ExodusPoint Capital Management LP Purchases 88,039 Shares of Summit Hotel Properties, Inc. (NYSE:INN)

ExodusPoint Capital Management LP grew its stake in shares of Summit Hotel Properties, Inc. (NYSE:INN - Free Report) by 113.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 165,447 shares of the real estate investment trust's stock after buying an additional 88,039 shares during the period. ExodusPoint Capital Management LP owned approximately 0.15% of Summit Hotel Properties worth $1,133,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the company. Van ECK Associates Corp lifted its position in Summit Hotel Properties by 10.2% in the 4th quarter. Van ECK Associates Corp now owns 19,879 shares of the real estate investment trust's stock valued at $136,000 after acquiring an additional 1,842 shares in the last quarter. New York State Common Retirement Fund increased its holdings in shares of Summit Hotel Properties by 10.2% during the 4th quarter. New York State Common Retirement Fund now owns 35,258 shares of the real estate investment trust's stock worth $242,000 after acquiring an additional 3,274 shares during the last quarter. Point72 Asset Management L.P. raised its stake in Summit Hotel Properties by 12.2% in the 3rd quarter. Point72 Asset Management L.P. now owns 32,157 shares of the real estate investment trust's stock valued at $221,000 after acquiring an additional 3,502 shares during the period. Nomura Asset Management Co. Ltd. boosted its position in Summit Hotel Properties by 3.3% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 138,200 shares of the real estate investment trust's stock worth $947,000 after purchasing an additional 4,400 shares during the period. Finally, abrdn plc raised its position in shares of Summit Hotel Properties by 30.6% in the fourth quarter. abrdn plc now owns 28,153 shares of the real estate investment trust's stock valued at $193,000 after purchasing an additional 6,600 shares during the period. 96.47% of the stock is currently owned by institutional investors and hedge funds.

Summit Hotel Properties Stock Performance

INN traded down $0.07 on Wednesday, reaching $3.88. The company had a trading volume of 137,718 shares, compared to its average volume of 772,753. Summit Hotel Properties, Inc. has a fifty-two week low of $3.57 and a fifty-two week high of $7.22. The stock has a market cap of $431.61 million, a P/E ratio of 387.50, a P/E/G ratio of 1.54 and a beta of 1.78. The company's fifty day moving average is $5.66 and its 200 day moving average is $6.28. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.78 and a current ratio of 0.78.

Summit Hotel Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 14th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 8.26%. The ex-dividend date of this dividend was Friday, February 14th. Summit Hotel Properties's dividend payout ratio is currently 177.78%.

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.