Algert Global LLC Increases Position in Summit Hotel Properties, Inc. (NYSE:INN)

Algert Global LLC increased its position in Summit Hotel Properties, Inc. (NYSE:INN - Free Report) by 86.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 250,355 shares of the real estate investment trust's stock after purchasing an additional 116,260 shares during the period. Algert Global LLC owned approximately 0.23% of Summit Hotel Properties worth $1,717,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of INN. Vanguard Group Inc. lifted its stake in shares of Summit Hotel Properties by 3.0% in the first quarter. Vanguard Group Inc. now owns 15,130,679 shares of the real estate investment trust's stock worth $98,501,000 after buying an additional 439,383 shares in the last quarter. CANADA LIFE ASSURANCE Co boosted its stake in Summit Hotel Properties by 1.5% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 236,446 shares of the real estate investment trust's stock valued at $1,537,000 after purchasing an additional 3,540 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Summit Hotel Properties by 8.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 65,781 shares of the real estate investment trust's stock worth $429,000 after purchasing an additional 5,036 shares during the last quarter. Panagora Asset Management Inc. bought a new position in shares of Summit Hotel Properties during the second quarter valued at $604,000. Finally, Allegheny Financial Group LTD increased its holdings in Summit Hotel Properties by 9.1% in the 2nd quarter. Allegheny Financial Group LTD now owns 251,718 shares of the real estate investment trust's stock worth $1,508,000 after buying an additional 20,922 shares in the last quarter. 96.47% of the stock is owned by hedge funds and other institutional investors.

Summit Hotel Properties Stock Performance

INN traded down $0.02 during midday trading on Thursday, hitting $6.52. 452,305 shares of the company traded hands, compared to its average volume of 747,351. The company's 50-day moving average is $6.53 and its 200 day moving average is $6.29. Summit Hotel Properties, Inc. has a 52 week low of $5.66 and a 52 week high of $7.22. The firm has a market capitalization of $706.90 million, a PE ratio of 652.00 and a beta of 2.05. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.01.

Summit Hotel Properties (NYSE:INN - Get Free Report) last issued its quarterly earnings data on Monday, November 4th. The real estate investment trust reported ($0.04) earnings per share for the quarter, missing analysts' consensus estimates of $0.18 by ($0.22). Summit Hotel Properties had a net margin of 3.41% and a return on equity of 1.87%. The company had revenue of $176.81 million for the quarter, compared to the consensus estimate of $176.24 million. During the same quarter last year, the company earned $0.22 EPS. On average, research analysts expect that Summit Hotel Properties, Inc. will post 0.87 EPS for the current year.

Summit Hotel Properties Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be given a $0.08 dividend. The ex-dividend date is Friday, November 15th. This represents a $0.32 annualized dividend and a yield of 4.91%. Summit Hotel Properties's payout ratio is 3,200.00%.

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.