Fisher Asset Management LLC Has $3.59 Million Stock Position in Summit Hotel Properties, Inc. (NYSE:INN)

Fisher Asset Management LLC cut its holdings in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 15.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 534,127 shares of the real estate investment trust’s stock after selling 95,534 shares during the period. Fisher Asset Management LLC’s holdings in Summit Hotel Properties were worth $3,589,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of INN. Victory Capital Management Inc. lifted its holdings in Summit Hotel Properties by 3.5% in the fourth quarter. Victory Capital Management Inc. now owns 2,388,411 shares of the real estate investment trust’s stock valued at $16,050,000 after buying an additional 81,774 shares during the period. Foundry Partners LLC lifted its stake in shares of Summit Hotel Properties by 7.6% in the 3rd quarter. Foundry Partners LLC now owns 408,814 shares of the real estate investment trust’s stock valued at $2,371,000 after purchasing an additional 29,024 shares during the period. Swiss National Bank boosted its position in shares of Summit Hotel Properties by 2.4% in the 3rd quarter. Swiss National Bank now owns 236,300 shares of the real estate investment trust’s stock worth $1,371,000 after purchasing an additional 5,600 shares during the last quarter. Public Employees Retirement System of Ohio boosted its position in shares of Summit Hotel Properties by 5.9% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 154,353 shares of the real estate investment trust’s stock worth $895,000 after purchasing an additional 8,663 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of Summit Hotel Properties by 10.1% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 127,211 shares of the real estate investment trust’s stock worth $855,000 after purchasing an additional 11,625 shares during the period. Institutional investors own 96.47% of the company’s stock.

Summit Hotel Properties Stock Up 1.1 %

Summit Hotel Properties stock opened at $6.27 on Wednesday. The firm has a market capitalization of $678.36 million, a price-to-earnings ratio of -26.13 and a beta of 1.94. The company’s 50 day simple moving average is $6.34 and its 200 day simple moving average is $6.39. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.13 and a quick ratio of 1.13. Summit Hotel Properties, Inc. has a fifty-two week low of $5.31 and a fifty-two week high of $7.26.

Summit Hotel Properties (NYSE:INN) last announced its quarterly earnings results on Wednesday, May 1st. The real estate investment trust reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates 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 prior year, the business earned $0.22 earnings per share. As a group, sell-side analysts anticipate that Summit Hotel Properties, Inc. will post 0.84 EPS for the current 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 issued a $0.08 dividend. This is an increase from Summit Hotel Properties’s previous quarterly dividend of $0.06. This represents a $0.32 annualized dividend and a dividend yield of 5.10%. The ex-dividend date is Thursday, May 16th. Summit Hotel Properties’s dividend payout ratio is -133.33%.

Analysts Set New Price Targets

Separately, Wolfe Research started coverage on Summit Hotel Properties in a research note on Wednesday, January 10th. They issued a “peer perform” rating on the stock.

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.