Cubist Systematic Strategies LLC Sells 226,574 Shares of Summit Hotel Properties, Inc. (NYSE:INN)

Cubist Systematic Strategies LLC reduced its position in shares of Summit Hotel Properties, Inc. (NYSE:INN - Free Report) by 73.1% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 83,329 shares of the real estate investment trust's stock after selling 226,574 shares during the period. Cubist Systematic Strategies LLC owned 0.08% of Summit Hotel Properties worth $499,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Fidelis Capital Partners LLC acquired a new position in shares of Summit Hotel Properties during the first quarter worth approximately $30,000. MQS Management LLC bought a new position in Summit Hotel Properties during the second quarter worth $75,000. EntryPoint Capital LLC acquired a new position in Summit Hotel Properties during the 1st quarter valued at $79,000. Choreo LLC bought a new stake in Summit Hotel Properties in the 2nd quarter valued at $86,000. Finally, Quadrature Capital Ltd acquired a new stake in Summit Hotel Properties in the 4th quarter worth $93,000. 96.47% of the stock is currently owned by institutional investors and hedge funds.

Summit Hotel Properties Stock Performance

Shares of NYSE:INN traded up $0.23 on Friday, hitting $7.14. 1,914,145 shares of the company were exchanged, compared to its average volume of 764,527. The company's 50 day moving average price is $6.59 and its two-hundred day moving average price is $6.27. The firm has a market capitalization of $772.49 million, a price-to-earnings ratio of -29.75 and a beta of 2.04. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.89 and a current ratio of 0.89. Summit Hotel Properties, Inc. has a one year low of $5.31 and a one year high of $7.22.

Summit Hotel Properties (NYSE:INN - Get Free Report) last posted its quarterly earnings results on Monday, July 29th. The real estate investment trust reported $0.23 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.02). Summit Hotel Properties had a net margin of 3.23% and a return on equity of 1.76%. The firm had revenue of $193.90 million during the quarter, compared to analyst estimates of $191.05 million. During the same period last year, the company earned $0.27 EPS. Research analysts expect that Summit Hotel Properties, Inc. will post 0.89 earnings per share for the current year.

Summit Hotel Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were paid a dividend of $0.08 per share. The ex-dividend date was Friday, August 16th. This represents a $0.32 dividend on an annualized basis and a yield of 4.48%. Summit Hotel Properties's dividend payout ratio is currently -133.33%.

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.