Summit Hotel Properties, Inc. (NYSE:INN) Sees Large Growth in Short Interest

Summit Hotel Properties, Inc. (NYSE:INN) was the recipient of 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 trading volume, of 695,500 shares, the short-interest ratio is currently 4.8 days. Currently, 3.1% of the company’s stock are short sold.

Summit Hotel Properties Stock Up 2.2 %

Shares of Summit Hotel Properties stock opened at $5.74 on Thursday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.01. Summit Hotel Properties has a 1 year low of $5.50 and a 1 year high of $7.22. The stock has a 50-day moving average price of $6.47 and a 200 day moving average price of $6.55. The company has a market cap of $629.60 million, a P/E ratio of 573.50, a P/E/G ratio of 1.54 and a beta of 2.04.

Summit Hotel Properties Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 14th were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 5.58%. The ex-dividend date was Friday, February 14th. Summit Hotel Properties’s dividend payout ratio is currently 177.78%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in INN. Indaba Capital Management L.P. acquired a new stake in shares of Summit Hotel Properties during the 3rd quarter valued at $4,248,000. H 2 Credit Manager LP boosted its position in Summit Hotel Properties by 43.0% during the third quarter. H 2 Credit Manager LP now owns 7,167,331 shares of the real estate investment trust’s stock valued at $49,168,000 after purchasing an additional 2,156,700 shares during the last quarter. Jennison Associates LLC boosted its position in Summit Hotel Properties by 21.6% during the fourth quarter. Jennison Associates LLC now owns 6,704,189 shares of the real estate investment trust’s stock valued at $45,924,000 after purchasing an additional 1,191,506 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Summit Hotel Properties by 430.2% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 711,491 shares of the real estate investment trust’s stock valued at $4,881,000 after purchasing an additional 577,300 shares in the last quarter. Finally, Segall Bryant & Hamill LLC acquired a new position in Summit Hotel Properties in the 3rd quarter worth about $3,123,000. Institutional investors and hedge funds own 96.47% of the company’s stock.

About Summit Hotel Properties

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.