Y Intercept Hong Kong Ltd Invests $203,000 in Summit Hotel Properties, Inc. $INN

Y Intercept Hong Kong Ltd acquired a new stake in Summit Hotel Properties, Inc. (NYSE:INN) in the 2nd quarter, Holdings Channel.com reports. The institutional investor acquired 39,907 shares of the real estate investment trust’s stock, valued at approximately $203,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. Signaturefd LLC increased its position in Summit Hotel Properties by 36.4% during the 2nd quarter. Signaturefd LLC now owns 8,656 shares of the real estate investment trust’s stock valued at $44,000 after purchasing an additional 2,309 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Summit Hotel Properties by 4.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 62,254 shares of the real estate investment trust’s stock worth $337,000 after purchasing an additional 2,528 shares during the period. Farther Finance Advisors LLC boosted its stake in shares of Summit Hotel Properties by 10.2% during the second quarter. Farther Finance Advisors LLC now owns 28,195 shares of the real estate investment trust’s stock valued at $144,000 after purchasing an additional 2,613 shares in the last quarter. Jane Street Group LLC increased its holdings in Summit Hotel Properties by 1.7% during the first quarter. Jane Street Group LLC now owns 165,679 shares of the real estate investment trust’s stock valued at $896,000 after buying an additional 2,793 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Summit Hotel Properties by 1.8% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 161,182 shares of the real estate investment trust’s stock worth $872,000 after buying an additional 2,815 shares in the last quarter. 96.47% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on INN. Summit Redstone set a $4.50 target price on Summit Hotel Properties in a research report on Tuesday, November 4th. Bank of America reaffirmed an “underperform” rating and set a $4.50 price objective (down previously from $5.75) on shares of Summit Hotel Properties in a research report on Tuesday, November 4th. Wall Street Zen downgraded shares of Summit Hotel Properties from a “hold” rating to a “sell” rating in a report on Saturday, October 18th. Weiss Ratings restated a “sell (d+)” rating on shares of Summit Hotel Properties in a report on Tuesday, October 14th. Finally, Zacks Research upgraded shares of Summit Hotel Properties from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 21st. Two equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Reduce” and a consensus price target of $4.50.

Summit Hotel Properties Trading Up 5.6%

Summit Hotel Properties stock opened at $5.59 on Monday. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a market cap of $607.66 million, a PE ratio of -62.06 and a beta of 1.72. The stock has a 50-day moving average of $5.50 and a two-hundred day moving average of $5.11. Summit Hotel Properties, Inc. has a one year low of $3.57 and a one year high of $6.99.

Summit Hotel Properties (NYSE:INN) last posted its quarterly earnings data on Tuesday, November 4th. The real estate investment trust reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.02. The firm had revenue of $177.12 million for the quarter, compared to the consensus estimate of $179.03 million. Summit Hotel Properties had a net margin of 1.00% and a return on equity of 0.56%. On average, research analysts anticipate that Summit Hotel Properties, Inc. will post 0.88 EPS for the current fiscal year.

Summit Hotel Properties Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 14th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Friday, November 14th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.7%. Summit Hotel Properties’s dividend payout ratio (DPR) is currently -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.