Globeflex Capital L P Buys 98,174 Shares of Summit Hotel Properties, Inc. (NYSE:INN)

Globeflex Capital L P lifted its stake in Summit Hotel Properties, Inc. (NYSE:INN) by 10.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,017,858 shares of the real estate investment trust’s stock after purchasing an additional 98,174 shares during the period. Globeflex Capital L P’s holdings in Summit Hotel Properties were worth $6,972,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in INN. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Summit Hotel Properties by 43.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 158,367 shares of the real estate investment trust’s stock worth $1,085,000 after acquiring an additional 47,877 shares in the last quarter. Amundi grew its holdings in Summit Hotel Properties by 22.4% during the 4th quarter. Amundi now owns 105,562 shares of the real estate investment trust’s stock worth $689,000 after acquiring an additional 19,317 shares in the last quarter. Inceptionr LLC grew its holdings in Summit Hotel Properties by 34.4% during the 4th quarter. Inceptionr LLC now owns 38,727 shares of the real estate investment trust’s stock worth $265,000 after acquiring an additional 9,921 shares in the last quarter. Victory Capital Management Inc. grew its holdings in Summit Hotel Properties by 5.8% during the 4th quarter. Victory Capital Management Inc. now owns 2,577,615 shares of the real estate investment trust’s stock worth $17,657,000 after acquiring an additional 141,010 shares in the last quarter. Finally, Keybank National Association OH grew its holdings in Summit Hotel Properties by 43.5% during the 4th quarter. Keybank National Association OH now owns 43,131 shares of the real estate investment trust’s stock worth $295,000 after acquiring an additional 13,083 shares in the last quarter. 96.47% of the stock is currently owned by institutional investors.

Summit Hotel Properties Stock Up 2.7 %

Shares of Summit Hotel Properties stock opened at $5.66 on Friday. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.78 and a quick ratio of 0.78. Summit Hotel Properties, Inc. has a 1 year low of $5.50 and a 1 year high of $7.22. The firm’s 50-day moving average is $6.54 and its two-hundred day moving average is $6.58. The stock has a market cap of $621.15 million, a price-to-earnings ratio of 565.80, a PEG ratio of 1.54 and a beta of 2.04.

Summit Hotel Properties Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 14th were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 5.66%. The ex-dividend date was Friday, February 14th. Summit Hotel Properties’s payout ratio is 177.78%.

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.