Short Interest in Summit Hotel Properties, Inc. (NYSE:INN) Increases By 11.8%

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

Summit Hotel Properties Stock Down 0.4 %

Summit Hotel Properties stock traded down $0.02 during midday trading on Friday, reaching $6.69. The stock had a trading volume of 438,957 shares, compared to its average volume of 714,123. The company has a fifty day moving average price of $6.65 and a two-hundred day moving average price of $6.50. The company has a market capitalization of $724.90 million, a P/E ratio of 668.60 and a beta of 2.03. 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 has a 12 month low of $5.66 and a 12 month high of $7.22.

Summit Hotel Properties (NYSE:INN) last posted its earnings results on Monday, November 4th. The real estate investment trust reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.22). The business had revenue of $176.81 million during the quarter, compared to analyst estimates 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 quarter in the prior year, the company earned $0.22 EPS. As a group, equities analysts expect that Summit Hotel Properties will post 0.88 EPS for the current fiscal year.

Summit Hotel Properties Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.79%. The ex-dividend date was Friday, November 15th. Summit Hotel Properties’s payout ratio is 3,200.00%.

Institutional Investors Weigh In On Summit Hotel Properties

A number of hedge funds have recently modified their holdings of INN. Loomis Sayles & Co. L P increased its position in shares of Summit Hotel Properties by 3,505.8% in the third quarter. Loomis Sayles & Co. L P now owns 7,464 shares of the real estate investment trust’s stock worth $51,000 after purchasing an additional 7,257 shares during the last quarter. Sunbelt Securities Inc. purchased a new stake in Summit Hotel Properties during the third quarter valued at about $57,000. KBC Group NV grew 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 buying an additional 3,979 shares during the last quarter. MQS Management LLC purchased a new position in shares of Summit Hotel Properties in the second quarter worth about $75,000. Finally, Metis Global Partners LLC bought a new stake in shares of Summit Hotel Properties in the 3rd quarter valued at about $81,000. Institutional investors own 96.47% of the company’s stock.

Summit Hotel Properties Company Profile

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.