Jennison Associates LLC Decreases Position in Summit Hotel Properties, Inc. (NYSE:INN)

Jennison Associates LLC trimmed its stake in shares of Summit Hotel Properties, Inc. (NYSE:INN) by 18.7% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,977,915 shares of the real estate investment trust’s stock after selling 1,143,532 shares during the period. Jennison Associates LLC owned approximately 4.63% of Summit Hotel Properties worth $33,452,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Victory Capital Management Inc. raised its holdings in shares of Summit Hotel Properties by 2.0% during the third quarter. Victory Capital Management Inc. now owns 2,306,637 shares of the real estate investment trust’s stock valued at $13,378,000 after purchasing an additional 45,459 shares during the last quarter. Foundry Partners LLC increased its holdings in Summit Hotel Properties by 7.6% during the third quarter. Foundry Partners LLC now owns 408,814 shares of the real estate investment trust’s stock valued at $2,371,000 after buying an additional 29,024 shares during the last quarter. SG Americas Securities LLC increased its holdings in Summit Hotel Properties by 25.8% during the third quarter. SG Americas Securities LLC now owns 238,110 shares of the real estate investment trust’s stock valued at $1,381,000 after buying an additional 48,795 shares during the last quarter. Swiss National Bank increased its holdings in Summit Hotel Properties by 2.4% during the third quarter. Swiss National Bank now owns 236,300 shares of the real estate investment trust’s stock valued at $1,371,000 after buying an additional 5,600 shares during the last quarter. Finally, Public Employees Retirement System of Ohio increased its holdings in Summit Hotel Properties by 5.9% during the third quarter. Public Employees Retirement System of Ohio now owns 154,353 shares of the real estate investment trust’s stock valued at $895,000 after buying an additional 8,663 shares during the last quarter. 96.47% of the stock is owned by hedge funds and other institutional investors.

Summit Hotel Properties Stock Down 1.6 %

Shares of INN stock opened at $6.27 on Thursday. Summit Hotel Properties, Inc. has a 12 month low of $5.31 and a 12 month high of $7.26. The company has a 50 day simple moving average of $6.42 and a two-hundred day simple moving average of $6.37. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.06.

Analyst Upgrades and Downgrades

Separately, Wolfe Research initiated coverage on shares of Summit Hotel Properties in a report on Wednesday, January 10th. They set a “peer perform” rating for the company.

Summit Hotel Properties Company 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.