Y Intercept Hong Kong Ltd Takes Position in Summit Hotel Properties, Inc. $INN

Y Intercept Hong Kong Ltd bought a new stake in Summit Hotel Properties, Inc. (NYSE:INN) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 39,907 shares of the real estate investment trust’s stock, valued at approximately $203,000.

A number of other hedge funds also recently bought and sold shares of INN. Teacher Retirement System of Texas bought a new position in Summit Hotel Properties during the first quarter valued at $86,000. Principal Financial Group Inc. raised its position in shares of Summit Hotel Properties by 2.7% during the 1st quarter. Principal Financial Group Inc. now owns 539,713 shares of the real estate investment trust’s stock valued at $2,920,000 after buying an additional 14,115 shares in the last quarter. MQS Management LLC bought a new position in shares of Summit Hotel Properties in the 1st quarter valued at about $229,000. Jennison Associates LLC lifted its holdings in shares of Summit Hotel Properties by 2.1% in the 1st quarter. Jennison Associates LLC now owns 6,843,363 shares of the real estate investment trust’s stock valued at $37,023,000 after acquiring an additional 139,174 shares during the last quarter. Finally, Allianz Asset Management GmbH purchased a new position in Summit Hotel Properties in the first quarter worth about $345,000. Hedge funds and other institutional investors own 96.47% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on INN shares. Zacks Research upgraded Summit Hotel Properties from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 21st. Weiss Ratings restated a “sell (d+)” rating on shares of Summit Hotel Properties in a report on Tuesday, October 14th. Summit Redstone set a $4.50 price target on Summit Hotel Properties in a research report on Tuesday, November 4th. Robert W. Baird cut their price objective on shares of Summit Hotel Properties from $5.00 to $4.50 and set a “neutral” rating on the stock in a research report on Friday, October 3rd. Finally, Wall Street Zen downgraded shares of Summit Hotel Properties from a “hold” rating to a “sell” rating in a research note on Saturday, October 18th. Two research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Summit Hotel Properties presently has a consensus rating of “Reduce” and an average target price of $4.50.

Summit Hotel Properties Stock Performance

Shares of Summit Hotel Properties stock opened at $5.59 on Monday. The stock’s fifty day moving average is $5.50 and its two-hundred day moving average is $5.11. The company has a market capitalization of $607.66 million, a PE ratio of -62.06 and a beta of 1.72. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.11. Summit Hotel Properties, Inc. has a 52 week low of $3.57 and a 52 week high of $6.99.

Summit Hotel Properties (NYSE:INN) last released its earnings results on Tuesday, November 4th. The real estate investment trust reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.02. The business had revenue of $177.12 million during the quarter, compared to the consensus estimate of $179.03 million. Summit Hotel Properties had a return on equity of 0.56% and a net margin of 1.00%. As a group, analysts expect that Summit Hotel Properties, Inc. will post 0.88 earnings per share for the current year.

Summit Hotel Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 14th will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 5.7%. The ex-dividend date of this dividend is Friday, November 14th. Summit Hotel Properties’s payout ratio is -200.00%.

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.