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

Summit Hotel Properties, Inc. (NYSE:INN) shares hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $5.56 and last traded at $5.59, with a volume of 448869 shares traded. The stock had previously closed at $5.79.

Summit Hotel Properties Trading Up 2.7 %

The business has a fifty day simple moving average of $6.54 and a 200-day simple moving average of $6.58. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a market cap of $621.15 million, a price-to-earnings ratio of 565.80, a PEG ratio of 1.54 and a beta of 2.04.

Summit Hotel Properties Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 14th were issued a $0.08 dividend. The ex-dividend date was Friday, February 14th. This represents a $0.32 dividend on an annualized basis and a yield of 5.66%. Summit Hotel Properties’s payout ratio is presently 177.78%.

Hedge Funds Weigh In On Summit Hotel Properties

A number of institutional investors and hedge funds have recently bought and sold shares of INN. Wolverine Asset Management LLC grew its position in shares of Summit Hotel Properties by 123.2% in the 4th quarter. Wolverine Asset Management LLC now owns 6,400 shares of the real estate investment trust’s stock valued at $44,000 after buying an additional 34,000 shares during the last quarter. Loomis Sayles & Co. L P grew its position in shares of Summit Hotel Properties by 3,505.8% in the 3rd quarter. Loomis Sayles & Co. L P now owns 7,464 shares of the real estate investment trust’s stock valued at $51,000 after buying an additional 7,257 shares during the last quarter. Sunbelt Securities Inc. bought a new stake in shares of Summit Hotel Properties in the 3rd quarter valued at about $57,000. KBC Group NV grew its position 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 buying an additional 3,979 shares during the last quarter. Finally, Metis Global Partners LLC bought a new stake in shares of Summit Hotel Properties in the 3rd quarter valued at about $81,000. 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.