Ameriprise Financial Inc. Reduces Stake in Summit Hotel Properties, Inc. (NYSE:INN)

Ameriprise Financial Inc. lowered its stake in Summit Hotel Properties, Inc. (NYSE:INN) by 6.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 286,550 shares of the real estate investment trust’s stock after selling 20,297 shares during the period. Ameriprise Financial Inc.’s holdings in Summit Hotel Properties were worth $1,963,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in INN. Barclays PLC grew its position in Summit Hotel Properties by 40.2% in 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. SG Americas Securities LLC purchased a new position in shares of Summit Hotel Properties during the fourth quarter valued at approximately $147,000. Jennison Associates LLC boosted its position in shares of Summit Hotel Properties by 21.6% during 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 buying an additional 1,191,506 shares during the period. abrdn plc boosted its position in shares of Summit Hotel Properties by 30.6% during the fourth quarter. abrdn plc now owns 28,153 shares of the real estate investment trust’s stock valued at $193,000 after buying an additional 6,600 shares during the period. Finally, Entropy Technologies LP purchased a new position in shares of Summit Hotel Properties during the fourth quarter valued at approximately $88,000. Hedge funds and other institutional investors own 96.47% of the company’s stock.

Summit Hotel Properties Stock Down 0.5%

Shares of NYSE:INN opened at $4.38 on Friday. Summit Hotel Properties, Inc. has a 1 year low of $3.57 and a 1 year high of $7.22. The business has a 50 day simple moving average of $4.33 and a two-hundred day simple moving average of $5.76. The firm has a market capitalization of $491.53 million, a PE ratio of 438.00, a price-to-earnings-growth 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 announced its earnings results on Wednesday, April 30th. The real estate investment trust reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.01. Summit Hotel Properties had a return on equity of 1.87% and a net margin of 3.41%. The business had revenue of $184.48 million during the quarter, compared to analyst estimates of $184.93 million. On average, equities analysts predict that Summit Hotel Properties, Inc. will post 0.88 EPS for the current year.

Summit Hotel Properties Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Friday, May 16th were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 7.31%. The ex-dividend date was Friday, May 16th. Summit Hotel Properties’s dividend payout ratio is presently 200.00%.

Insider Activity

In related news, Director Thomas W. Storey purchased 16,270 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The stock was purchased at an average price of $4.62 per share, with a total value of $75,167.40. Following the completion of the purchase, the director now owns 231,337 shares of the company’s stock, valued at approximately $1,068,776.94. The trade was a 7.57% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 3.83% of the company’s stock.

Analyst Ratings Changes

INN has been the subject of several recent analyst reports. Bank of America upgraded Summit Hotel Properties from an “underperform” rating to a “neutral” rating and set a $5.00 target price for the company in a research report on Wednesday, April 30th. Wall Street Zen lowered Summit Hotel Properties from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd.

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.