Systematic Financial Management LP Grows Stock Position in Summit Hotel Properties, Inc. (NYSE:INN)

Systematic Financial Management LP grew its holdings in shares of Summit Hotel Properties, Inc. (NYSE:INN - Free Report) by 11.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,038,684 shares of the real estate investment trust's stock after buying an additional 103,464 shares during the period. Systematic Financial Management LP owned 0.96% of Summit Hotel Properties worth $7,125,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its stake in Summit Hotel Properties by 8.3% in the 1st 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 in the last quarter. Panagora Asset Management Inc. bought a new position in Summit Hotel Properties in the 2nd quarter worth about $604,000. Allegheny Financial Group LTD boosted its stake 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 purchasing an additional 20,922 shares in the last quarter. Victory Capital Management Inc. boosted its stake in Summit Hotel Properties by 1.1% in the 2nd quarter. Victory Capital Management Inc. now owns 2,415,216 shares of the real estate investment trust's stock worth $14,467,000 after purchasing an additional 26,342 shares in the last quarter. Finally, Choreo LLC bought a new position in Summit Hotel Properties in the 2nd quarter worth about $86,000. Institutional investors own 96.47% of the company's stock.

Summit Hotel Properties Stock Performance

INN traded down $0.01 during midday trading on Friday, hitting $6.75. 424,244 shares of the company traded hands, compared to its average volume of 747,874. 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 firm has a market capitalization of $731.82 million, a PE ratio of 675.00 and a beta of 2.05. The company's 50-day moving average is $6.50 and its 200 day moving average is $6.32. Summit Hotel Properties, Inc. has a 52 week low of $5.66 and a 52 week high of $7.22.

Summit Hotel Properties (NYSE:INN - Get Free Report) last posted its earnings results on Monday, November 4th. The real estate investment trust reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.22). The company had revenue of $176.81 million for the quarter, compared to the consensus estimate of $176.24 million. Summit Hotel Properties had a net margin of 3.41% and a return on equity of 1.87%. During the same quarter in the prior year, the company posted $0.22 EPS. On average, research analysts expect that Summit Hotel Properties, Inc. will post 0.89 EPS for the current year.

Summit Hotel Properties Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 4.74%. The ex-dividend date was Friday, November 15th. Summit Hotel Properties's dividend payout ratio is currently 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.