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

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

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Lighthouse Investment Partners LLC acquired a new stake in Summit Hotel Properties in the second quarter valued at $2,845,000. US Bancorp DE grew its holdings in shares of Summit Hotel Properties by 46.2% during the 1st quarter. US Bancorp DE now owns 148,424 shares of the real estate investment trust’s stock worth $966,000 after purchasing an additional 46,895 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its position in shares of Summit Hotel Properties by 1.5% in the first quarter. CANADA LIFE ASSURANCE Co now owns 236,446 shares of the real estate investment trust’s stock worth $1,537,000 after purchasing an additional 3,540 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Summit Hotel Properties by 8.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 65,781 shares of the real estate investment trust’s stock worth $429,000 after purchasing an additional 5,036 shares during the period. Finally, The Manufacturers Life Insurance Company increased its holdings in Summit Hotel Properties by 12.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 51,676 shares of the real estate investment trust’s stock valued at $310,000 after buying an additional 5,650 shares during the period. Institutional investors own 96.47% of the company’s stock.

Summit Hotel Properties Stock Performance

Shares of Summit Hotel Properties stock traded down $0.12 during midday trading on Friday, hitting $6.19. The company had a trading volume of 125,028 shares, compared to its average volume of 748,663. Summit Hotel Properties has a 1-year low of $5.66 and a 1-year high of $7.22. The business’s 50 day simple moving average is $6.55 and its two-hundred day simple moving average is $6.28. The stock has a market cap of $671.12 million, a PE ratio of 631.00 and a beta of 2.05. 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 earnings results on Monday, November 4th. The real estate investment trust reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.22). Summit Hotel Properties had a net margin of 3.41% and a return on equity of 1.87%. The firm had revenue of $176.81 million during the quarter, compared to analyst estimates of $176.24 million. During the same quarter in the prior year, the firm posted $0.22 EPS. As a group, equities analysts predict that Summit Hotel Properties will post 0.87 EPS for the current fiscal year.

Summit Hotel Properties Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be given a $0.08 dividend. The ex-dividend date is Friday, November 15th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.17%. Summit Hotel Properties’s dividend payout ratio is 3,200.00%.

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.