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

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

Summit Hotel Properties Stock Performance

INN stock traded down $0.04 during midday trading on Friday, hitting $6.19. The company's stock had a trading volume of 490,712 shares, compared to its average volume of 750,312. The stock has a market cap of $671.12 million, a price-to-earnings ratio of 619.00 and a beta of 2.05. 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 stock's 50-day moving average price is $6.55 and its 200 day moving average price is $6.28. Summit Hotel Properties has a 1 year low of $5.66 and a 1 year high of $7.22.

Summit Hotel Properties (NYSE:INN - Get Free Report) last posted its quarterly earnings data on Monday, November 4th. The real estate investment trust reported ($0.04) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.18 by ($0.22). The company had revenue of $176.81 million for 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 quarter last year, the business posted $0.22 EPS. On average, equities analysts forecast that Summit Hotel Properties will post 0.87 EPS for the current year.

Summit Hotel Properties Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend 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 presently 3,200.00%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Indaba Capital Management L.P. purchased a new stake in Summit Hotel Properties during the third quarter valued at about $4,248,000. H 2 Credit Manager LP raised its position in shares of 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 valued at $49,168,000 after purchasing an additional 2,156,700 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Summit Hotel Properties by 430.2% during the 3rd 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 buying an additional 577,300 shares in the last quarter. Lighthouse Investment Partners LLC bought a new position in Summit Hotel Properties in the 2nd quarter worth approximately $2,845,000. Finally, Segall Bryant & Hamill LLC purchased a new position in Summit Hotel Properties in the 3rd quarter valued at approximately $3,123,000. Institutional investors own 96.47% of the company's stock.

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.