Summit Hotel Properties, Inc. (NYSE:INN) Short Interest Down 21.1% in October

Summit Hotel Properties, Inc. (NYSE:INN) was the target of a significant decrease in short interest during the month of October. As of October 31st, there was short interest totalling 3,710,000 shares, a decrease of 21.1% from the October 15th total of 4,700,000 shares. Based on an average trading volume of 753,600 shares, the days-to-cover ratio is presently 4.9 days. Approximately 3.5% of the company’s shares are short sold.

Summit Hotel Properties Stock Down 1.9 %

Shares of NYSE INN traded down $0.12 during midday trading on Friday, hitting $6.19. 125,028 shares of the stock traded hands, compared to its average volume of 748,663. Summit Hotel Properties has a one year low of $5.66 and a one year high of $7.22. The company has a market cap of $671.12 million, a PE ratio of 631.00 and a beta of 2.05. The business has a 50 day moving average price of $6.55 and a two-hundred day moving average price of $6.28. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.78 and a current ratio of 0.78.

Summit Hotel Properties (NYSE:INN) last posted its quarterly earnings data on Monday, November 4th. The real estate investment trust reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.22). Summit Hotel Properties had a return on equity of 1.87% and a net margin of 3.41%. The company had revenue of $176.81 million during the quarter, compared to the consensus estimate of $176.24 million. During the same quarter last year, the company posted $0.22 earnings per share. On average, equities analysts predict that Summit Hotel Properties will post 0.87 EPS for the current year.

Summit Hotel Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 5.17%. The ex-dividend date of this dividend is Friday, November 15th. Summit Hotel Properties’s dividend payout ratio (DPR) is currently 3,200.00%.

Institutional Investors Weigh In On Summit Hotel Properties

A number of institutional investors have recently modified their holdings of INN. Indaba Capital Management L.P. bought a new position in shares of Summit Hotel Properties in the third quarter worth about $4,248,000. H 2 Credit Manager LP boosted its stake in shares of Summit Hotel Properties by 43.0% during 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. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew 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 acquiring an additional 577,300 shares in the last quarter. Lighthouse Investment Partners LLC purchased a new stake in Summit Hotel Properties during the second quarter worth $2,845,000. Finally, Segall Bryant & Hamill LLC purchased a new position in Summit Hotel Properties in the third quarter valued at about $3,123,000. 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.