BNP Paribas Financial Markets Buys 6,661 Shares of Summit Hotel Properties, Inc. (NYSE:INN)

BNP Paribas Financial Markets increased its stake in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 28.0% during the 3rd quarter, Holdings Channel reports. The fund owned 30,425 shares of the real estate investment trust’s stock after acquiring an additional 6,661 shares during the period. BNP Paribas Financial Markets’ holdings in Summit Hotel Properties were worth $209,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of INN. Panagora Asset Management Inc. bought a new position in Summit Hotel Properties in the second quarter worth approximately $604,000. Allegheny Financial Group LTD grew its position in Summit Hotel Properties by 9.1% in the 2nd quarter. Allegheny Financial Group LTD now owns 251,718 shares of the real estate investment trust’s stock valued at $1,508,000 after purchasing an additional 20,922 shares during the period. Victory Capital Management Inc. increased its stake in 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 valued at $14,467,000 after purchasing an additional 26,342 shares in the last quarter. Choreo LLC acquired a new position in Summit Hotel Properties during the second quarter worth $86,000. Finally, Texas Permanent School Fund Corp lifted its stake in shares of Summit Hotel Properties by 23.9% in the second quarter. Texas Permanent School Fund Corp now owns 115,854 shares of the real estate investment trust’s stock valued at $694,000 after buying an additional 22,354 shares in the last quarter. 96.47% of the stock is owned by institutional investors.

Summit Hotel Properties Stock Up 2.2 %

Shares of NYSE INN opened at $6.85 on Tuesday. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.78 and a quick ratio of 0.78. The company has a 50-day moving average price of $6.48 and a 200-day moving average price of $6.36. The stock has a market capitalization of $742.66 million, a P/E ratio of 685.00 and a beta of 2.05. Summit Hotel Properties, Inc. has a 1 year low of $5.66 and a 1 year high of $7.22.

Summit Hotel Properties (NYSE:INN) last announced its 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 company had revenue of $176.81 million for the quarter, compared to analysts’ expectations of $176.24 million. During the same period in the previous year, the firm earned $0.22 EPS. On average, equities research analysts forecast that Summit Hotel Properties, Inc. will post 0.89 EPS for the current fiscal year.

Summit Hotel Properties Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.67%. The ex-dividend date was Friday, November 15th. Summit Hotel Properties’s payout ratio is currently 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.