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

Indaba Capital Management L.P. purchased a new position in Summit Hotel Properties, Inc. (NYSE:INN) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 4,500,000 shares of the real estate investment trust’s stock, valued at approximately $4,248,000. Summit Hotel Properties comprises 1.8% of Indaba Capital Management L.P.’s investment portfolio, making the stock its 9th largest position. Indaba Capital Management L.P. owned 4.15% of Summit Hotel Properties at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Asset Management One Co. Ltd. increased its position in Summit Hotel Properties by 1.2% in the 3rd quarter. Asset Management One Co. Ltd. now owns 162,720 shares of the real estate investment trust’s stock valued at $1,116,000 after acquiring an additional 1,888 shares during the period. Van ECK Associates Corp increased its position in Summit Hotel Properties by 12.3% in the 3rd quarter. Van ECK Associates Corp now owns 18,037 shares of the real estate investment trust’s stock valued at $124,000 after acquiring an additional 1,980 shares during the period. abrdn plc increased its position in Summit Hotel Properties by 10.5% in the 3rd quarter. abrdn plc now owns 21,553 shares of the real estate investment trust’s stock valued at $148,000 after acquiring an additional 2,056 shares during the period. Daiwa Securities Group Inc. increased its position in Summit Hotel Properties by 6.3% in the 3rd quarter. Daiwa Securities Group Inc. now owns 35,785 shares of the real estate investment trust’s stock valued at $245,000 after acquiring an additional 2,125 shares during the period. Finally, KBC Group NV increased its position in Summit Hotel Properties by 76.5% in the 3rd quarter. KBC Group NV now owns 9,177 shares of the real estate investment trust’s stock valued at $63,000 after acquiring an additional 3,979 shares during the period. Institutional investors own 96.47% of the company’s stock.

Summit Hotel Properties Stock Performance

INN traded up $0.24 during trading hours on Tuesday, hitting $6.81. The company’s stock had a trading volume of 101,460 shares, compared to its average volume of 743,995. 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 current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.01. The firm has a market capitalization of $738.34 million, a PE ratio of 657.50 and a beta of 2.05. The company has a 50-day simple moving average of $6.51 and a 200 day simple moving average of $6.31.

Summit Hotel Properties (NYSE:INN) last issued its quarterly earnings results on Monday, November 4th. The real estate investment trust reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate 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 quarter last year, the business posted $0.22 earnings per share. As a group, sell-side analysts expect that Summit Hotel Properties, Inc. will post 0.89 EPS for the current year.

Summit Hotel Properties Announces Dividend

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

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.