Louisiana State Employees Retirement System Lowers Stock Holdings in Summit Hotel Properties, Inc. (NYSE:INN)

Louisiana State Employees Retirement System lessened its position in Summit Hotel Properties, Inc. (NYSE:INN) by 3.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 52,400 shares of the real estate investment trust’s stock after selling 2,000 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Summit Hotel Properties were worth $359,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Lighthouse Investment Partners LLC acquired a new position in Summit Hotel Properties in the 2nd quarter valued at about $2,845,000. Vanguard Group Inc. grew its holdings in shares of Summit Hotel Properties by 3.0% in the first quarter. Vanguard Group Inc. now owns 15,130,679 shares of the real estate investment trust’s stock valued at $98,501,000 after purchasing an additional 439,383 shares in the last quarter. AQR Capital Management LLC increased its stake in Summit Hotel Properties by 233.1% during the 2nd quarter. AQR Capital Management LLC now owns 296,639 shares of the real estate investment trust’s stock worth $1,777,000 after buying an additional 207,586 shares during the period. Panagora Asset Management Inc. acquired a new stake in Summit Hotel Properties during the 2nd quarter worth approximately $604,000. Finally, Dimensional Fund Advisors LP lifted its holdings in Summit Hotel Properties by 5.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,611,956 shares of the real estate investment trust’s stock worth $9,655,000 after buying an additional 80,577 shares in the last quarter. Hedge funds and other institutional investors own 96.47% of the company’s stock.

Summit Hotel Properties Stock Performance

NYSE:INN opened at $6.49 on Thursday. Summit Hotel Properties, Inc. has a 52 week low of $5.66 and a 52 week high of $7.22. The company has a fifty day simple moving average of $6.58 and a two-hundred day simple moving average of $6.27. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.99. The company has a market cap of $703.13 million, a price-to-earnings ratio of 649.00 and a beta of 2.05.

Summit Hotel Properties (NYSE:INN) last released its earnings results on Monday, November 4th. The real estate investment trust reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.22). Summit Hotel Properties had a return on equity of 1.86% and a net margin of 3.41%. The company had revenue of $176.81 million for the quarter, compared to analyst estimates of $176.24 million. During the same period in the previous year, the firm earned $0.22 earnings per share. As a group, equities analysts anticipate that Summit Hotel Properties, Inc. will post 0.87 earnings per share for the current fiscal year.

Summit Hotel Properties Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be paid a dividend of $0.08 per share. The ex-dividend date is Friday, November 15th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.93%. Summit Hotel Properties’s payout ratio is 3,200.00%.

About Summit Hotel Properties

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.