Summit Hotel Properties, Inc. (NYSE:INN) Short Interest Update

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

Hedge Funds Weigh In On Summit Hotel Properties

A number of hedge funds have recently modified their holdings of INN. abrdn plc lifted its holdings in shares of Summit Hotel Properties by 10.5% during the third quarter. abrdn plc now owns 21,553 shares of the real estate investment trust’s stock worth $148,000 after purchasing an additional 2,056 shares during the period. Van ECK Associates Corp lifted its holdings in shares of Summit Hotel Properties by 12.3% during the third quarter. Van ECK Associates Corp now owns 18,037 shares of the real estate investment trust’s stock worth $124,000 after purchasing an additional 1,980 shares during the period. Asset Management One Co. Ltd. lifted its holdings in shares of Summit Hotel Properties by 1.2% during the third quarter. Asset Management One Co. Ltd. now owns 162,720 shares of the real estate investment trust’s stock worth $1,116,000 after purchasing an additional 1,888 shares during the period. M&G PLC bought a new position in Summit Hotel Properties during the third quarter worth $202,000. Finally, Victory Capital Management Inc. raised its stake in Summit Hotel Properties by 0.9% during the third quarter. Victory Capital Management Inc. now owns 2,436,605 shares of the real estate investment trust’s stock worth $16,715,000 after buying an additional 21,389 shares during the last quarter. Institutional investors and hedge funds own 96.47% of the company’s stock.

Summit Hotel Properties Stock Performance

Shares of Summit Hotel Properties stock opened at $6.55 on Thursday. The firm has a market capitalization of $718.63 million, a P/E ratio of 654.60, a P/E/G ratio of 1.54 and a beta of 2.02. The company’s 50 day moving average price is $6.64 and its two-hundred day moving average price is $6.61. 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 has a fifty-two week low of $5.66 and a fifty-two week high of $7.22.

Summit Hotel Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 14th were issued a dividend of $0.08 per share. The ex-dividend date was Friday, February 14th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.89%. Summit Hotel Properties’s dividend payout ratio (DPR) is presently 177.78%.

About Summit Hotel Properties

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.