Summit Hotel Properties (NYSE:INN) Sets New 12-Month Low – Should You Sell?

Summit Hotel Properties, Inc. (NYSE:INN)’s share price reached a new 52-week low during trading on Thursday . The stock traded as low as $4.86 and last traded at $4.88, with a volume of 129109 shares changing hands. The stock had previously closed at $5.47.

Summit Hotel Properties Stock Performance

The stock has a market cap of $502.25 million, a price-to-earnings ratio of 459.40, a PEG ratio of 1.54 and a beta of 2.04. The firm has a fifty day simple moving average of $6.24 and a 200 day simple moving average of $6.49. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.01.

Summit Hotel Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 14th were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 6.99%. The ex-dividend date was Friday, February 14th. Summit Hotel Properties’s dividend payout ratio is 177.78%.

Institutional Trading of Summit Hotel Properties

Institutional investors have recently made changes to their positions in the business. Intech Investment Management LLC lifted its stake in Summit Hotel Properties by 18.8% during the third quarter. Intech Investment Management LLC now owns 41,986 shares of the real estate investment trust’s stock worth $288,000 after purchasing an additional 6,651 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Summit Hotel Properties by 3.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,565,835 shares of the real estate investment trust’s stock worth $10,742,000 after buying an additional 53,327 shares during the period. BNP Paribas Financial Markets boosted its stake in Summit Hotel Properties by 28.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 30,425 shares of the real estate investment trust’s stock valued at $209,000 after buying an additional 6,661 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Summit Hotel Properties by 430.2% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 711,491 shares of the real estate investment trust’s stock valued at $4,881,000 after acquiring an additional 577,300 shares during the period. Finally, Verition Fund Management LLC raised its stake in Summit Hotel Properties by 217.8% during the third quarter. Verition Fund Management LLC now owns 41,535 shares of the real estate investment trust’s stock worth $285,000 after acquiring an additional 28,465 shares in the last quarter. 96.47% of the stock is currently 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.