Van ECK Associates Corp Buys 1,980 Shares of Summit Hotel Properties, Inc. (NYSE:INN)

Van ECK Associates Corp boosted its stake in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 12.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 18,037 shares of the real estate investment trust’s stock after acquiring an additional 1,980 shares during the period. Van ECK Associates Corp’s holdings in Summit Hotel Properties were worth $124,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in INN. US Bancorp DE increased 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 worth $966,000 after acquiring an additional 46,895 shares during the period. Vanguard Group Inc. increased its stake in Summit Hotel Properties by 3.0% during the 1st quarter. Vanguard Group Inc. now owns 15,130,679 shares of the real estate investment trust’s stock worth $98,501,000 after acquiring an additional 439,383 shares during the period. CANADA LIFE ASSURANCE Co increased its stake in Summit Hotel Properties by 1.5% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 236,446 shares of the real estate investment trust’s stock worth $1,537,000 after acquiring an additional 3,540 shares during the period. EntryPoint Capital LLC bought a new position in shares of Summit Hotel Properties in the 1st quarter valued at $79,000. Finally, Price T Rowe Associates Inc. MD increased its stake in shares of 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 valued at $429,000 after purchasing an additional 5,036 shares during the last quarter. Institutional investors own 96.47% of the company’s stock.

Summit Hotel Properties Stock Performance

Shares of INN opened at $6.51 on Thursday. Summit Hotel Properties, Inc. has a 52-week low of $5.66 and a 52-week high of $7.22. The business’s fifty day moving average is $6.55 and its 200-day moving average is $6.28. 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 firm has a market cap of $705.81 million, a price-to-earnings ratio of 651.00 and a beta of 2.05.

Summit Hotel Properties (NYSE:INN) last issued its quarterly 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). Summit Hotel Properties had a net margin of 3.41% and a return on equity of 1.87%. 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 business posted $0.22 EPS. Equities analysts anticipate that Summit Hotel Properties, Inc. will post 0.87 EPS for the current fiscal year.

Summit Hotel Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors 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 4.92%. The ex-dividend date of this dividend is Friday, November 15th. Summit Hotel Properties’s dividend payout ratio (DPR) is 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.