Ensign Peak Advisors Inc Cuts Stock Position in Summit Hotel Properties, Inc. $INN

Ensign Peak Advisors Inc trimmed its position in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 26.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 75,178 shares of the real estate investment trust’s stock after selling 26,350 shares during the period. Ensign Peak Advisors Inc’s holdings in Summit Hotel Properties were worth $383,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Jennison Associates LLC lifted its holdings in shares of Summit Hotel Properties by 1.7% in the 2nd quarter. Jennison Associates LLC now owns 6,957,732 shares of the real estate investment trust’s stock worth $35,415,000 after acquiring an additional 114,369 shares during the last quarter. Nuveen LLC purchased a new stake in Summit Hotel Properties during the first quarter valued at about $16,641,000. Geode Capital Management LLC grew its stake in shares of Summit Hotel Properties by 1.8% during the second quarter. Geode Capital Management LLC now owns 2,877,261 shares of the real estate investment trust’s stock valued at $14,647,000 after buying an additional 50,295 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Summit Hotel Properties by 16.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,848,480 shares of the real estate investment trust’s stock worth $10,000,000 after buying an additional 257,720 shares during the period. Finally, Bank of Montreal Can increased its holdings in shares of Summit Hotel Properties by 0.4% in the second quarter. Bank of Montreal Can now owns 793,512 shares of the real estate investment trust’s stock worth $4,039,000 after buying an additional 3,303 shares during the period. Institutional investors own 96.47% of the company’s stock.

Summit Hotel Properties Price Performance

INN stock opened at $5.36 on Monday. Summit Hotel Properties, Inc. has a 1 year low of $3.57 and a 1 year high of $6.99. The company has a market cap of $583.18 million, a P/E ratio of -59.56 and a beta of 1.72. The firm has a 50-day moving average of $5.39 and a 200 day moving average of $5.22. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.80 and a quick ratio of 0.80.

Summit Hotel Properties (NYSE:INN) last posted its quarterly earnings data on Tuesday, November 4th. The real estate investment trust reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.02. Summit Hotel Properties had a return on equity of 0.56% and a net margin of 1.00%.The business had revenue of $177.12 million for the quarter, compared to analysts’ expectations of $179.03 million. On average, sell-side analysts forecast that Summit Hotel Properties, Inc. will post 0.88 EPS for the current year.

Summit Hotel Properties Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 28th. Investors of record on Friday, November 14th were paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 6.0%. The ex-dividend date of this dividend was Friday, November 14th. Summit Hotel Properties’s dividend payout ratio is presently -200.00%.

Analyst Ratings Changes

INN has been the topic of several recent research reports. Robert W. Baird reduced their price target on Summit Hotel Properties from $5.00 to $4.50 and set a “neutral” rating on the stock in a research report on Friday, October 3rd. Bank of America restated an “underperform” rating and issued a $4.50 target price (down previously from $5.75) on shares of Summit Hotel Properties in a report on Tuesday, November 4th. Zacks Research raised shares of Summit Hotel Properties from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 21st. Weiss Ratings reissued a “sell (d)” rating on shares of Summit Hotel Properties in a research report on Wednesday. Finally, Wall Street Zen lowered shares of Summit Hotel Properties from a “hold” rating to a “sell” rating in a report on Saturday, October 18th. Two research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Reduce” and an average price target of $4.50.

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.