Summit Hotel Properties, Inc. (NYSE:INN) Sees Large Drop in Short Interest

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

Hedge Funds Weigh In On Summit Hotel Properties

A number of hedge funds have recently bought and sold shares of the business. H 2 Credit Manager LP increased its position in Summit Hotel Properties by 24.3% during the fourth quarter. H 2 Credit Manager LP now owns 8,909,500 shares of the real estate investment trust’s stock worth $61,030,000 after acquiring an additional 1,742,169 shares during the period. Jennison Associates LLC increased its position in Summit Hotel Properties by 21.6% during the fourth quarter. Jennison Associates LLC now owns 6,704,189 shares of the real estate investment trust’s stock worth $45,924,000 after acquiring an additional 1,191,506 shares during the period. Indaba Capital Management L.P. bought a new position in Summit Hotel Properties during the third quarter worth about $4,248,000. Geode Capital Management LLC increased its position in Summit Hotel Properties by 2.1% during the third quarter. Geode Capital Management LLC now owns 2,788,634 shares of the real estate investment trust’s stock worth $19,134,000 after acquiring an additional 56,027 shares during the period. Finally, Victory Capital Management Inc. increased its position in Summit Hotel Properties by 5.8% during the fourth quarter. Victory Capital Management Inc. now owns 2,577,615 shares of the real estate investment trust’s stock worth $17,657,000 after acquiring an additional 141,010 shares during the period. 96.47% of the stock is owned by institutional investors.

Summit Hotel Properties Price Performance

Shares of INN opened at $6.49 on Tuesday. The firm has a market capitalization of $712.49 million, a PE ratio of 649.00, a PEG ratio of 1.54 and a beta of 2.02. The company’s 50-day moving average is $6.65 and its 200-day moving average is $6.61. Summit Hotel Properties has a fifty-two week low of $5.66 and a fifty-two week high of $7.22. 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 Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 14th were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 4.93%. The ex-dividend date of this dividend was Friday, February 14th. Summit Hotel Properties’s dividend payout ratio is 177.78%.

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.