Summit Hotel Properties, Inc. (NYSE:INN) Stake Trimmed by Centiva Capital LP

Centiva Capital LP lessened its holdings in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 19.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 52,347 shares of the real estate investment trust’s stock after selling 12,931 shares during the quarter. Centiva Capital LP’s holdings in Summit Hotel Properties were worth $359,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. H 2 Credit Manager LP grew its stake in shares of Summit Hotel Properties by 24.3% in the 4th quarter. H 2 Credit Manager LP now owns 8,909,500 shares of the real estate investment trust’s stock valued at $61,030,000 after buying an additional 1,742,169 shares in the last quarter. Jennison Associates LLC raised its stake in shares of Summit Hotel Properties by 21.6% in the fourth quarter. Jennison Associates LLC now owns 6,704,189 shares of the real estate investment trust’s stock valued at $45,924,000 after purchasing an additional 1,191,506 shares in the last quarter. Barclays PLC raised its stake 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 acquiring an additional 342,408 shares in the last quarter. Northern Trust Corp raised its stake in Summit Hotel Properties by 23.3% during the fourth 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 in the last quarter. Finally, Victory Capital Management Inc. grew its holdings in shares of Summit Hotel Properties by 5.8% during the fourth quarter. Victory Capital Management Inc. now owns 2,577,615 shares of the real estate investment trust’s stock worth $17,657,000 after purchasing an additional 141,010 shares during the last quarter. Hedge funds and other institutional investors own 96.47% of the company’s stock.

Summit Hotel Properties Trading Up 0.7%

NYSE INN opened at $4.34 on Monday. The stock’s 50-day moving average is $4.78 and its 200-day moving average is $5.95. Summit Hotel Properties, Inc. has a one year low of $3.57 and a one year high of $7.22. The firm has a market cap of $487.04 million, a P/E ratio of 434.00, a P/E/G ratio of 1.54 and a beta of 1.62. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.78 and a quick ratio of 0.78.

Summit Hotel Properties (NYSE:INN) last posted its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $0.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.01. The firm 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 anticipate that Summit Hotel Properties, Inc. will post 0.88 earnings per share for the current fiscal 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 paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, May 16th. This represents a $0.32 annualized dividend and a dividend yield of 7.37%. Summit Hotel Properties’s dividend payout ratio is currently 200.00%.

Analyst Ratings Changes

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 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.