Summit Hotel Properties Inc (NYSE:INN) Sees Large Decrease in Short Interest

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Summit Hotel Properties Inc (NYSE:INN) was the target of a significant drop in short interest during the month of October. As of October 31st, there was short interest totalling 11,490,000 shares, a drop of 6.6% from the September 30th total of 12,300,000 shares. Based on an average trading volume of 879,200 shares, the short-interest ratio is currently 13.1 days. Approximately 11.2% of the company’s shares are sold short.

In related news, COO Craig J. Aniszewski sold 40,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $11.60, for a total value of $464,000.00. Following the sale, the chief operating officer now directly owns 397,913 shares of the company’s stock, valued at $4,615,790.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.32% of the stock is currently owned by company insiders.

Hedge funds have recently made changes to their positions in the business. Private Capital Group LLC lifted its position in Summit Hotel Properties by 82.7% during the second quarter. Private Capital Group LLC now owns 3,263 shares of the real estate investment trust’s stock valued at $47,000 after buying an additional 1,477 shares in the last quarter. Tower Research Capital LLC TRC purchased a new stake in shares of Summit Hotel Properties during the second quarter valued at approximately $69,000. NJ State Employees Deferred Compensation Plan purchased a new stake in shares of Summit Hotel Properties during the third quarter valued at approximately $117,000. Coldstream Capital Management Inc. purchased a new stake in shares of Summit Hotel Properties during the second quarter valued at approximately $123,000. Finally, CWM Advisors LLC raised its stake in shares of Summit Hotel Properties by 8.5% during the second quarter. CWM Advisors LLC now owns 14,840 shares of the real estate investment trust’s stock valued at $170,000 after purchasing an additional 1,160 shares during the period.

Several equities research analysts recently issued reports on the stock. ValuEngine cut shares of Summit Hotel Properties from a “hold” rating to a “sell” rating in a research report on Friday, November 1st. TheStreet cut shares of Summit Hotel Properties from a “b-” rating to a “c+” rating in a research report on Wednesday, November 6th. Finally, Zacks Investment Research cut shares of Summit Hotel Properties from a “buy” rating to a “hold” rating in a research report on Friday, November 1st. Two research analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $13.25.

Shares of INN stock opened at $11.81 on Wednesday. The stock has a market cap of $1.26 billion, a price-to-earnings ratio of 8.75 and a beta of 1.19. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.70. Summit Hotel Properties has a fifty-two week low of $9.29 and a fifty-two week high of $12.63. The firm’s 50 day moving average price is $11.92 and its two-hundred day moving average price is $11.67.

Summit Hotel Properties (NYSE:INN) last announced its quarterly earnings results on Tuesday, November 5th. The real estate investment trust reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.24). The business had revenue of $133.69 million for the quarter, compared to analyst estimates of $133.52 million. Summit Hotel Properties had a net margin of 14.44% and a return on equity of 6.64%. The company’s quarterly revenue was down 6.1% on a year-over-year basis. During the same period last year, the firm earned $0.35 earnings per share. On average, equities analysts forecast that Summit Hotel Properties will post 1.19 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $0.72 dividend on an annualized basis and a yield of 6.10%. Summit Hotel Properties’s dividend payout ratio (DPR) is 53.33%.

About Summit Hotel Properties

Summit Hotel Properties, Inc is a publicly-traded real estate investment trust focused on owning premium-branded hotels with efficient operating models primarily in the upscale segment of the lodging industry. As of April 18, 2019, the Company's portfolio consisted of 69 hotels with a total of 10,714 guestrooms located in 24 states.

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