Summit Hotel Properties, Inc. (NYSE:INN) Stake Lowered by Fisher Asset Management LLC

Fisher Asset Management LLC decreased its stake in Summit Hotel Properties, Inc. (NYSE:INN) by 15.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 534,127 shares of the real estate investment trust’s stock after selling 95,534 shares during the period. Fisher Asset Management LLC owned 0.50% of Summit Hotel Properties worth $3,589,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Public Employees Retirement System of Ohio grew its position in shares of Summit Hotel Properties by 5.9% during the third quarter. Public Employees Retirement System of Ohio now owns 154,353 shares of the real estate investment trust’s stock worth $895,000 after acquiring an additional 8,663 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of Summit Hotel Properties by 2.0% in the third quarter. Victory Capital Management Inc. now owns 2,306,637 shares of the real estate investment trust’s stock valued at $13,378,000 after purchasing an additional 45,459 shares during the period. Swiss National Bank raised its holdings in shares of Summit Hotel Properties by 2.4% during the third quarter. Swiss National Bank now owns 236,300 shares of the real estate investment trust’s stock valued at $1,371,000 after buying an additional 5,600 shares during the last quarter. Regent Peak Wealth Advisors LLC acquired a new position in shares of Summit Hotel Properties during the third quarter worth approximately $75,000. Finally, Park Avenue Securities LLC bought a new position in Summit Hotel Properties in the 3rd quarter worth approximately $115,000. Institutional investors and hedge funds own 96.47% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Wolfe Research assumed coverage on Summit Hotel Properties in a research report on Wednesday, January 10th. They set a “peer perform” rating for the company.

Summit Hotel Properties Stock Up 1.1 %

Summit Hotel Properties stock opened at $6.27 on Wednesday. Summit Hotel Properties, Inc. has a 52 week low of $5.31 and a 52 week high of $7.26. The stock has a market cap of $678.36 million, a price-to-earnings ratio of -26.13 and a beta of 1.94. The company’s 50-day moving average price is $6.34 and its two-hundred day moving average price is $6.39. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 1.08.

Summit Hotel Properties (NYSE:INN) last announced its earnings results on Wednesday, May 1st. The real estate investment trust reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.20). Summit Hotel Properties had a negative return on equity of 0.56% and a negative net margin of 1.04%. The firm had revenue of $188.14 million for the quarter, compared to the consensus estimate of $181.40 million. During the same period in the previous year, the firm earned $0.22 EPS. On average, analysts expect that Summit Hotel Properties, Inc. will post 0.84 EPS for the current fiscal year.

Summit Hotel Properties Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 17th will be given a $0.08 dividend. This is a positive change from Summit Hotel Properties’s previous quarterly dividend of $0.06. The ex-dividend date is Thursday, May 16th. This represents a $0.32 annualized dividend and a yield of 5.10%. Summit Hotel Properties’s payout ratio is -133.33%.

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.