Summit Hotel Properties, Inc. (NYSE:INN) Sees Significant Increase in Short Interest

Summit Hotel Properties, Inc. (NYSE:INN) saw a significant growth in short interest in the month of February. As of February 28th, there was short interest totalling 3,310,000 shares, a growth of 24.0% from the February 13th total of 2,670,000 shares. Based on an average daily volume of 695,500 shares, the short-interest ratio is presently 4.8 days. Approximately 3.1% of the shares of the company are sold short.

Summit Hotel Properties Price Performance

Shares of INN opened at $5.64 on Wednesday. The firm has a market capitalization of $619.06 million, a price-to-earnings ratio of 563.90, a price-to-earnings-growth ratio of 1.54 and a beta of 2.04. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.78 and a current ratio of 0.78. Summit Hotel Properties has a one year low of $5.50 and a one year high of $7.22. The stock’s fifty day moving average is $6.48 and its 200-day moving average is $6.56.

Summit Hotel Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 14th were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $0.32 annualized dividend and a yield of 5.67%. Summit Hotel Properties’s dividend payout ratio is currently 177.78%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Wolverine Asset Management LLC boosted 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 purchasing an additional 34,000 shares during the period. Loomis Sayles & Co. L P boosted 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 purchasing an additional 7,257 shares during the period. Sunbelt Securities Inc. acquired a new position in shares of Summit Hotel Properties in the 3rd quarter valued at $57,000. KBC Group NV boosted 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 purchasing an additional 3,979 shares during the period. Finally, Wealth Enhancement Advisory Services LLC acquired a new position in shares of Summit Hotel Properties in the 4th quarter valued at $77,000. 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.