Summit Hotel Properties (NYSE:INN) Reaches New 1-Year Low – Here’s What Happened

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

Summit Hotel Properties Stock Down 9.7 %

The firm’s 50 day simple moving average is $6.14 and its 200-day simple moving average is $6.46. 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 $455.05 million, a price-to-earnings ratio of 414.50, a price-to-earnings-growth ratio of 1.54 and a beta of 2.04.

Summit Hotel Properties Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 14th were given a dividend of $0.08 per share. The ex-dividend date was Friday, February 14th. This represents a $0.32 annualized dividend and a yield of 7.72%. Summit Hotel Properties’s dividend payout ratio (DPR) is presently 177.78%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. H 2 Credit Manager LP grew its stake in shares of Summit Hotel Properties by 24.3% in the fourth quarter. H 2 Credit Manager LP now owns 8,909,500 shares of the real estate investment trust’s stock valued at $61,030,000 after buying an additional 1,742,169 shares in the last quarter. Jennison Associates LLC lifted its stake in Summit Hotel Properties by 21.6% in the fourth quarter. Jennison Associates LLC now owns 6,704,189 shares of the real estate investment trust’s stock valued at $45,924,000 after acquiring an additional 1,191,506 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Summit Hotel Properties by 2.1% in the 3rd quarter. Geode Capital Management LLC now owns 2,788,634 shares of the real estate investment trust’s stock valued at $19,134,000 after acquiring an additional 56,027 shares during the period. Victory Capital Management Inc. increased its stake in shares of Summit Hotel Properties by 5.8% during the 4th quarter. Victory Capital Management Inc. now owns 2,577,615 shares of the real estate investment trust’s stock worth $17,657,000 after purchasing an additional 141,010 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Summit Hotel Properties by 1.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,590,760 shares of the real estate investment trust’s stock valued at $10,897,000 after purchasing an additional 24,925 shares during the period. Institutional investors and hedge funds 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.