4,500,000 Shares in Summit Hotel Properties, Inc. (NYSE:INN) Bought by Indaba Capital Management L.P.

Indaba Capital Management L.P. bought a new position in Summit Hotel Properties, Inc. (NYSE:INN) during the third quarter, Holdings Channel reports. The fund bought 4,500,000 shares of the real estate investment trust’s stock, valued at approximately $4,248,000. Summit Hotel Properties comprises about 1.8% of Indaba Capital Management L.P.’s holdings, making the stock its 9th largest position.

Other hedge funds have also modified their holdings of the company. Loomis Sayles & Co. L P grew its holdings in shares of Summit Hotel Properties by 3,505.8% in the 3rd quarter. Loomis Sayles & Co. L P now owns 7,464 shares of the real estate investment trust’s stock worth $51,000 after acquiring an additional 7,257 shares during the last quarter. KBC Group NV boosted its position in Summit Hotel Properties by 76.5% during the third quarter. KBC Group NV now owns 9,177 shares of the real estate investment trust’s stock valued at $63,000 after purchasing an additional 3,979 shares during the last quarter. Metis Global Partners LLC acquired a new stake in Summit Hotel Properties during the third quarter valued at $81,000. Point72 Asia Singapore Pte. Ltd. boosted its position in Summit Hotel Properties by 193.3% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 12,147 shares of the real estate investment trust’s stock valued at $83,000 after purchasing an additional 8,006 shares during the last quarter. Finally, MQS Management LLC acquired a new stake in Summit Hotel Properties during the second quarter valued at $75,000. 96.47% of the stock is currently owned by institutional investors and hedge funds.

Summit Hotel Properties Stock Up 3.7 %

INN traded up $0.24 during trading on Tuesday, reaching $6.81. 101,460 shares of the stock traded hands, compared to its average volume of 743,995. The stock has a market cap of $738.34 million, a price-to-earnings ratio of 657.50 and a beta of 2.05. Summit Hotel Properties, Inc. has a fifty-two week low of $5.66 and a fifty-two week high of $7.22. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.78 and a quick ratio of 0.78. The stock’s 50-day simple moving average is $6.51 and its two-hundred day simple moving average is $6.31.

Summit Hotel Properties (NYSE:INN) last released its quarterly earnings data on Monday, November 4th. The real estate investment trust reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.22). Summit Hotel Properties had a net margin of 3.41% and a return on equity of 1.87%. The firm had revenue of $176.81 million for the quarter, compared to analyst estimates of $176.24 million. During the same period in the previous year, the business posted $0.22 EPS. As a group, equities research analysts expect that Summit Hotel Properties, Inc. will post 0.89 EPS for the current year.

Summit Hotel Properties Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were issued a dividend of $0.08 per share. The ex-dividend date was Friday, November 15th. This represents a $0.32 annualized dividend and a yield of 4.70%. Summit Hotel Properties’s dividend payout ratio (DPR) is currently 3,200.00%.

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.