Summit Hotel Properties (NYSE:INN) Share Price Passes Above Two Hundred Day Moving Average - Here's Why

Shares of Summit Hotel Properties, Inc. (NYSE:INN - Get Free Report) crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $6.46 and traded as high as $6.66. Summit Hotel Properties shares last traded at $6.64, with a volume of 742,369 shares traded.

Summit Hotel Properties Trading Up 1.7 %

The company's fifty day moving average is $6.61 and its two-hundred day moving average is $6.47. 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 has a market cap of $719.90 million, a price-to-earnings ratio of 664.00 and a beta of 2.03.

Summit Hotel Properties (NYSE:INN - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $176.81 million during the quarter, compared to analysts' expectations of $176.24 million. Summit Hotel Properties had a net margin of 3.41% and a return on equity of 1.87%. During the same period in the prior year, the company posted $0.22 earnings per share. On average, research analysts predict that Summit Hotel Properties, Inc. will post 0.89 EPS for the current fiscal year.

Summit Hotel Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were given a dividend of $0.08 per share. The ex-dividend date was Friday, November 15th. This represents a $0.32 annualized dividend and a dividend yield of 4.82%. Summit Hotel Properties's dividend payout ratio is currently 3,200.00%.

Institutional Investors Weigh In On Summit Hotel Properties

Several institutional investors have recently added to or reduced their stakes in INN. Indaba Capital Management L.P. purchased a new position in Summit Hotel Properties in the third quarter valued at approximately $4,248,000. H 2 Credit Manager LP grew its position in shares of Summit Hotel Properties by 43.0% in the 3rd 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 buying an additional 2,156,700 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in 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 worth $4,881,000 after acquiring an additional 577,300 shares in the last quarter. Lighthouse Investment Partners LLC acquired a new stake in Summit Hotel Properties during the 2nd quarter worth $2,845,000. Finally, Segall Bryant & Hamill LLC purchased a new stake in Summit Hotel Properties in the third quarter valued at $3,123,000. Hedge funds and other institutional investors own 96.47% of the company's stock.

About Summit Hotel Properties

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.