Geode Capital Management LLC Has $14.65 Million Stock Holdings in Summit Hotel Properties, Inc. $INN

Geode Capital Management LLC boosted its holdings in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 1.8% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,877,261 shares of the real estate investment trust’s stock after buying an additional 50,295 shares during the period. Geode Capital Management LLC’s holdings in Summit Hotel Properties were worth $14,647,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of INN. Jennison Associates LLC boosted its position in Summit Hotel Properties by 1.7% during 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 period. Nuveen LLC acquired a new position in shares of Summit Hotel Properties in the 1st quarter valued at about $16,641,000. Charles Schwab Investment Management Inc. lifted its position 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 purchasing an additional 257,720 shares in the last quarter. Bank of Montreal Can lifted its position 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 purchasing an additional 3,303 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of Summit Hotel Properties by 75.0% during the first quarter. Invesco Ltd. now owns 784,585 shares of the real estate investment trust’s stock worth $4,245,000 after purchasing an additional 336,150 shares during the period. 96.47% of the stock is owned by hedge funds and other institutional investors.

Summit Hotel Properties Stock Performance

INN stock opened at $5.18 on Tuesday. The firm has a 50 day moving average of $5.38 and a two-hundred day moving average of $5.23. Summit Hotel Properties, Inc. has a 12 month low of $3.57 and a 12 month high of $6.99. The company has a market capitalization of $563.60 million, a price-to-earnings ratio of -57.56 and a beta of 1.72. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.11.

Summit Hotel Properties (NYSE:INN) last released its quarterly earnings data on Tuesday, November 4th. The real estate investment trust reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.02. The business had revenue of $177.12 million during the quarter, compared to analyst estimates of $179.03 million. Summit Hotel Properties had a net margin of 1.00% and a return on equity of 0.56%. As a group, equities analysts anticipate that Summit Hotel Properties, Inc. will post 0.88 EPS for the current fiscal year.

Summit Hotel Properties Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 28th. Stockholders of record on Friday, November 14th were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 6.2%. The ex-dividend date was Friday, November 14th. Summit Hotel Properties’s dividend payout ratio is -200.00%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on INN shares. Bank of America reaffirmed an “underperform” rating and set a $4.50 price objective (down from $5.75) on shares of Summit Hotel Properties in a research report on Tuesday, November 4th. Weiss Ratings reissued a “sell (d)” rating on shares of Summit Hotel Properties in a research note on Wednesday, November 26th. 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. Wall Street Zen lowered Summit Hotel Properties from a “hold” rating to a “sell” rating in a report on Saturday, October 18th. Finally, Robert W. Baird reduced their price objective on Summit Hotel Properties from $5.00 to $4.50 and set a “neutral” rating for the company in a research report on Friday, October 3rd. Two research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus target price 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.