247,141 Shares in Summit Hotel Properties, Inc. $INN Bought by Penserra Capital Management LLC

Penserra Capital Management LLC acquired 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 and Exchange Commission. The institutional investor acquired 247,141 shares of the real estate investment trust’s stock, valued at approximately $1,257,000.

Several other large investors also recently modified their holdings of INN. Principal Financial Group Inc. lifted its stake in shares of Summit Hotel Properties by 2.7% in the first quarter. Principal Financial Group Inc. now owns 539,713 shares of the real estate investment trust’s stock worth $2,920,000 after acquiring an additional 14,115 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Summit Hotel Properties by 16.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,848,480 shares of the real estate investment trust’s stock worth $10,000,000 after purchasing an additional 257,720 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new position in shares of Summit Hotel Properties in the 1st quarter valued at approximately $1,232,000. Public Employees Retirement System of Ohio raised its position in shares of Summit Hotel Properties by 26.7% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 251,719 shares of the real estate investment trust’s stock valued at $1,281,000 after purchasing an additional 53,075 shares in the last quarter. Finally, Public Sector Pension Investment Board boosted its stake in shares of Summit Hotel Properties by 26.7% during the 1st quarter. Public Sector Pension Investment Board now owns 343,810 shares of the real estate investment trust’s stock valued at $1,860,000 after buying an additional 72,445 shares during the last quarter. 96.47% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently issued reports on INN shares. Robert W. Baird cut their price target on shares of Summit Hotel Properties from $5.00 to $4.50 and set a “neutral” rating on the stock in a report on Friday, October 3rd. Wall Street Zen downgraded shares of Summit Hotel Properties from a “hold” rating to a “sell” rating in a research report on Saturday, October 18th. Zacks Research upgraded shares of Summit Hotel Properties from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 21st. Weiss Ratings reiterated a “sell (d+)” rating on shares of Summit Hotel Properties in a research note on Tuesday, October 14th. Finally, Bank of America reissued an “underperform” rating and issued a $4.50 price objective (down from $5.75) on shares of Summit Hotel Properties in a report on Tuesday, November 4th. Two investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Summit Hotel Properties has an average rating of “Reduce” and a consensus price target of $4.50.

Summit Hotel Properties Stock Up 3.0%

Shares of NYSE:INN opened at $5.75 on Tuesday. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.80 and a current ratio of 0.80. The company’s fifty day moving average is $5.51 and its two-hundred day moving average is $5.12. Summit Hotel Properties, Inc. has a 1-year low of $3.57 and a 1-year high of $6.99. The stock has a market capitalization of $625.07 million, a price-to-earnings ratio of -63.83 and a beta of 1.72.

Summit Hotel Properties (NYSE:INN) last posted its earnings results on Tuesday, November 4th. The real estate investment trust reported $0.17 EPS for the quarter, beating the consensus estimate of $0.15 by $0.02. The company had revenue of $177.12 million during the quarter, compared to analyst estimates of $179.03 million. Summit Hotel Properties had a return on equity of 0.56% and a net margin of 1.00%. Equities analysts anticipate that Summit Hotel Properties, Inc. will post 0.88 EPS for the current year.

Summit Hotel Properties Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 14th will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 5.6%. The ex-dividend date of this dividend is Friday, November 14th. Summit Hotel Properties’s payout ratio is presently -200.00%.

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.