Jennison Associates LLC lowered its stake in Summit Hotel Properties, Inc. (NYSE:INN - Free Report) by 18.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 4,977,915 shares of the real estate investment trust's stock after selling 1,143,532 shares during the quarter. Jennison Associates LLC owned about 4.63% of Summit Hotel Properties worth $33,452,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in INN. Public Employees Retirement System of Ohio raised its stake in Summit Hotel Properties by 5.9% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 154,353 shares of the real estate investment trust's stock worth $895,000 after buying an additional 8,663 shares during the period. Oak Thistle LLC acquired a new stake in Summit Hotel Properties during the 3rd quarter worth $78,000. Victory Capital Management Inc. raised its stake in Summit Hotel Properties by 2.0% during the 3rd quarter. Victory Capital Management Inc. now owns 2,306,637 shares of the real estate investment trust's stock worth $13,378,000 after buying an additional 45,459 shares during the period. Swiss National Bank raised its stake in Summit Hotel Properties by 2.4% during the 3rd quarter. Swiss National Bank now owns 236,300 shares of the real estate investment trust's stock worth $1,371,000 after buying an additional 5,600 shares during the period. Finally, Regent Peak Wealth Advisors LLC acquired a new stake in Summit Hotel Properties during the 3rd quarter worth $75,000. Institutional investors and hedge funds own 96.47% of the company's stock.
Analysts Set New Price Targets
Separately, Wolfe Research assumed coverage on Summit Hotel Properties in a research note on Wednesday, January 10th. They set a "peer perform" rating on the stock.
Read Our Latest Research Report on INN
Summit Hotel Properties Stock Down 3.3 %
Shares of INN traded down $0.20 during midday trading on Thursday, hitting $6.07. The stock had a trading volume of 909,511 shares, compared to its average volume of 753,074. The company has a 50 day simple moving average of $6.42 and a two-hundred day simple moving average of $6.37. Summit Hotel Properties, Inc. has a twelve month low of $5.31 and a twelve month high of $7.26. The firm has a market cap of $652.53 million, a price-to-earnings ratio of -23.00 and a beta of 1.94. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.80 and a quick ratio of 0.80.
About Summit Hotel Properties
(
Free Report)
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.
See Also
Before you consider Summit Hotel Properties, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Summit Hotel Properties wasn't on the list.
While Summit Hotel Properties currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Thinking about investing in Meta, Roblox, or Unity? Click the link to learn what streetwise investors need to know about the metaverse and public markets before making an investment.
Get This Free Report
