Summit Hotel Properties (NYSE:INN) Share Price Passes Above 200-Day Moving Average – Here’s What Happened

Summit Hotel Properties, Inc. (NYSE:INN)’s share price crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $6.46 and traded as high as $6.66. Summit Hotel Properties shares last traded at $6.64, with a volume of 742,369 shares.

Summit Hotel Properties Stock Performance

The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a fifty day simple moving average of $6.61 and a two-hundred day simple moving average of $6.47. The stock has a market cap of $719.90 million, a PE ratio of 664.00 and a beta of 2.03.

Summit Hotel Properties (NYSE:INN) last released its quarterly 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). Summit Hotel Properties had a net margin of 3.41% and a return on equity of 1.87%. The firm had revenue of $176.81 million for the quarter, compared to analyst estimates of $176.24 million. During the same period in the previous year, the business posted $0.22 earnings per share. Equities analysts anticipate that Summit Hotel Properties, Inc. will post 0.89 EPS for the current fiscal year.

Summit Hotel Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 4.82%. The ex-dividend date of this dividend was Friday, November 15th. Summit Hotel Properties’s dividend payout ratio is currently 3,200.00%.

Institutional Trading of Summit Hotel Properties

A number of hedge funds have recently made changes to their positions in INN. Lighthouse Investment Partners LLC bought a new position in Summit Hotel Properties during the 2nd quarter valued at $2,845,000. Jennison Associates LLC grew its stake in Summit Hotel Properties by 1.9% in the third quarter. Jennison Associates LLC now owns 5,512,683 shares of the real estate investment trust’s stock worth $37,817,000 after purchasing an additional 103,731 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in Summit Hotel Properties by 28.0% in the third 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 during the last quarter. Segall Bryant & Hamill LLC acquired a new stake in Summit Hotel Properties during the third quarter valued at approximately $3,123,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Summit Hotel Properties by 430.2% during the 3rd 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 worth $4,881,000 after buying an additional 577,300 shares during the last quarter. 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.