Summit Hotel Properties (NYSE:INN) Reaches New 1-Year Low - Here's What Happened

Summit Hotel Properties, Inc. (NYSE:INN - Get Free Report) shares hit a new 52-week low on Thursday . The stock traded as low as $4.86 and last traded at $4.88, with a volume of 129109 shares trading hands. The stock had previously closed at $5.47.

Summit Hotel Properties Price Performance

The stock's 50 day simple moving average is $5.97 and its 200-day simple moving average is $6.39. The stock has a market capitalization of $417.13 million, a price-to-earnings ratio of 374.50, a PEG ratio of 1.54 and a beta of 1.78. 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 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 14th were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $0.32 annualized dividend and a dividend yield of 8.54%. Summit Hotel Properties's dividend payout ratio (DPR) is presently 177.78%.

Hedge Funds Weigh In On Summit Hotel Properties

A number of institutional investors have recently modified their holdings of the company. Alyeska Investment Group L.P. grew its holdings in Summit Hotel Properties by 0.3% in the 4th quarter. Alyeska Investment Group L.P. now owns 598,819 shares of the real estate investment trust's stock valued at $4,102,000 after buying an additional 1,721 shares during the last quarter. Van ECK Associates Corp raised its stake in Summit Hotel Properties by 10.2% during the 4th quarter. Van ECK Associates Corp now owns 19,879 shares of the real estate investment trust's stock valued at $136,000 after purchasing an additional 1,842 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Summit Hotel Properties by 3.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,726 shares of the real estate investment trust's stock valued at $409,000 after purchasing an additional 2,083 shares during the period. New York State Common Retirement Fund grew its position in Summit Hotel Properties by 10.2% in the 4th quarter. New York State Common Retirement Fund now owns 35,258 shares of the real estate investment trust's stock worth $242,000 after purchasing an additional 3,274 shares during the last quarter. Finally, Point72 Asset Management L.P. increased its holdings in shares of Summit Hotel Properties by 12.2% during the 3rd quarter. Point72 Asset Management L.P. now owns 32,157 shares of the real estate investment trust's stock worth $221,000 after purchasing an additional 3,502 shares during the period. 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.