Fox Run Management L.L.C. Sells 17,835 Shares of Summit Hotel Properties, Inc. $INN

Fox Run Management L.L.C. decreased its stake in Summit Hotel Properties, Inc. (NYSE:INN) by 57.6% during the first quarter, Holdings Channel.com reports. The institutional investor owned 13,121 shares of the real estate investment trust’s stock after selling 17,835 shares during the quarter. Fox Run Management L.L.C.’s holdings in Summit Hotel Properties were worth $71,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Invesco Ltd. grew its holdings in shares of Summit Hotel Properties by 3.6% during the 4th quarter. Invesco Ltd. now owns 448,435 shares of the real estate investment trust’s stock valued at $3,072,000 after purchasing an additional 15,651 shares during the last quarter. Renaissance Technologies LLC grew its holdings in shares of Summit Hotel Properties by 41.2% during the 4th quarter. Renaissance Technologies LLC now owns 45,900 shares of the real estate investment trust’s stock valued at $314,000 after purchasing an additional 13,400 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its holdings in shares of Summit Hotel Properties by 4.6% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 238,703 shares of the real estate investment trust’s stock valued at $1,635,000 after purchasing an additional 10,512 shares during the last quarter. First Trust Advisors LP grew its holdings in shares of Summit Hotel Properties by 44.3% during the 4th quarter. First Trust Advisors LP now owns 24,339 shares of the real estate investment trust’s stock valued at $167,000 after purchasing an additional 7,468 shares during the last quarter. Finally, MetLife Investment Management LLC grew its holdings in shares of Summit Hotel Properties by 10.2% during the 4th quarter. MetLife Investment Management LLC now owns 62,879 shares of the real estate investment trust’s stock valued at $431,000 after purchasing an additional 5,845 shares during the last quarter. Institutional investors own 96.47% of the company’s stock.

Summit Hotel Properties Price Performance

Shares of Summit Hotel Properties stock opened at $5.0650 on Friday. The firm has a market cap of $551.12 million, a PE ratio of -56.28 and a beta of 1.73. Summit Hotel Properties, Inc. has a 12-month low of $3.57 and a 12-month high of $7.22. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.11. The company’s fifty day simple moving average is $5.24 and its two-hundred day simple moving average is $5.13.

Summit Hotel Properties (NYSE:INN) last announced its quarterly earnings results on Tuesday, August 5th. The real estate investment trust reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.01. The business had revenue of $192.92 million for the quarter, compared to analyst estimates of $194.49 million. Summit Hotel Properties had a net margin of 1.00% and a return on equity of 0.56%. Summit Hotel Properties has set its FY 2025 guidance at 0.900-0.900 EPS. As a group, equities analysts expect that Summit Hotel Properties, Inc. will post 0.88 EPS for the current year.

Summit Hotel Properties Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 6.3%. The ex-dividend date of this dividend is Friday, August 15th. Summit Hotel Properties’s dividend payout ratio (DPR) is currently -355.56%.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Bank of America increased their target price on shares of Summit Hotel Properties from $5.00 to $5.75 and gave the company a “neutral” rating in a report on Monday, July 21st. Wall Street Zen raised shares of Summit Hotel Properties from a “sell” rating to a “hold” rating in a report on Saturday, August 9th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $5.75.

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.