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Summit Hotel Properties (NYSE:INN) Reaches New 52-Week Low - Here's What Happened

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Summit Hotel Properties, Inc. (NYSE:INN - Get Free Report)'s share price reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $5.42 and last traded at $5.42, with a volume of 160671 shares. The stock had previously closed at $5.59.

Summit Hotel Properties Trading Up 0.1 %

The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.01. The business's 50-day moving average is $6.31 and its two-hundred day moving average is $6.51. The firm has a market cap of $593.37 million, a P/E ratio of 540.50, a P/E/G ratio of 1.54 and a beta of 2.04.

Summit Hotel Properties Announces Dividend

The business also recently disclosed 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. The ex-dividend date was Friday, February 14th. This represents a $0.32 dividend on an annualized basis and a yield of 5.92%. Summit Hotel Properties's dividend payout ratio is currently 177.78%.

Hedge Funds Weigh In On Summit Hotel Properties

Several hedge funds and other institutional investors have recently modified their holdings of the company. H 2 Credit Manager LP lifted its position in Summit Hotel Properties by 24.3% in the 4th quarter. H 2 Credit Manager LP now owns 8,909,500 shares of the real estate investment trust's stock valued at $61,030,000 after purchasing an additional 1,742,169 shares during the last quarter. Jennison Associates LLC raised its holdings in shares of 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 valued at $45,924,000 after buying an additional 1,191,506 shares during the last quarter. Indaba Capital Management L.P. bought a new position in Summit Hotel Properties in the 3rd quarter worth approximately $4,248,000. Geode Capital Management LLC increased its position in Summit Hotel Properties by 2.1% in the 3rd quarter. Geode Capital Management LLC now owns 2,788,634 shares of the real estate investment trust's stock valued at $19,134,000 after acquiring an additional 56,027 shares during the period. Finally, Victory Capital Management Inc. boosted its position in Summit Hotel Properties by 5.8% during the 4th 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. Institutional investors and hedge funds own 96.47% of the company's stock.

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About Summit Hotel Properties

(Get Free Report)

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.

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