Summit Hotel Properties, Inc. (NYSE:INN) Shares Bought by Alliancebernstein L.P.

Alliancebernstein L.P. grew its holdings in Summit Hotel Properties, Inc. (NYSE:INN - Free Report) by 45.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 349,226 shares of the real estate investment trust's stock after buying an additional 108,459 shares during the quarter. Alliancebernstein L.P. owned 0.32% of Summit Hotel Properties worth $2,392,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Victory Capital Management Inc. increased its holdings in Summit Hotel Properties by 5.8% in the 4th quarter. Victory Capital Management Inc. now owns 2,577,615 shares of the real estate investment trust's stock worth $17,657,000 after acquiring an additional 141,010 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Summit Hotel Properties by 3.0% in the fourth quarter. Principal Financial Group Inc. now owns 525,598 shares of the real estate investment trust's stock worth $3,600,000 after acquiring an additional 15,137 shares during the last quarter. Jennison Associates LLC increased 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 worth $45,924,000 after purchasing an additional 1,191,506 shares in the last quarter. Franklin Resources Inc. raised its stake in Summit Hotel Properties by 115.6% in the 3rd quarter. Franklin Resources Inc. now owns 121,534 shares of the real estate investment trust's stock valued at $803,000 after purchasing an additional 65,175 shares during the last quarter. Finally, Amundi lifted its holdings in Summit Hotel Properties by 22.4% in the 4th quarter. Amundi now owns 105,562 shares of the real estate investment trust's stock valued at $689,000 after purchasing an additional 19,317 shares in the last quarter. 96.47% of the stock is owned by institutional investors and hedge funds.

Summit Hotel Properties Price Performance

INN traded down $0.03 on Tuesday, hitting $3.83. 863,940 shares of the company's stock were exchanged, compared to its average volume of 780,473. The firm has a 50-day moving average price of $5.39 and a 200-day moving average price of $6.17. The stock has a market cap of $426.26 million, a price-to-earnings ratio of 382.70, a P/E/G ratio of 1.54 and a beta of 1.78. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.01. Summit Hotel Properties, Inc. has a fifty-two week low of $3.57 and a fifty-two week high of $7.22.

Summit Hotel Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 14th were paid a dividend of $0.08 per share. The ex-dividend date was Friday, February 14th. This represents a $0.32 annualized dividend and a yield of 8.36%. Summit Hotel Properties's dividend payout ratio is presently 177.78%.

About Summit Hotel Properties

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.