Nuveen Asset Management LLC Grows Position in Summit Hotel Properties, Inc. (NYSE:INN)

Nuveen Asset Management LLC raised its holdings in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 0.1% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 3,083,489 shares of the real estate investment trust’s stock after purchasing an additional 3,502 shares during the quarter. Nuveen Asset Management LLC’s holdings in Summit Hotel Properties were worth $21,122,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Wolverine Asset Management LLC grew its holdings in shares of Summit Hotel Properties by 123.2% during the fourth quarter. Wolverine Asset Management LLC now owns 6,400 shares of the real estate investment trust’s stock worth $44,000 after buying an additional 34,000 shares in the last quarter. Ieq Capital LLC purchased a new stake in shares of Summit Hotel Properties in the fourth quarter valued at about $87,000. Entropy Technologies LP purchased a new stake in shares of Summit Hotel Properties in the fourth quarter valued at about $88,000. Van ECK Associates Corp grew its holdings in shares of Summit Hotel Properties by 10.2% in the fourth quarter. Van ECK Associates Corp now owns 19,879 shares of the real estate investment trust’s stock valued at $136,000 after purchasing an additional 1,842 shares during the period. Finally, KLP Kapitalforvaltning AS purchased a new stake in shares of Summit Hotel Properties in the fourth quarter valued at about $136,000. Hedge funds and other institutional investors own 96.47% of the company’s stock.

Insider Buying and Selling at Summit Hotel Properties

In related news, Director Thomas W. Storey bought 16,270 shares of the firm’s stock in a transaction on Tuesday, May 13th. The shares were bought at an average price of $4.62 per share, with a total value of $75,167.40. Following the completion of the transaction, the director now directly owns 231,337 shares of the company’s stock, valued at $1,068,776.94. This represents a 7.57% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.37% of the stock is currently owned by corporate insiders.

Summit Hotel Properties Trading Down 1.1%

Shares of INN opened at $4.15 on Friday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.01. Summit Hotel Properties, Inc. has a 12-month low of $3.57 and a 12-month high of $7.22. The firm has a 50-day moving average price of $4.46 and a 200 day moving average price of $5.83. The firm has a market capitalization of $465.16 million, a P/E ratio of 414.50, a P/E/G ratio of 1.54 and a beta of 1.62.

Summit Hotel Properties (NYSE:INN) last announced its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.21 by $0.01. Summit Hotel Properties had a net margin of 3.41% and a return on equity of 1.87%. The firm had revenue of $184.48 million during the quarter, compared to analyst estimates of $184.93 million. Sell-side analysts forecast that Summit Hotel Properties, Inc. will post 0.88 EPS for the current year.

Summit Hotel Properties Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 16th will be given a $0.08 dividend. The ex-dividend date of this dividend is Friday, May 16th. This represents a $0.32 dividend on an annualized basis and a yield of 7.72%. Summit Hotel Properties’s payout ratio is currently 200.00%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on INN shares. Wall Street Zen lowered shares of Summit Hotel Properties from a “hold” rating to a “sell” rating in a report on Thursday. Bank of America raised shares of Summit Hotel Properties from an “underperform” rating to a “neutral” rating and set a $5.00 price objective for the company in a report on Wednesday, April 30th.

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.