Short Interest in Summit Hotel Properties, Inc. (NYSE:INN) Decreases By 6.8%

Summit Hotel Properties, Inc. (NYSE:INNGet Free Report) was the recipient of a significant drop in short interest in October. As of October 31st, there was short interest totalling 6,300,000 shares, a drop of 6.8% from the October 15th total of 6,760,000 shares. Based on an average trading volume of 1,150,000 shares, the days-to-cover ratio is presently 5.5 days. Currently, 6.0% of the company’s stock are short sold.

Summit Hotel Properties Trading Up 1.3 %

Shares of INN traded up $0.08 during midday trading on Friday, reaching $6.30. The stock had a trading volume of 1,494,912 shares, compared to its average volume of 930,923. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.92 and a quick ratio of 0.92. The company’s fifty day simple moving average is $5.82 and its two-hundred day simple moving average is $6.16. Summit Hotel Properties has a 1-year low of $5.31 and a 1-year high of $8.81.

Summit Hotel Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 30th. Shareholders of record on Thursday, November 16th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 3.81%. The ex-dividend date is Wednesday, November 15th. Summit Hotel Properties’s dividend payout ratio (DPR) is -109.09%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Money Concepts Capital Corp purchased a new stake in Summit Hotel Properties during the fourth quarter worth approximately $40,000. Allspring Global Investments Holdings LLC raised its holdings in Summit Hotel Properties by 298.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 8,381 shares of the real estate investment trust’s stock worth $49,000 after purchasing an additional 6,277 shares in the last quarter. Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Summit Hotel Properties during the 3rd quarter worth approximately $59,000. Sherbrooke Park Advisers LLC acquired a new position in shares of Summit Hotel Properties in the 3rd quarter valued at $59,000. Finally, Caxton Associates LP purchased a new position in shares of Summit Hotel Properties in the 3rd quarter valued at $67,000. 95.06% of the stock is owned by institutional investors and hedge funds.

Summit Hotel Properties Company Profile

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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.

Further Reading

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