Systematic Financial Management LP Acquires 103,464 Shares of Summit Hotel Properties, Inc. (NYSE:INN)

Systematic Financial Management LP lifted its holdings in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 11.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,038,684 shares of the real estate investment trust’s stock after purchasing an additional 103,464 shares during the quarter. Systematic Financial Management LP’s holdings in Summit Hotel Properties were worth $7,125,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Price T Rowe Associates Inc. MD increased its holdings in shares of Summit Hotel Properties by 8.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 65,781 shares of the real estate investment trust’s stock valued at $429,000 after acquiring an additional 5,036 shares during the last quarter. Panagora Asset Management Inc. bought a new position in shares of Summit Hotel Properties in the second quarter valued at approximately $604,000. Allegheny Financial Group LTD lifted its stake in shares of Summit Hotel Properties by 9.1% in the second 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 during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Summit Hotel Properties by 1.1% during 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 buying an additional 26,342 shares during the period. Finally, Choreo LLC acquired a new position in Summit Hotel Properties in the 2nd quarter valued at $86,000. Institutional investors own 96.47% of the company’s stock.

Summit Hotel Properties Stock Performance

Shares of INN opened at $6.76 on Friday. The company has a market capitalization of $732.92 million, a PE ratio of 676.00 and a beta of 2.05. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.78 and a quick ratio of 0.78. Summit Hotel Properties, Inc. has a one year low of $5.66 and a one year high of $7.22. The company’s fifty day moving average price is $6.50 and its 200 day moving average price is $6.32.

Summit Hotel Properties (NYSE:INN) last posted its quarterly earnings data on Monday, November 4th. The real estate investment trust reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.22). Summit Hotel Properties had a return on equity of 1.87% and a net margin of 3.41%. The business had revenue of $176.81 million during the quarter, compared to the consensus estimate of $176.24 million. During the same quarter in the previous year, the firm posted $0.22 earnings per share. As a group, analysts expect that Summit Hotel Properties, Inc. will post 0.89 earnings per share for the current year.

Summit Hotel Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were given a $0.08 dividend. The ex-dividend date was Friday, November 15th. This represents a $0.32 annualized dividend and a dividend yield of 4.73%. Summit Hotel Properties’s dividend payout ratio is 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.