Summit Hotel Properties (NYSE:INN) Stock Crosses Above 200 Day Moving Average – Here’s What Happened

Shares of Summit Hotel Properties, Inc. (NYSE:INN) 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 changing hands.

Summit Hotel Properties Trading Up 1.7 %

The company has a market cap of $719.90 million, a price-to-earnings ratio of 664.00 and a beta of 2.03. 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 company’s 50-day moving average is $6.60 and its 200 day moving average is $6.46.

Summit Hotel Properties (NYSE:INN) last released its quarterly earnings results on Monday, November 4th. The real estate investment trust reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.22). Summit Hotel Properties had a net margin of 3.41% and a return on equity of 1.87%. The firm had revenue of $176.81 million for the quarter, compared to analyst estimates of $176.24 million. During the same quarter in the prior year, the business posted $0.22 EPS. Research analysts predict that Summit Hotel Properties, Inc. will post 0.89 EPS for the current year.

Summit Hotel Properties Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were given a $0.08 dividend. 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 (DPR) is 3,200.00%.

Hedge Funds Weigh In On Summit Hotel Properties

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Loomis Sayles & Co. L P raised its stake in Summit Hotel Properties by 3,505.8% during the third quarter. Loomis Sayles & Co. L P now owns 7,464 shares of the real estate investment trust’s stock worth $51,000 after purchasing an additional 7,257 shares during the period. Sunbelt Securities Inc. purchased a new stake in shares of Summit Hotel Properties in the 3rd quarter valued at approximately $57,000. KBC Group NV raised its stake in shares of Summit Hotel Properties by 76.5% in the 3rd quarter. KBC Group NV now owns 9,177 shares of the real estate investment trust’s stock valued at $63,000 after acquiring an additional 3,979 shares during the period. MQS Management LLC purchased a new stake in shares of Summit Hotel Properties in the 2nd quarter valued at approximately $75,000. Finally, Metis Global Partners LLC acquired a new position in shares of Summit Hotel Properties in the third quarter valued at approximately $81,000. 96.47% of the stock is currently owned by institutional investors and hedge funds.

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.