Bank of Montreal Can Has $5.64 Million Holdings in Summit Hotel Properties, Inc. (NYSE:INN)

Bank of Montreal Can trimmed its position in Summit Hotel Properties, Inc. (NYSE:INN - Free Report) by 95.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 823,254 shares of the real estate investment trust's stock after selling 17,068,828 shares during the period. Bank of Montreal Can owned approximately 0.76% of Summit Hotel Properties worth $5,639,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Wolverine Asset Management LLC raised its position in shares of Summit Hotel Properties by 123.2% during the fourth quarter. Wolverine Asset Management LLC now owns 6,400 shares of the real estate investment trust's stock worth $44,000 after purchasing an additional 34,000 shares during the period. Sunbelt Securities Inc. purchased a new stake in Summit Hotel Properties in the 3rd quarter worth about $57,000. Ieq Capital LLC purchased a new position in Summit Hotel Properties during the 4th quarter valued at about $87,000. Entropy Technologies LP acquired a new stake in shares of Summit Hotel Properties during the fourth quarter worth approximately $88,000. Finally, Tidal Investments LLC acquired a new position in Summit Hotel Properties in the 3rd quarter valued at approximately $91,000. 96.47% of the stock is currently owned by institutional investors and hedge funds.

Summit Hotel Properties Stock Up 1.6 %

Shares of NYSE INN traded up $0.06 during mid-day trading on Friday, reaching $3.92. The company had a trading volume of 734,740 shares, compared to its average volume of 777,674. The stock has a market capitalization of $436.84 million, a PE ratio of 392.20, a price-to-earnings-growth ratio of 1.54 and a beta of 1.78. Summit Hotel Properties, Inc. has a twelve month low of $3.57 and a twelve month high of $7.22. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.78 and a current ratio of 0.78. The stock's 50 day moving average is $5.49 and its 200-day moving average is $6.22.

Summit Hotel Properties Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 14th were issued a dividend of $0.08 per share. The ex-dividend date was Friday, February 14th. This represents a $0.32 annualized dividend and a dividend yield of 8.16%. Summit Hotel Properties's dividend payout ratio is 177.78%.

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.