Victory Capital Management Inc. Has $13.53 Million Position in Summit Hotel Properties, Inc. (NYSE:INN)

Victory Capital Management Inc. lowered its stake in Summit Hotel Properties, Inc. (NYSE:INN - Free Report) by 2.9% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,501,603 shares of the real estate investment trust's stock after selling 76,012 shares during the period. Victory Capital Management Inc. owned approximately 2.25% of Summit Hotel Properties worth $13,534,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in Summit Hotel Properties by 37.2% during the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 57,085 shares of the real estate investment trust's stock valued at $391,000 after purchasing an additional 15,493 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in Summit Hotel Properties during the fourth quarter valued at $136,000. Fox Run Management L.L.C. boosted its position in Summit Hotel Properties by 104.4% during the fourth quarter. Fox Run Management L.L.C. now owns 30,956 shares of the real estate investment trust's stock valued at $212,000 after purchasing an additional 15,814 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Summit Hotel Properties by 21.5% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 77,439 shares of the real estate investment trust's stock valued at $525,000 after purchasing an additional 13,684 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. boosted its position in Summit Hotel Properties by 3.3% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 138,200 shares of the real estate investment trust's stock valued at $947,000 after purchasing an additional 4,400 shares during the last quarter. 96.47% of the stock is currently owned by hedge funds and other institutional investors.

Summit Hotel Properties Stock Up 1.4%

NYSE:INN traded up $0.08 during trading hours on Friday, reaching $5.52. The company's stock had a trading volume of 574,390 shares, compared to its average volume of 1,567,161. The company has a market cap of $619.01 million, a price-to-earnings ratio of 34.48, a price-to-earnings-growth ratio of 1.38 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 business's 50-day moving average is $4.91 and its 200-day moving average is $5.32. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.91 and a quick ratio of 0.91.

Summit Hotel Properties (NYSE:INN - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $0.22 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.21 by $0.01. The firm had revenue of $184.48 million during the quarter, compared to analysts' expectations of $184.93 million. Summit Hotel Properties had a net margin of 5.46% and a return on equity of 2.98%. Equities research analysts predict that Summit Hotel Properties, Inc. will post 0.88 EPS for the current year.

Insider Transactions at Summit Hotel Properties

In other news, Director Thomas W. Storey purchased 16,270 shares of the firm's stock in a transaction on Tuesday, May 13th. The stock was bought at an average cost of $4.62 per share, for a total transaction of $75,167.40. Following the completion of the acquisition, the director directly owned 231,337 shares of the company's stock, valued at approximately $1,068,776.94. The trade was a 7.57% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.83% of the stock is owned by company insiders.

Analysts Set New Price Targets

INN has been the subject of a number of research reports. Wall Street Zen cut Summit Hotel Properties from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Bank of America upped their price objective on shares of Summit Hotel Properties from $5.00 to $5.75 and gave the stock a "neutral" rating in a report on Monday, July 21st.

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.