Summit Hotel Properties (NYSE:INN) Hits New 52-Week High – Here’s What Happened

Shares of Summit Hotel Properties, Inc. (NYSE:INN) hit a new 52-week high during trading on Friday . The company traded as high as $7.10 and last traded at $7.09, with a volume of 318479 shares. The stock had previously closed at $6.91.

Summit Hotel Properties Trading Up 3.3 %

The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.99. The firm’s fifty day moving average is $6.59 and its two-hundred day moving average is $6.27. The firm has a market cap of $772.49 million, a P/E ratio of -29.75 and a beta of 2.04.

Summit Hotel Properties (NYSE:INN) last posted its earnings results on Monday, July 29th. The real estate investment trust reported $0.23 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.02). Summit Hotel Properties had a return on equity of 1.76% and a net margin of 3.23%. The company had revenue of $193.90 million during the quarter, compared to analysts’ expectations of $191.05 million. During the same period in the prior year, the business posted $0.27 earnings per share. Analysts predict that Summit Hotel Properties, Inc. will post 0.89 earnings per share for the current fiscal year.

Summit Hotel Properties Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were issued a dividend of $0.08 per share. The ex-dividend date was Friday, August 16th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.48%. Summit Hotel Properties’s dividend payout ratio (DPR) is -133.33%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in INN. Vanguard Group Inc. raised its holdings in Summit Hotel Properties by 3.0% in the first quarter. Vanguard Group Inc. now owns 15,130,679 shares of the real estate investment trust’s stock worth $98,501,000 after purchasing an additional 439,383 shares in the last quarter. Jennison Associates LLC increased its stake in shares of Summit Hotel Properties by 7.6% in the 1st quarter. Jennison Associates LLC now owns 5,357,138 shares of the real estate investment trust’s stock worth $34,875,000 after acquiring an additional 379,223 shares in the last quarter. H 2 Credit Manager LP increased its stake in shares of Summit Hotel Properties by 1.7% in the 4th quarter. H 2 Credit Manager LP now owns 5,010,631 shares of the real estate investment trust’s stock worth $33,671,000 after acquiring an additional 83,700 shares in the last quarter. Victory Capital Management Inc. lifted its position in Summit Hotel Properties by 1.1% during the 2nd quarter. Victory Capital Management Inc. now owns 2,415,216 shares of the real estate investment trust’s stock valued at $14,467,000 after acquiring an additional 26,342 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in Summit Hotel Properties by 5.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,611,956 shares of the real estate investment trust’s stock worth $9,655,000 after acquiring an additional 80,577 shares in the last quarter. Hedge funds and other 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.