Jennison Associates LLC Acquires 140,495 Shares of Summit Hotel Properties, Inc. $INN

Jennison Associates LLC lifted its stake in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 2.0% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 7,081,569 shares of the real estate investment trust’s stock after buying an additional 140,495 shares during the period. Jennison Associates LLC owned 0.07% of Summit Hotel Properties worth $31,301,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. UBS Group AG lifted its position in shares of Summit Hotel Properties by 18.9% during the 3rd quarter. UBS Group AG now owns 6,936,070 shares of the real estate investment trust’s stock valued at $38,079,000 after acquiring an additional 1,102,102 shares during the period. State Street Corp grew its holdings in Summit Hotel Properties by 1.2% in the fourth quarter. State Street Corp now owns 4,911,087 shares of the real estate investment trust’s stock worth $23,917,000 after purchasing an additional 56,090 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Summit Hotel Properties by 12.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,542,670 shares of the real estate investment trust’s stock worth $12,383,000 after purchasing an additional 279,823 shares during the period. Dimensional Fund Advisors LP increased its stake in Summit Hotel Properties by 1.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,506,061 shares of the real estate investment trust’s stock valued at $7,334,000 after purchasing an additional 26,493 shares in the last quarter. Finally, Invesco Ltd. increased its stake in Summit Hotel Properties by 87.2% in the fourth quarter. Invesco Ltd. now owns 774,543 shares of the real estate investment trust’s stock valued at $3,772,000 after purchasing an additional 360,800 shares in the last quarter. Institutional investors own 96.47% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Weiss Ratings upgraded shares of Summit Hotel Properties from a “sell (d)” rating to a “sell (d+)” rating in a report on Friday, May 29th. Raymond James Financial reaffirmed an “outperform” rating and issued a $7.00 target price on shares of Summit Hotel Properties in a research report on Monday, June 8th. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Summit Hotel Properties currently has an average rating of “Hold” and an average price target of $5.40.

Summit Hotel Properties Stock Up 2.0%

Summit Hotel Properties stock opened at $6.79 on Tuesday. The firm has a market capitalization of $736.31 million, a price-to-earnings ratio of -23.43 and a beta of 1.26. The firm’s fifty day moving average price is $6.21 and its two-hundred day moving average price is $5.16. Summit Hotel Properties, Inc. has a 1-year low of $3.97 and a 1-year high of $7.14. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.16.

Summit Hotel Properties (NYSE:INN) last posted its earnings results on Thursday, April 30th. The real estate investment trust reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.12) by $0.02. Summit Hotel Properties had a negative net margin of 1.75% and a negative return on equity of 1.03%. The company had revenue of $185.05 million during the quarter, compared to the consensus estimate of $180.51 million. Summit Hotel Properties has set its FY 2026 guidance at 0.750-0.850 EPS. On average, equities research analysts predict that Summit Hotel Properties, Inc. will post 0.74 earnings per share for the current fiscal year.

Summit Hotel Properties Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Friday, May 15th were paid a dividend of $0.08 per share. The ex-dividend date was Friday, May 15th. This represents a $0.32 dividend on an annualized basis and a yield of 4.7%. Summit Hotel Properties’s payout ratio is -110.34%.

Summit Hotel Properties Profile

Summit Hotel Properties is a real estate investment trust (REIT) that acquires, owns and operates branded select-service hotels and extended-stay properties across the United States. The company focuses on upper-midscale and upscale lodging segments, targeting established national brands to combine the operational efficiencies of limited-service properties with strong franchise affiliation.

The company’s portfolio comprises over thirty hotels carrying well-known flags such as Marriott, Hilton, Hyatt and IHG.