Gamco Investors INC. ET AL Sells 400,000 Shares of Summit Hotel Properties, Inc. (NYSE:INN)

Gamco Investors INC. ET AL decreased its holdings in Summit Hotel Properties, Inc. (NYSE:INN) by 96.7% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 13,500 shares of the real estate investment trust’s stock after selling 400,000 shares during the quarter. Gamco Investors INC. ET AL’s holdings in Summit Hotel Properties were worth $92,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Victory Capital Management Inc. boosted its holdings in Summit Hotel Properties by 5.8% in the fourth quarter. Victory Capital Management Inc. now owns 2,577,615 shares of the real estate investment trust’s stock worth $17,657,000 after purchasing an additional 141,010 shares during the last quarter. Principal Financial Group Inc. increased its position in Summit Hotel Properties by 3.0% during the fourth quarter. Principal Financial Group Inc. now owns 525,598 shares of the real estate investment trust’s stock valued at $3,600,000 after acquiring an additional 15,137 shares during the last quarter. Jennison Associates LLC lifted its holdings in Summit Hotel Properties by 21.6% in the fourth quarter. Jennison Associates LLC now owns 6,704,189 shares of the real estate investment trust’s stock valued at $45,924,000 after acquiring an additional 1,191,506 shares during the period. Franklin Resources Inc. boosted its position in Summit Hotel Properties by 115.6% in the third quarter. Franklin Resources Inc. now owns 121,534 shares of the real estate investment trust’s stock worth $803,000 after purchasing an additional 65,175 shares during the last quarter. Finally, Amundi grew its stake in shares of Summit Hotel Properties by 22.4% during the 4th quarter. Amundi now owns 105,562 shares of the real estate investment trust’s stock valued at $689,000 after purchasing an additional 19,317 shares during the period. Hedge funds and other institutional investors own 96.47% of the company’s stock.

Summit Hotel Properties Trading Up 1.6 %

Summit Hotel Properties stock opened at $3.92 on Friday. Summit Hotel Properties, Inc. has a 12-month low of $3.57 and a 12-month 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 $436.84 million, a price-to-earnings ratio of 392.20, a P/E/G ratio of 1.54 and a beta of 1.78. The firm has a 50 day moving average of $5.49 and a 200 day moving average of $6.22.

Summit Hotel Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 14th were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 8.16%. The ex-dividend date of this dividend was Friday, February 14th. Summit Hotel Properties’s dividend payout ratio (DPR) is presently 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.