The Manufacturers Life Insurance Company Buys 5,650 Shares of Summit Hotel Properties, Inc. (NYSE:INN)

The Manufacturers Life Insurance Company lifted its stake in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 12.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,676 shares of the real estate investment trust’s stock after purchasing an additional 5,650 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Summit Hotel Properties were worth $310,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Fidelis Capital Partners LLC bought a new position in Summit Hotel Properties in the 1st quarter valued at about $30,000. EntryPoint Capital LLC bought a new position in Summit Hotel Properties in the 1st quarter valued at about $79,000. MQS Management LLC bought a new position in Summit Hotel Properties in the 2nd quarter valued at about $75,000. Quadrature Capital Ltd bought a new position in Summit Hotel Properties in the 4th quarter valued at about $93,000. Finally, Choreo LLC bought a new position in Summit Hotel Properties in the 2nd quarter valued at about $86,000. Institutional investors own 96.47% of the company’s stock.

Summit Hotel Properties Trading Down 1.1 %

NYSE:INN opened at $6.58 on Friday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a market cap of $711.90 million, a price-to-earnings ratio of -27.42 and a beta of 2.04. Summit Hotel Properties, Inc. has a 52 week low of $5.31 and a 52 week high of $7.22. The firm has a 50-day moving average price of $6.67 and a two-hundred day moving average price of $6.28.

Summit Hotel Properties (NYSE:INN) last posted its quarterly earnings data on Monday, July 29th. The real estate investment trust reported $0.23 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.02). The firm had revenue of $193.90 million during the quarter, compared to analysts’ expectations of $191.05 million. Summit Hotel Properties had a net margin of 3.23% and a return on equity of 1.76%. During the same quarter last year, the business posted $0.27 EPS. On average, equities analysts expect that Summit Hotel Properties, Inc. will post 0.89 earnings per share for the current fiscal year.

Summit Hotel Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were paid a $0.08 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $0.32 annualized dividend and a yield of 4.86%. Summit Hotel Properties’s dividend payout ratio (DPR) is -133.33%.

Summit Hotel Properties Company 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.