Jennison Associates LLC Has $31.30 Million Stake in Summit Hotel Properties, Inc. $INN

Jennison Associates LLC increased its position in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 2.0% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,081,569 shares of the real estate investment trust’s stock after acquiring an additional 140,495 shares during the period. Jennison Associates LLC owned about 6.54% of Summit Hotel Properties worth $31,301,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Quarry LP acquired a new stake in shares of Summit Hotel Properties during the third quarter valued at about $35,000. Corient Private Wealth LLC bought a new stake in shares of Summit Hotel Properties during the fourth quarter worth about $52,000. CIBC Asset Management Inc acquired a new position in shares of Summit Hotel Properties in the fourth quarter valued at approximately $52,000. BNP Paribas Financial Markets increased its stake in shares of Summit Hotel Properties by 53.6% in the second quarter. BNP Paribas Financial Markets now owns 10,807 shares of the real estate investment trust’s stock valued at $55,000 after buying an additional 3,773 shares during the period. Finally, Tower Research Capital LLC TRC raised its holdings in Summit Hotel Properties by 148.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 10,793 shares of the real estate investment trust’s stock valued at $55,000 after buying an additional 6,442 shares during the last quarter. Institutional investors and hedge funds own 96.47% of the company’s stock.

Summit Hotel Properties Stock Up 2.0%

Shares of NYSE INN opened at $6.79 on Tuesday. The company’s 50 day moving average price is $6.21 and its 200-day moving average price is $5.16. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.87 and a current ratio of 0.87. Summit Hotel Properties, Inc. has a 52-week low of $3.97 and a 52-week high of $7.14. The company has a market capitalization of $736.31 million, a P/E ratio of -23.43 and a beta of 1.26.

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

Summit Hotel Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 15th were given a $0.08 dividend. The ex-dividend date of this dividend was Friday, May 15th. This represents a $0.32 annualized dividend and a dividend yield of 4.7%. Summit Hotel Properties’s dividend payout ratio (DPR) is -110.34%.

Wall Street Analysts Forecast Growth

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

About Summit Hotel Properties

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.