State of New Jersey Common Pension Fund D Has $2.36 Million Position in Summit Hotel Properties, Inc. (NYSE:INN)

State of New Jersey Common Pension Fund D increased its holdings in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 18.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 344,125 shares of the real estate investment trust’s stock after acquiring an additional 53,704 shares during the quarter. State of New Jersey Common Pension Fund D owned about 0.32% of Summit Hotel Properties worth $2,357,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in INN. Van ECK Associates Corp boosted its stake in Summit Hotel Properties by 10.2% in the 4th quarter. Van ECK Associates Corp now owns 19,879 shares of the real estate investment trust’s stock valued at $136,000 after purchasing an additional 1,842 shares during the period. Asset Management One Co. Ltd. boosted its stake 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 purchasing an additional 1,888 shares during the period. abrdn plc boosted its stake 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 purchasing an additional 2,056 shares during the period. Daiwa Securities Group Inc. boosted its stake 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 purchasing an additional 2,125 shares during the period. Finally, Point72 Asset Management L.P. boosted its stake in Summit Hotel Properties by 12.2% in the 3rd quarter. Point72 Asset Management L.P. now owns 32,157 shares of the real estate investment trust’s stock valued at $221,000 after purchasing an additional 3,502 shares during the period. 96.47% of the stock is owned by institutional investors and hedge funds.

Summit Hotel Properties Stock Performance

INN opened at $6.52 on Friday. The business has a fifty day simple moving average of $6.71 and a 200 day simple moving average of $6.60. The company has a market capitalization of $706.36 million, a PE ratio of 651.50, a price-to-earnings-growth ratio of 1.58 and a beta of 2.02. Summit Hotel Properties, Inc. has a 1 year low of $5.66 and a 1 year high of $7.22. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.78 and a quick ratio of 0.78.

Summit Hotel Properties Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 14th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $0.32 annualized dividend and a yield of 4.91%. Summit Hotel Properties’s dividend payout ratio (DPR) is presently 3,200.00%.

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.