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

Summit Hotel Properties, Inc. (NYSE:INN) was the target of a significant increase in short interest in the month of December. As of December 31st, there was short interest totalling 3,890,000 shares, an increase of 11.8% from the December 15th total of 3,480,000 shares. Currently, 3.7% of the company’s stock are short sold. Based on an average daily volume of 711,100 shares, the days-to-cover ratio is presently 5.5 days.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Indaba Capital Management L.P. purchased a new position in shares of Summit Hotel Properties in the 3rd quarter worth $4,248,000. H 2 Credit Manager LP raised its position in Summit Hotel Properties by 43.0% in the third 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 acquiring an additional 2,156,700 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Summit Hotel Properties by 430.2% during the third 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 valued at $4,881,000 after purchasing an additional 577,300 shares in the last quarter. Lighthouse Investment Partners LLC purchased a new position in shares of Summit Hotel Properties during the 2nd quarter valued at about $2,845,000. Finally, Segall Bryant & Hamill LLC bought a new position in shares of Summit Hotel Properties in the third quarter worth approximately $3,123,000. Institutional investors own 96.47% of the company’s stock.

Summit Hotel Properties Stock Performance

Summit Hotel Properties stock opened at $6.69 on Monday. Summit Hotel Properties has a twelve month low of $5.66 and a twelve month high of $7.22. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.01. The company has a market capitalization of $724.90 million, a P/E ratio of 668.60 and a beta of 2.03. The stock’s 50 day moving average is $6.65 and its 200 day moving average is $6.50.

Summit Hotel Properties (NYSE:INN) last released its earnings results on Monday, November 4th. The real estate investment trust reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.22). The company had revenue of $176.81 million during the quarter, compared to analysts’ expectations of $176.24 million. Summit Hotel Properties had a return on equity of 1.87% and a net margin of 3.41%. During the same period in the prior year, the company posted $0.22 earnings per share. On average, equities research analysts predict that Summit Hotel Properties will post 0.88 earnings per share for the current fiscal year.

Summit Hotel Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were paid a dividend of $0.08 per share. The ex-dividend date was Friday, November 15th. This represents a $0.32 dividend on an annualized basis and a yield of 4.79%. Summit Hotel Properties’s dividend payout ratio is currently 3,200.00%.

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.