Short Interest in Summit Hotel Properties, Inc. (NYSE:INN) Expands By 32.7%

Summit Hotel Properties, Inc. (NYSE:INN) was the recipient of a significant growth in short interest in August. As of August 31st, there was short interest totalling 5,150,000 shares, a growth of 32.7% from the August 15th total of 3,880,000 shares. Currently, 4.9% of the company’s stock are sold short. Based on an average daily volume of 799,800 shares, the days-to-cover ratio is presently 6.4 days.

Summit Hotel Properties Stock Down 0.5 %

INN stock traded down $0.03 during mid-day trading on Monday, hitting $6.42. The stock had a trading volume of 484,766 shares, compared to its average volume of 735,283. Summit Hotel Properties has a 1-year low of $5.31 and a 1-year high of $6.98. The company has a fifty day moving average of $6.32 and a 200 day moving average of $6.22. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.99. The stock has a market capitalization of $694.59 million, a price-to-earnings ratio of -26.75 and a beta of 2.04.

Summit Hotel Properties (NYSE:INN) last released its quarterly earnings data on Monday, July 29th. The real estate investment trust reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). The firm had revenue of $193.90 million during the quarter, compared to analyst estimates of $191.05 million. Summit Hotel Properties had a return on equity of 1.76% and a net margin of 3.23%. During the same quarter in the prior year, the company posted $0.27 EPS. On average, equities analysts expect that Summit Hotel Properties 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, August 30th. Stockholders of record on Friday, August 16th were issued a dividend of $0.08 per share. The ex-dividend date was Friday, August 16th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.98%. Summit Hotel Properties’s dividend payout ratio is currently -133.33%.

Institutional Investors Weigh In On Summit Hotel Properties

Several institutional investors and hedge funds have recently modified their holdings of INN. Quadrant Capital Group LLC increased its position in Summit Hotel Properties by 103.1% during the fourth quarter. Quadrant Capital Group LLC now owns 4,835 shares of the real estate investment trust’s stock worth $32,000 after buying an additional 2,454 shares during the last quarter. Daiwa Securities Group Inc. lifted its position in shares of Summit Hotel Properties by 8.9% in the first quarter. Daiwa Securities Group Inc. now owns 34,996 shares of the real estate investment trust’s stock worth $228,000 after buying an additional 2,874 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its stake in shares of Summit Hotel Properties by 1.5% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 236,446 shares of the real estate investment trust’s stock worth $1,537,000 after acquiring an additional 3,540 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Summit Hotel Properties by 6.7% during the 4th quarter. BNP Paribas Financial Markets now owns 59,523 shares of the real estate investment trust’s stock valued at $400,000 after acquiring an additional 3,750 shares during the last quarter. Finally, Fidelis Capital Partners LLC bought a new position in shares of Summit Hotel Properties in the 1st quarter valued at approximately $30,000. 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.