Cubist Systematic Strategies LLC Has $499,000 Stock Position in Summit Hotel Properties, Inc. (NYSE:INN)

Cubist Systematic Strategies LLC lowered its stake in shares of Summit Hotel Properties, Inc. (NYSE:INN - Free Report) by 73.1% in the second quarter, according to its most recent 13F filing with the Securities & 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 about 0.08% of Summit Hotel Properties worth $499,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Summit Hotel Properties by 3.0% during the 1st quarter. Vanguard Group Inc. now owns 15,130,679 shares of the real estate investment trust's stock worth $98,501,000 after purchasing an additional 439,383 shares during the last quarter. Jennison Associates LLC raised its holdings in Summit Hotel Properties by 7.6% during the first quarter. Jennison Associates LLC now owns 5,357,138 shares of the real estate investment trust's stock valued at $34,875,000 after buying an additional 379,223 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of Summit Hotel Properties by 1.1% in the second quarter. Victory Capital Management Inc. now owns 2,415,216 shares of the real estate investment trust's stock worth $14,467,000 after buying an additional 26,342 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Summit Hotel Properties by 5.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,611,956 shares of the real estate investment trust's stock worth $9,655,000 after acquiring an additional 80,577 shares in the last quarter. Finally, Lighthouse Investment Partners LLC acquired a new position in shares of Summit Hotel Properties during the 2nd quarter valued at about $2,845,000. 96.47% of the stock is currently owned by hedge funds and other institutional investors.

Summit Hotel Properties Stock Performance

Shares of INN stock traded up $0.04 during trading on Friday, reaching $6.66. The company had a trading volume of 818,286 shares, compared to its average volume of 761,305. The company has a market capitalization of $720.56 million, a PE ratio of -27.75 and a beta of 2.04. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.89 and a quick ratio of 0.89. The firm's 50 day simple moving average is $6.64 and its two-hundred day simple moving average is $6.28. 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 issued its quarterly earnings data on Monday, July 29th. The real estate investment trust reported $0.23 earnings per share for the quarter, missing analysts' consensus estimates of $0.25 by ($0.02). The firm had revenue of $193.90 million during the quarter, compared to analyst estimates of $191.05 million. Summit Hotel Properties had a return on equity of 1.76% and a net margin of 3.23%. During the same quarter in the previous year, the firm posted $0.27 earnings per share. Sell-side analysts forecast that Summit Hotel Properties, Inc. will post 0.89 earnings per share for the current year.

Summit Hotel Properties Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 4.80%. The ex-dividend date of this dividend was Friday, August 16th. Summit Hotel Properties's dividend payout ratio (DPR) is currently -133.33%.

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.