Summit Hotel Properties (NYSE:INN) Hits New 1-Year High - Time to Buy?

Summit Hotel Properties, Inc. (NYSE:INN - Get Free Report)'s share price reached a new 52-week high on Friday . The stock traded as high as $7.10 and last traded at $7.09, with a volume of 318479 shares changing hands. The stock had previously closed at $6.91.

Summit Hotel Properties Trading Up 3.3 %

The business's 50-day moving average price is $6.57 and its 200-day moving average price is $6.26. The firm has a market capitalization of $772.49 million, a PE ratio of -29.92 and a beta of 2.04. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.89 and a quick ratio of 0.89.

Summit Hotel Properties (NYSE:INN - Get Free Report) last issued its quarterly earnings data on Monday, July 29th. The real estate investment trust reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.02). Summit Hotel Properties had a return on equity of 1.76% and a net margin of 3.23%. The business had revenue of $193.90 million for the quarter, compared to analysts' expectations of $191.05 million. During the same period in the previous year, the business posted $0.27 earnings per share. As a group, analysts expect that Summit Hotel Properties, Inc. will post 0.89 earnings per share for the current fiscal year.

Summit Hotel Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 4.48%. The ex-dividend date was Friday, August 16th. Summit Hotel Properties's dividend payout ratio is presently -133.33%.

Institutional Investors Weigh In On Summit Hotel Properties

Several hedge funds have recently modified their holdings of INN. Fidelis Capital Partners LLC purchased a new position in Summit Hotel Properties during the 1st quarter worth $30,000. MQS Management LLC acquired a new position in shares of Summit Hotel Properties during the second quarter worth about $75,000. EntryPoint Capital LLC purchased a new position in Summit Hotel Properties during the first quarter worth about $79,000. Choreo LLC acquired a new stake in Summit Hotel Properties in the second quarter valued at about $86,000. Finally, Quadrature Capital Ltd acquired a new stake in Summit Hotel Properties in the fourth quarter valued at about $93,000. 96.47% of the stock is owned by institutional investors and hedge funds.

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.