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 growth in short interest in 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. Approximately 3.7% of the company’s stock are sold short. Based on an average daily volume of 711,100 shares, the short-interest ratio is currently 5.5 days.

Summit Hotel Properties Stock Down 0.4 %

INN traded down $0.02 during trading on Friday, hitting $6.69. 438,957 shares of the company’s stock traded hands, compared to its average volume of 714,123. Summit Hotel Properties has a 12-month low of $5.66 and a 12-month high of $7.22. The company’s 50 day simple moving average is $6.65 and its two-hundred day simple moving average is $6.50. 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 capitalization of $724.90 million, a price-to-earnings ratio of 668.60 and a beta of 2.03.

Summit Hotel Properties (NYSE:INN) last announced its quarterly earnings results on Monday, November 4th. The real estate investment trust reported ($0.04) earnings per share (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 analysts’ expectations of $176.24 million. Summit Hotel Properties had a net margin of 3.41% and a return on equity of 1.87%. During the same period in the previous year, the business earned $0.22 EPS. Analysts predict that Summit Hotel Properties will post 0.88 earnings per share for the current fiscal year.

Summit Hotel Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 4.79%. The ex-dividend date of this dividend was Friday, November 15th. Summit Hotel Properties’s dividend payout ratio (DPR) is presently 3,200.00%.

Hedge Funds Weigh In On Summit Hotel Properties

Institutional investors have recently made changes to their positions in the business. Asset Management One Co. Ltd. raised its holdings in Summit Hotel Properties by 1.2% in the 3rd quarter. Asset Management One Co. Ltd. now owns 162,720 shares of the real estate investment trust’s stock worth $1,116,000 after purchasing an additional 1,888 shares during the period. Van ECK Associates Corp boosted its holdings 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 worth $124,000 after buying an additional 1,980 shares during the period. abrdn plc increased its stake 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 worth $148,000 after buying an additional 2,056 shares in the last quarter. Daiwa Securities Group Inc. lifted its holdings in Summit Hotel Properties by 6.3% in the 3rd quarter. Daiwa Securities Group Inc. now owns 35,785 shares of the real estate investment trust’s stock worth $245,000 after purchasing an additional 2,125 shares in the last quarter. Finally, Point72 Asset Management L.P. grew its holdings in Summit Hotel Properties by 12.2% during the 3rd quarter. Point72 Asset Management L.P. now owns 32,157 shares of the real estate investment trust’s stock valued at $221,000 after buying an additional 3,502 shares in the last quarter. 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.