Resona Asset Management Co. Ltd. Has $254,000 Stake in Summit Hotel Properties, Inc. $INN

Resona Asset Management Co. Ltd. raised its stake in Summit Hotel Properties, Inc. (NYSE:INN) by 9.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 47,076 shares of the real estate investment trust’s stock after acquiring an additional 3,874 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Summit Hotel Properties were worth $254,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in INN. GAMMA Investing LLC lifted its stake in Summit Hotel Properties by 453.0% in the 1st quarter. GAMMA Investing LLC now owns 8,218 shares of the real estate investment trust’s stock valued at $44,000 after purchasing an additional 6,732 shares during the last quarter. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Summit Hotel Properties during the fourth quarter worth $77,000. Teacher Retirement System of Texas bought a new position in shares of Summit Hotel Properties in the 1st quarter valued at $86,000. Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in shares of Summit Hotel Properties by 57.6% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 22,221 shares of the real estate investment trust’s stock valued at $120,000 after acquiring an additional 8,123 shares in the last quarter. Finally, First Trust Advisors LP grew its position in 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 worth $167,000 after acquiring an additional 7,468 shares during the last quarter. 96.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on INN. Bank of America upped their target price on Summit Hotel Properties from $5.00 to $5.75 and gave the stock a “neutral” rating in a report on Monday, July 21st. Wall Street Zen upgraded shares of Summit Hotel Properties from a “sell” rating to a “hold” rating in a report on Saturday, August 9th.

Summit Hotel Properties Price Performance

Shares of NYSE:INN opened at $5.21 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. Summit Hotel Properties, Inc. has a 52 week low of $3.57 and a 52 week high of $7.22. The firm has a market cap of $566.90 million, a PE ratio of -57.89 and a beta of 1.73. The firm’s fifty day moving average is $5.20 and its 200-day moving average is $5.15.

Summit Hotel Properties (NYSE:INN) last announced its earnings results on Tuesday, August 5th. The real estate investment trust reported $0.27 EPS for the quarter, topping the consensus estimate of $0.26 by $0.01. The firm had revenue of $192.92 million for the quarter, compared to the consensus estimate of $194.49 million. Summit Hotel Properties had a return on equity of 0.56% and a net margin of 1.00%. Sell-side analysts predict that Summit Hotel Properties, Inc. will post 0.88 earnings per share for the current year.

Summit Hotel Properties Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be issued a dividend of $0.08 per share. The ex-dividend date is Friday, August 15th. This represents a $0.32 annualized dividend and a yield of 6.1%. Summit Hotel Properties’s dividend payout ratio (DPR) is presently -355.56%.

Summit Hotel Properties 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.