Lighthouse Investment Partners LLC Purchases 205,000 Shares of Summit Hotel Properties, Inc. (NYSE:INN)

Lighthouse Investment Partners LLC grew its position in Summit Hotel Properties, Inc. (NYSE:INN - Free Report) by 47.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 635,000 shares of the real estate investment trust's stock after acquiring an additional 205,000 shares during the period. Lighthouse Investment Partners LLC owned about 0.59% of Summit Hotel Properties worth $4,350,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. H 2 Credit Manager LP increased its position in Summit Hotel Properties by 24.3% during the fourth 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 acquiring an additional 1,742,169 shares during the period. Jennison Associates LLC increased its holdings in shares of Summit Hotel Properties by 21.6% during the fourth quarter. Jennison Associates LLC now owns 6,704,189 shares of the real estate investment trust's stock worth $45,924,000 after purchasing an additional 1,191,506 shares during the period. Barclays PLC grew its position in Summit Hotel Properties by 40.2% during the third quarter. Barclays PLC now owns 1,193,305 shares of the real estate investment trust's stock worth $8,185,000 after buying an additional 342,408 shares in the last quarter. Northern Trust Corp increased its stake in 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 acquiring an additional 277,996 shares during the period. Finally, Victory Capital Management Inc. raised its holdings in Summit Hotel Properties by 5.8% in 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 acquiring an additional 141,010 shares in the last quarter. Institutional investors own 96.47% of the company's stock.

Summit Hotel Properties Price Performance

Shares of NYSE INN traded down $0.04 during trading hours on Friday, hitting $4.50. 1,521,684 shares of the stock were exchanged, compared to its average volume of 825,066. The company's fifty day simple moving average is $4.63 and its two-hundred day simple moving average is $5.91. The company has a market cap of $504.43 million, a PE ratio of 449.50, a price-to-earnings-growth ratio of 1.54 and a beta of 1.62. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.78 and a current ratio of 0.78. Summit Hotel Properties, Inc. has a 1-year low of $3.57 and a 1-year high of $7.22.

Summit Hotel Properties (NYSE:INN - Get Free Report) last announced its earnings results on Wednesday, April 30th. The real estate investment trust reported $0.22 EPS for the quarter, beating the consensus estimate 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%. On average, sell-side analysts predict that Summit Hotel Properties, Inc. will post 0.88 EPS for the current year.

Summit Hotel Properties Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 16th will be issued a $0.08 dividend. The ex-dividend date is Friday, May 16th. This represents a $0.32 annualized dividend and a dividend yield of 7.12%. Summit Hotel Properties's dividend payout ratio is currently 200.00%.

Wall Street Analyst Weigh In

Separately, Bank of America upgraded Summit Hotel Properties from an "underperform" rating to a "neutral" rating and set a $5.00 price target on the stock in a research report on Wednesday, April 30th.

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.