Summit Hotel Properties, Inc. (NYSE:INN) Short Interest Up 32.7% in August

Summit Hotel Properties, Inc. (NYSE:INN) saw a large increase in short interest in August. As of August 31st, there was short interest totalling 5,150,000 shares, an increase of 32.7% from the August 15th total of 3,880,000 shares. Based on an average trading volume of 799,800 shares, the short-interest ratio is presently 6.4 days. Currently, 4.9% of the company’s stock are sold short.

Summit Hotel Properties Stock Performance

Shares of INN stock traded down $0.03 on Monday, hitting $6.42. 484,766 shares of the stock traded hands, compared to its average volume of 735,283. The company’s fifty day moving average is $6.32 and its 200 day moving average is $6.22. Summit Hotel Properties has a 1-year low of $5.31 and a 1-year high of $6.98. The company has a market capitalization of $694.59 million, a PE ratio of -26.79 and a beta of 2.04. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.89 and a quick ratio of 0.89.

Summit Hotel Properties (NYSE:INN) last issued its earnings results on Monday, July 29th. The real estate investment trust reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). The business had revenue of $193.90 million during the quarter, compared to the consensus estimate of $191.05 million. Summit Hotel Properties had a return on equity of 1.76% and a net margin of 3.23%. During the same period in the prior year, the business earned $0.27 EPS. On average, equities research analysts predict that Summit Hotel Properties will post 0.89 earnings per share for the current fiscal year.

Summit Hotel Properties Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were paid a $0.08 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $0.32 annualized dividend and a dividend yield of 4.98%. Summit Hotel Properties’s payout ratio is currently -133.33%.

Institutional Trading of Summit Hotel Properties

Several large investors have recently added to or reduced their stakes in the business. Fidelis Capital Partners LLC bought a new stake in shares of Summit Hotel Properties during the first quarter valued at about $30,000. Quadrant Capital Group LLC increased its stake in Summit Hotel Properties by 103.1% during the 4th quarter. Quadrant Capital Group LLC now owns 4,835 shares of the real estate investment trust’s stock valued at $32,000 after buying an additional 2,454 shares during the period. MQS Management LLC bought a new stake in shares of Summit Hotel Properties during the 2nd quarter worth about $75,000. EntryPoint Capital LLC acquired a new stake in shares of Summit Hotel Properties in the 1st quarter worth approximately $79,000. Finally, Choreo LLC acquired a new stake in shares of Summit Hotel Properties in the 2nd quarter worth approximately $86,000. 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.