Summit Hotel Properties, Inc. (NYSE:INN) Shares Bought by abrdn plc

abrdn plc grew its position in Summit Hotel Properties, Inc. (NYSE:INN) by 10.5% during the third quarter, Holdings Channel reports. The firm owned 21,553 shares of the real estate investment trust’s stock after acquiring an additional 2,056 shares during the period. abrdn plc’s holdings in Summit Hotel Properties were worth $148,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently modified their holdings of INN. Lighthouse Investment Partners LLC purchased a new stake in Summit Hotel Properties in the second quarter valued at approximately $2,845,000. US Bancorp DE lifted its stake in Summit Hotel Properties by 46.2% during the 1st quarter. US Bancorp DE now owns 148,424 shares of the real estate investment trust’s stock valued at $966,000 after acquiring an additional 46,895 shares during the period. CANADA LIFE ASSURANCE Co boosted its holdings in shares of Summit Hotel Properties by 1.5% in 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 acquiring an additional 3,540 shares during the last quarter. Price T Rowe Associates Inc. MD increased 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 acquiring an additional 5,036 shares during the period. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Summit Hotel Properties by 12.3% during the second quarter. The Manufacturers Life Insurance Company now owns 51,676 shares of the real estate investment trust’s stock worth $310,000 after purchasing an additional 5,650 shares during the last quarter. 96.47% of the stock is currently owned by hedge funds and other institutional investors.

Summit Hotel Properties Price Performance

NYSE:INN opened at $6.06 on Wednesday. The firm’s fifty day moving average is $6.59 and its two-hundred day moving average is $6.27. The firm has a market cap of $656.54 million, a price-to-earnings ratio of 6.30 and a beta of 2.05. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.89 and a current ratio of 0.89. Summit Hotel Properties, Inc. has a one year low of $5.66 and a one year high of $7.22.

Summit Hotel Properties (NYSE:INN) last issued its earnings results 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). The company had revenue of $176.81 million during the quarter, compared to analysts’ expectations of $176.24 million. Summit Hotel Properties had a return on equity of 1.76% and a net margin of 3.23%. During the same quarter in the previous year, the company earned $0.22 EPS. Research analysts expect that Summit Hotel Properties, Inc. will post 0.87 EPS for the current year.

Summit Hotel Properties Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 5.28%. The ex-dividend date of this dividend is Friday, November 15th.

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.