H 2 Credit Manager LP grew its stake in Summit Hotel Properties, Inc. (NYSE:INN - Free Report) by 24.3% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 8,909,500 shares of the real estate investment trust's stock after buying an additional 1,742,169 shares during the quarter. Summit Hotel Properties accounts for approximately 15.6% of H 2 Credit Manager LP's portfolio, making the stock its 3rd biggest position. H 2 Credit Manager LP owned approximately 8.22% of Summit Hotel Properties worth $61,030,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also made changes to their positions in INN. Van ECK Associates Corp raised its holdings in shares of Summit Hotel Properties by 10.2% in the 4th quarter. Van ECK Associates Corp now owns 19,879 shares of the real estate investment trust's stock valued at $136,000 after purchasing an additional 1,842 shares in the last quarter. New York State Common Retirement Fund raised its stake in Summit Hotel Properties by 10.2% in the fourth quarter. New York State Common Retirement Fund now owns 35,258 shares of the real estate investment trust's stock valued at $242,000 after buying an additional 3,274 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its holdings in Summit Hotel Properties by 3.3% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 138,200 shares of the real estate investment trust's stock worth $947,000 after buying an additional 4,400 shares during the last quarter. MetLife Investment Management LLC boosted its position in shares of Summit Hotel Properties by 10.2% during the 4th quarter. MetLife Investment Management LLC now owns 62,879 shares of the real estate investment trust's stock worth $431,000 after acquiring an additional 5,845 shares in the last quarter. Finally, abrdn plc increased its holdings in shares of Summit Hotel Properties by 30.6% in the 4th quarter. abrdn plc now owns 28,153 shares of the real estate investment trust's stock valued at $193,000 after acquiring an additional 6,600 shares during the last quarter. 96.47% of the stock is owned by institutional investors and hedge funds.
Summit Hotel Properties Stock Up 1.7 %
Shares of NYSE INN traded up $0.07 during mid-day trading on Thursday, reaching $4.14. The company had a trading volume of 1,165,364 shares, compared to its average volume of 789,407. Summit Hotel Properties, Inc. has a 52-week low of $3.57 and a 52-week high of $7.22. The stock has a market cap of $461.12 million, a P/E ratio of 414.00, a PEG ratio of 1.54 and a beta of 1.78. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.01. The firm has a 50 day simple moving average of $5.08 and a two-hundred day simple moving average of $6.07.
Summit Hotel Properties (NYSE:INN - Get Free Report) last posted its earnings results on Wednesday, April 30th. The real estate investment trust reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.01. The business had revenue of $184.48 million during the quarter, compared to the consensus estimate of $184.93 million. Summit Hotel Properties had a return on equity of 1.87% and a net margin of 3.41%. Sell-side analysts predict that Summit Hotel Properties, Inc. will post 0.88 earnings per share for the current year.
Summit Hotel Properties Announces Dividend
The firm 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 dividend on an annualized basis and a dividend yield of 7.73%. Summit Hotel Properties's payout ratio is 177.78%.
Analysts Set New Price Targets
Separately, Bank of America upgraded 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.
Get Our Latest Stock Analysis on INN
Summit Hotel Properties Profile
(
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
Wondering where to start (or end) with AI stocks? These 10 simple stocks can help investors build long-term wealth as artificial intelligence continues to grow into the future.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
