Summit Hotel Properties, Inc. (NYSE:INN) Sees Significant Increase in Short Interest

Summit Hotel Properties, Inc. (NYSE:INN) was the recipient of a significant growth in short interest in the month of December. As of December 31st, there was short interest totalling 3,890,000 shares, a growth of 11.8% from the December 15th total of 3,480,000 shares. Based on an average daily trading volume, of 711,100 shares, the short-interest ratio is presently 5.5 days. Currently, 3.7% of the shares of the company are short sold.

Institutional Investors Weigh In On Summit Hotel Properties

Several hedge funds have recently bought and sold shares of the stock. Asset Management One Co. Ltd. grew its position in shares of Summit Hotel Properties by 1.2% in the third 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 last quarter. Van ECK Associates Corp boosted its stake in Summit Hotel Properties by 12.3% in the 3rd quarter. Van ECK Associates Corp now owns 18,037 shares of the real estate investment trust’s stock valued at $124,000 after purchasing an additional 1,980 shares during the period. abrdn plc grew its holdings 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 buying an additional 2,056 shares in the last quarter. Daiwa Securities Group Inc. increased its position in Summit Hotel Properties by 6.3% during the 3rd quarter. Daiwa Securities Group Inc. now owns 35,785 shares of the real estate investment trust’s stock worth $245,000 after buying an additional 2,125 shares during the period. Finally, Point72 Asset Management L.P. lifted its holdings in shares of Summit Hotel Properties by 12.2% during the third quarter. Point72 Asset Management L.P. now owns 32,157 shares of the real estate investment trust’s stock worth $221,000 after buying an additional 3,502 shares in the last quarter. 96.47% of the stock is currently owned by institutional investors and hedge funds.

Summit Hotel Properties Stock Performance

Shares of INN traded down $0.02 during mid-day trading on Monday, reaching $6.69. The company’s stock had a trading volume of 438,957 shares, compared to its average volume of 714,123. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.01. The stock has a market cap of $724.90 million, a P/E ratio of 668.60 and a beta of 2.03. Summit Hotel Properties has a 1-year low of $5.66 and a 1-year high of $7.22. The business has a 50-day simple moving average of $6.65 and a two-hundred day simple moving average of $6.50.

Summit Hotel Properties (NYSE:INN) last released its quarterly earnings data on Monday, November 4th. The real estate investment trust reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.22). The company had revenue of $176.81 million for the quarter, compared to the consensus estimate of $176.24 million. Summit Hotel Properties had a return on equity of 1.87% and a net margin of 3.41%. During the same period last year, the firm earned $0.22 earnings per share. As a group, equities research analysts anticipate that Summit Hotel Properties will post 0.88 earnings per share for the current fiscal year.

Summit Hotel Properties Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were paid a $0.08 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $0.32 dividend on an annualized basis and a yield of 4.79%. Summit Hotel Properties’s dividend payout ratio (DPR) is currently 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.