Summit Hotel Properties (NYSE:INN) Shares Cross Above 200-Day Moving Average – Here’s Why

Summit Hotel Properties, Inc. (NYSE:INN) crossed above its 200-day moving average during trading on Friday . The stock has a 200-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 Trading Up 1.7 %

The business’s 50-day moving average price is $6.61 and its two-hundred day moving average price is $6.47. The firm has a market cap of $719.90 million, a price-to-earnings ratio of 664.00 and a beta of 2.03. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.78 and a quick ratio of 0.78.

Summit Hotel Properties (NYSE:INN) last issued 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). The business had revenue of $176.81 million for the quarter, compared to analysts’ expectations 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 period in the prior year, the company earned $0.22 EPS. Equities analysts expect that Summit Hotel Properties, Inc. will post 0.89 earnings per share for the current year.

Summit Hotel Properties Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Shareholders 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 yield of 4.82%. The ex-dividend date was Friday, November 15th. Summit Hotel Properties’s dividend payout ratio is currently 3,200.00%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. H 2 Credit Manager LP raised its holdings in shares of Summit Hotel Properties by 43.0% in the 3rd quarter. H 2 Credit Manager LP now owns 7,167,331 shares of the real estate investment trust’s stock worth $49,168,000 after purchasing an additional 2,156,700 shares during the period. Jennison Associates LLC raised its stake in shares of Summit Hotel Properties by 1.9% in the 3rd quarter. Jennison Associates LLC now owns 5,512,683 shares of the real estate investment trust’s stock valued at $37,817,000 after acquiring an additional 103,731 shares during the period. Indaba Capital Management L.P. acquired a new position in shares of Summit Hotel Properties during the 3rd quarter valued at $4,248,000. Geode Capital Management LLC boosted its position in Summit Hotel Properties by 2.1% during the 3rd quarter. Geode Capital Management LLC now owns 2,788,634 shares of the real estate investment trust’s stock worth $19,134,000 after purchasing an additional 56,027 shares during the period. Finally, Victory Capital Management Inc. boosted its position in Summit Hotel Properties by 0.9% during the 3rd quarter. Victory Capital Management Inc. now owns 2,436,605 shares of the real estate investment trust’s stock worth $16,715,000 after purchasing an additional 21,389 shares during the period. 96.47% of the stock is owned by hedge funds and other institutional investors.

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.