Summit Hotel Properties, Inc. (NYSE:INN) Short Interest Update

Summit Hotel Properties, Inc. (NYSE:INN) was the target of a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 5,150,000 shares, a growth of 32.7% from the August 15th total of 3,880,000 shares. Based on an average daily volume of 799,800 shares, the days-to-cover ratio is currently 6.4 days. Approximately 4.9% of the shares of the company are sold short.

Institutional Trading of Summit Hotel Properties

Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Summit Hotel Properties by 3.0% during the 1st quarter. Vanguard Group Inc. now owns 15,130,679 shares of the real estate investment trust’s stock worth $98,501,000 after buying an additional 439,383 shares during the period. Jennison Associates LLC increased its position in Summit Hotel Properties by 7.6% during the first quarter. Jennison Associates LLC now owns 5,357,138 shares of the real estate investment trust’s stock worth $34,875,000 after acquiring an additional 379,223 shares during the period. H 2 Credit Manager LP raised its stake in Summit Hotel Properties by 1.7% in the 4th quarter. H 2 Credit Manager LP now owns 5,010,631 shares of the real estate investment trust’s stock worth $33,671,000 after purchasing an additional 83,700 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in Summit Hotel Properties by 1.1% in the 2nd quarter. Victory Capital Management Inc. now owns 2,415,216 shares of the real estate investment trust’s stock valued at $14,467,000 after purchasing an additional 26,342 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in Summit Hotel Properties by 5.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,611,956 shares of the real estate investment trust’s stock valued at $9,655,000 after purchasing an additional 80,577 shares during the period. 96.47% of the stock is owned by institutional investors and hedge funds.

Summit Hotel Properties Stock Performance

INN stock traded down $0.03 during midday trading on Monday, reaching $6.42. 484,766 shares of the company were exchanged, compared to its average volume of 735,283. Summit Hotel Properties has a one year low of $5.31 and a one year high of $6.98. The firm has a market capitalization of $694.59 million, a price-to-earnings ratio of -26.75 and a beta of 2.04. The business has a 50-day moving average price of $6.32 and a two-hundred day moving average price of $6.22. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.89 and a quick ratio of 0.89.

Summit Hotel Properties (NYSE:INN) last announced its earnings results on Monday, July 29th. The real estate investment trust reported $0.23 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.02). The company had revenue of $193.90 million for the quarter, compared to the consensus estimate of $191.05 million. Summit Hotel Properties had a return on equity of 1.76% and a net margin of 3.23%. During the same period in the previous year, the firm posted $0.27 EPS. Equities research analysts forecast that Summit Hotel Properties will post 0.89 EPS for the current year.

Summit Hotel Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, August 16th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.98%. Summit Hotel Properties’s dividend payout ratio (DPR) is currently -133.33%.

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.