Summit Hotel Properties (NYSE:INN) Sets New 52-Week Low – Here’s Why

Summit Hotel Properties, Inc. (NYSE:INN)’s stock price reached a new 52-week low on Friday . The stock traded as low as $5.42 and last traded at $5.47, with a volume of 262095 shares trading hands. The stock had previously closed at $5.67.

Summit Hotel Properties Stock Down 2.0 %

The firm has a 50 day moving average of $6.45 and a two-hundred day moving average of $6.55. The firm has a market capitalization of $609.84 million, a price-to-earnings ratio of 554.50, a price-to-earnings-growth ratio of 1.54 and a beta of 2.04. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.01.

Summit Hotel Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 14th were paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 5.76%. The ex-dividend date of this dividend was Friday, February 14th. Summit Hotel Properties’s dividend payout ratio (DPR) is presently 177.78%.

Institutional Trading of Summit Hotel Properties

Large investors have recently bought and sold shares of the business. Wolverine Asset Management LLC boosted its stake in shares of Summit Hotel Properties by 123.2% during the fourth quarter. Wolverine Asset Management LLC now owns 6,400 shares of the real estate investment trust’s stock valued at $44,000 after purchasing an additional 34,000 shares in the last quarter. Loomis Sayles & Co. L P boosted its stake in shares of Summit Hotel Properties by 3,505.8% during the third quarter. Loomis Sayles & Co. L P now owns 7,464 shares of the real estate investment trust’s stock valued at $51,000 after purchasing an additional 7,257 shares in the last quarter. Sunbelt Securities Inc. acquired a new stake in shares of Summit Hotel Properties during the third quarter valued at about $57,000. KBC Group NV boosted its stake in shares of Summit Hotel Properties by 76.5% during the third quarter. KBC Group NV now owns 9,177 shares of the real estate investment trust’s stock valued at $63,000 after purchasing an additional 3,979 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Summit Hotel Properties during the fourth quarter valued at about $77,000. 96.47% of the stock is owned by institutional investors and hedge funds.

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.