Cornerstone Investment Partners LLC Buys Shares of 33,432 Summit Hotel Properties, Inc. $INN

Cornerstone Investment Partners LLC purchased a new position in shares of Summit Hotel Properties, Inc. (NYSE:INN) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 33,432 shares of the real estate investment trust’s stock, valued at approximately $170,000.

Several other institutional investors and hedge funds have also made changes to their positions in INN. Bank of Montreal Can raised its holdings in Summit Hotel Properties by 0.4% during the second quarter. Bank of Montreal Can now owns 793,512 shares of the real estate investment trust’s stock worth $4,039,000 after purchasing an additional 3,303 shares in the last quarter. Strs Ohio boosted its stake in Summit Hotel Properties by 3,028.7% during the 2nd quarter. Strs Ohio now owns 588,200 shares of the real estate investment trust’s stock valued at $2,994,000 after purchasing an additional 569,400 shares in the last quarter. Jennison Associates LLC increased its position in shares of Summit Hotel Properties by 1.7% during the 2nd quarter. Jennison Associates LLC now owns 6,957,732 shares of the real estate investment trust’s stock valued at $35,415,000 after purchasing an additional 114,369 shares during the period. Y Intercept Hong Kong Ltd acquired a new position in shares of Summit Hotel Properties during the 2nd quarter valued at $203,000. Finally, Asset Management One Co. Ltd. raised its stake in shares of Summit Hotel Properties by 2.9% in the 2nd quarter. Asset Management One Co. Ltd. now owns 160,824 shares of the real estate investment trust’s stock worth $819,000 after buying an additional 4,483 shares in the last quarter. 96.47% of the stock is currently owned by institutional investors.

Summit Hotel Properties Trading Up 0.7%

Shares of INN opened at $5.31 on Friday. The business’s 50-day moving average price is $5.50 and its 200 day moving average price is $5.08. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.11. The stock has a market capitalization of $577.23 million, a P/E ratio of -58.94 and a beta of 1.72. Summit Hotel Properties, Inc. has a 1-year low of $3.57 and a 1-year high of $6.99.

Summit Hotel Properties (NYSE:INN) last posted its quarterly earnings data on Tuesday, November 4th. The real estate investment trust reported $0.17 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.02. The company had revenue of $177.12 million during the quarter, compared to analyst estimates of $179.03 million. Summit Hotel Properties had a net margin of 1.00% and a return on equity of 0.56%. Analysts expect that Summit Hotel Properties, Inc. will post 0.88 earnings per share for the current year.

Summit Hotel Properties Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 14th will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 6.0%. The ex-dividend date of this dividend is Friday, November 14th. Summit Hotel Properties’s payout ratio is -355.56%.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Zacks Research raised Summit Hotel Properties from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 21st. Weiss Ratings reissued a “sell (d+)” rating on shares of Summit Hotel Properties in a report on Tuesday, October 14th. Wall Street Zen lowered shares of Summit Hotel Properties from a “hold” rating to a “sell” rating in a research report on Saturday, October 18th. Summit Redstone set a $4.50 target price on shares of Summit Hotel Properties in a report on Tuesday. Finally, Bank of America reissued an “underperform” rating and set a $4.50 target price (down from $5.75) on shares of Summit Hotel Properties in a research note on Tuesday. Two equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $4.50.

Summit Hotel Properties Company 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.