0.32 annualized dividend and a yield of 5.9%. The ex-dividend date is Friday, August 15th. Summit Hotel Properties's payout ratio is -355.56%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on INN. Wall Street Zen raised Summit Hotel Properties from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Bank of America lifted their price target on Summit Hotel Properties from $5.00 to $5.75 and gave the stock a "neutral" rating in a research report on Monday, July 21st. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $5.75.

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.