abrdn plc Acquires 6,600 Shares of Summit Hotel Properties, Inc. (NYSE:INN)

abrdn plc increased its holdings in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 30.6% in the 4th quarter, HoldingsChannel.com reports. The firm owned 28,153 shares of the real estate investment trust’s stock after acquiring an additional 6,600 shares during the period. abrdn plc’s holdings in Summit Hotel Properties were worth $193,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Indaba Capital Management L.P. bought a new position in Summit Hotel Properties in the 3rd quarter worth approximately $4,248,000. H 2 Credit Manager LP boosted its position in shares of Summit Hotel Properties by 43.0% during the third quarter. H 2 Credit Manager LP now owns 7,167,331 shares of the real estate investment trust’s stock worth $49,168,000 after acquiring an additional 2,156,700 shares during the last quarter. Jennison Associates LLC grew its stake in Summit Hotel Properties by 21.6% during 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 in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Summit Hotel Properties by 430.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 711,491 shares of the real estate investment trust’s stock valued at $4,881,000 after acquiring an additional 577,300 shares during the last quarter. Finally, Segall Bryant & Hamill LLC bought a new stake in Summit Hotel Properties in the 3rd quarter valued at $3,123,000. Institutional investors own 96.47% of the company’s stock.

Summit Hotel Properties Stock Down 0.2 %

INN opened at $6.64 on Wednesday. The company has a market capitalization of $719.37 million, a PE ratio of 663.50 and a beta of 2.02. The firm has a 50-day simple moving average of $6.74 and a two-hundred day simple moving average of $6.59. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.01. Summit Hotel Properties, Inc. has a 52 week low of $5.66 and a 52 week high of $7.22.

Summit Hotel Properties Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 14th will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 4.82%. The ex-dividend date is Friday, February 14th. Summit Hotel Properties’s dividend payout ratio 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.