Summit Hotel Properties (NYSE:INN) Sets New 12-Month Low – Here’s What Happened

Summit Hotel Properties, Inc. (NYSE:INN)’s stock price hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $5.42 and last traded at $5.42, with a volume of 160671 shares trading hands. The stock had previously closed at $5.59.

Summit Hotel Properties Stock Performance

The firm has a market cap of $591.94 million, a price-to-earnings ratio of 539.20, a P/E/G ratio of 1.54 and a beta of 2.04. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a fifty day simple moving average of $6.31 and a two-hundred day simple moving average of $6.51.

Summit Hotel Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 14th were issued a $0.08 dividend. The ex-dividend date was Friday, February 14th. This represents a $0.32 annualized dividend and a dividend yield of 5.93%. Summit Hotel Properties’s dividend payout ratio is currently 177.78%.

Institutional Investors Weigh In On Summit Hotel Properties

Institutional investors and hedge funds have recently modified their holdings of the company. Alyeska Investment Group L.P. grew its holdings in Summit Hotel Properties by 0.3% during the 4th quarter. Alyeska Investment Group L.P. now owns 598,819 shares of the real estate investment trust’s stock worth $4,102,000 after acquiring an additional 1,721 shares in the last quarter. Van ECK Associates Corp lifted its position in shares of Summit Hotel Properties by 10.2% during the 4th quarter. Van ECK Associates Corp now owns 19,879 shares of the real estate investment trust’s stock worth $136,000 after purchasing an additional 1,842 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Summit Hotel Properties by 3.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,726 shares of the real estate investment trust’s stock worth $409,000 after purchasing an additional 2,083 shares in the last quarter. Daiwa Securities Group Inc. increased its holdings in Summit Hotel Properties by 6.3% in the third quarter. Daiwa Securities Group Inc. now owns 35,785 shares of the real estate investment trust’s stock valued at $245,000 after buying an additional 2,125 shares during the last quarter. Finally, New York State Common Retirement Fund raised its stake in Summit Hotel Properties by 10.2% in the fourth quarter. New York State Common Retirement Fund now owns 35,258 shares of the real estate investment trust’s stock valued at $242,000 after buying an additional 3,274 shares in the last quarter. Hedge funds and other institutional investors own 96.47% of the company’s stock.

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.