State of New Jersey Common Pension Fund D Has $2.36 Million Stock Position in Summit Hotel Properties, Inc. (NYSE:INN)

State of New Jersey Common Pension Fund D boosted its stake in shares of Summit Hotel Properties, Inc. (NYSE:INN - Free Report) by 18.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 344,125 shares of the real estate investment trust's stock after purchasing an additional 53,704 shares during the quarter. State of New Jersey Common Pension Fund D owned about 0.32% of Summit Hotel Properties worth $2,357,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Rhumbline Advisers boosted its position in Summit Hotel Properties by 3.1% during the fourth quarter. Rhumbline Advisers now owns 343,264 shares of the real estate investment trust's stock worth $2,351,000 after purchasing an additional 10,404 shares during the period. Van ECK Associates Corp boosted its position in Summit Hotel Properties by 10.2% during the fourth quarter. Van ECK Associates Corp now owns 19,879 shares of the real estate investment trust's stock worth $136,000 after purchasing an additional 1,842 shares during the period. Entropy Technologies LP bought a new position in Summit Hotel Properties during the fourth quarter worth $88,000. abrdn plc lifted its holdings in shares of Summit Hotel Properties by 30.6% during the fourth quarter. abrdn plc now owns 28,153 shares of the real estate investment trust's stock worth $193,000 after buying an additional 6,600 shares in the last quarter. Finally, Jennison Associates LLC lifted its holdings 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 buying an additional 1,191,506 shares in the last quarter. 96.47% of the stock is owned by institutional investors.

Summit Hotel Properties Stock Performance

Shares of INN traded down $0.22 during midday trading on Friday, reaching $6.30. 1,457,773 shares of the stock were exchanged, compared to its average volume of 542,573. Summit Hotel Properties, Inc. has a twelve month low of $5.66 and a twelve month high of $7.22. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.01. The company has a market cap of $682.50 million, a P/E ratio of 629.50, a PEG ratio of 1.54 and a beta of 2.02. The stock's 50 day simple moving average is $6.70 and its 200 day simple moving average is $6.61.

Summit Hotel Properties Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 14th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.08%. The ex-dividend date is Friday, February 14th. Summit Hotel Properties's dividend payout ratio is currently 3,200.00%.

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.