Summit Hotel Properties, Inc. (NYSE:INN) Sees Large Drop in Short Interest

Summit Hotel Properties, Inc. (NYSE:INN) was the recipient of a significant decrease in short interest in February. As of February 15th, there was short interest totalling 2,670,000 shares, a decrease of 23.9% from the January 31st total of 3,510,000 shares. Based on an average daily trading volume, of 678,900 shares, the short-interest ratio is currently 3.9 days. Currently, 2.5% of the shares of the stock are short sold.

Summit Hotel Properties Trading Up 0.3 %

Shares of Summit Hotel Properties stock opened at $6.49 on Tuesday. The company has a market capitalization of $712.49 million, a price-to-earnings ratio of 649.00, a PEG ratio of 1.54 and a beta of 2.02. The company has a quick ratio of 0.78, a current 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. The firm’s 50-day moving average price is $6.65 and its two-hundred day moving average price is $6.61.

Summit Hotel Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 14th were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $0.32 dividend on an annualized basis and a yield of 4.93%. Summit Hotel Properties’s payout ratio is 177.78%.

Institutional Investors Weigh In On Summit Hotel Properties

Large investors have recently bought and sold shares of the company. Jennison Associates LLC grew its stake in Summit Hotel Properties by 1.9% during 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 buying an additional 103,731 shares in the last quarter. BNP Paribas Financial Markets grew its stake in Summit Hotel Properties by 28.0% during the third quarter. BNP Paribas Financial Markets now owns 30,425 shares of the real estate investment trust’s stock worth $209,000 after buying an additional 6,661 shares in the last quarter. Segall Bryant & Hamill LLC acquired a new stake in Summit Hotel Properties during the third quarter worth about $3,123,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Summit Hotel Properties by 430.2% during 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 worth $4,881,000 after buying an additional 577,300 shares in the last quarter. Finally, Franklin Resources Inc. boosted its stake in shares of Summit Hotel Properties by 115.6% in the 3rd quarter. Franklin Resources Inc. now owns 121,534 shares of the real estate investment trust’s stock valued at $803,000 after purchasing an additional 65,175 shares in the last quarter. 96.47% of the stock is currently owned by institutional investors and hedge funds.

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.