Jennison Associates LLC Raises Stock Position in Summit Hotel Properties, Inc. $INN

Jennison Associates LLC increased its position in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 1.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 6,957,732 shares of the real estate investment trust’s stock after acquiring an additional 114,369 shares during the period. Jennison Associates LLC owned approximately 6.20% of Summit Hotel Properties worth $35,415,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Nuveen LLC bought a new position in Summit Hotel Properties in the 1st quarter valued at $16,641,000. Charles Schwab Investment Management Inc. boosted its holdings in Summit Hotel Properties by 16.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,848,480 shares of the real estate investment trust’s stock valued at $10,000,000 after purchasing an additional 257,720 shares during the period. Invesco Ltd. boosted its holdings in Summit Hotel Properties by 75.0% in the 1st quarter. Invesco Ltd. now owns 784,585 shares of the real estate investment trust’s stock valued at $4,245,000 after purchasing an additional 336,150 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Summit Hotel Properties by 1.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 721,875 shares of the real estate investment trust’s stock valued at $3,905,000 after purchasing an additional 9,879 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings in Summit Hotel Properties by 2.7% in the 1st quarter. Principal Financial Group Inc. now owns 539,713 shares of the real estate investment trust’s stock valued at $2,920,000 after purchasing an additional 14,115 shares during the period. 96.47% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

INN has been the subject of several analyst reports. Wall Street Zen downgraded shares of Summit Hotel Properties from a “hold” rating to a “sell” rating in a report on Saturday, October 18th. Bank of America lifted their target price on shares of Summit Hotel Properties from $5.00 to $5.75 and gave the company a “neutral” rating in a research report on Monday, July 21st. Robert W. Baird dropped their target price on shares of Summit Hotel Properties from $5.00 to $4.50 and set a “neutral” rating for the company in a research report on Friday, October 3rd. Zacks Research upgraded shares of Summit Hotel Properties from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 21st. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Summit Hotel Properties in a research report on Tuesday, October 14th. Three equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $5.13.

Summit Hotel Properties Trading Down 0.5%

Shares of Summit Hotel Properties stock opened at $5.24 on Friday. Summit Hotel Properties, Inc. has a 1 year low of $3.57 and a 1 year high of $6.99. The firm has a market cap of $569.62 million, a PE ratio of -58.17 and a beta of 1.70. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.80 and a quick ratio of 0.80. The company has a 50 day simple moving average of $5.52 and a two-hundred day simple moving average of $5.03.

Summit Hotel Properties (NYSE:INN) last announced its earnings results on Tuesday, August 5th. The real estate investment trust reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.01. The business had revenue of $192.92 million during 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. Analysts expect that Summit Hotel Properties, Inc. will post 0.88 earnings per share for the current fiscal year.

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.