Short Interest in Summit Hotel Properties, Inc. (NYSE:INN) Drops By 7.8%

Summit Hotel Properties, Inc. (NYSE:INN) was the recipient of a significant decrease in short interest in the month of October. As of October 15th, there was short interest totalling 4,700,000 shares, a decrease of 7.8% from the September 30th total of 5,100,000 shares. Based on an average daily volume of 840,500 shares, the short-interest ratio is presently 5.6 days. Approximately 4.5% of the shares of the stock are sold short.

Summit Hotel Properties Price Performance

Shares of INN stock traded up $0.05 during mid-day trading on Friday, hitting $6.17. 17,039 shares of the stock traded hands, compared to its average volume of 748,727. Summit Hotel Properties has a twelve month low of $5.66 and a twelve month high of $7.22. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.89 and a current ratio of 0.89. The company’s 50-day simple moving average is $6.63 and its 200-day simple moving average is $6.27. The firm has a market cap of $668.46 million, a price-to-earnings ratio of 6.57 and a beta of 2.04.

Summit Hotel Properties (NYSE:INN) last released its earnings results on Monday, July 29th. The real estate investment trust reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). The firm had revenue of $193.90 million for the quarter, compared to analyst estimates of $191.05 million. Summit Hotel Properties had a return on equity of 1.76% and a net margin of 3.23%. During the same period in the previous year, the firm earned $0.27 earnings per share. As a group, equities research analysts expect that Summit Hotel Properties will post 0.87 earnings per share for the current year.

Summit Hotel Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 5.19%. The ex-dividend date is Friday, November 15th.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. M&G PLC acquired a new stake in shares of Summit Hotel Properties during the 3rd quarter valued at $202,000. Asset Management One Co. Ltd. lifted its holdings in shares of Summit Hotel Properties by 1.2% during the third quarter. Asset Management One Co. Ltd. now owns 162,720 shares of the real estate investment trust’s stock valued at $1,116,000 after purchasing an additional 1,888 shares during the last quarter. Van ECK Associates Corp boosted its position in shares of Summit Hotel Properties by 12.3% in the 3rd quarter. Van ECK Associates Corp now owns 18,037 shares of the real estate investment trust’s stock valued at $124,000 after purchasing an additional 1,980 shares during the period. abrdn plc increased its stake in Summit Hotel Properties by 10.5% in the 3rd quarter. abrdn plc now owns 21,553 shares of the real estate investment trust’s stock worth $148,000 after purchasing an additional 2,056 shares in the last quarter. Finally, CWC Advisors LLC. acquired a new stake in Summit Hotel Properties during the 3rd quarter worth about $145,000. Institutional investors and hedge funds 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.