Summit Hotel Properties (NYSE:INN) Share Price Crosses Above 200 Day Moving Average of $6.35

Shares of Summit Hotel Properties, Inc. (NYSE:INN) crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $6.35 and traded as high as $6.54. Summit Hotel Properties shares last traded at $6.42, with a volume of 628,957 shares trading hands.

Analyst Ratings Changes

Separately, Wolfe Research began coverage on Summit Hotel Properties in a research note on Wednesday, January 10th. They set a “peer perform” rating on the stock.

Summit Hotel Properties Stock Down 1.2 %

The stock has a 50 day moving average price of $6.45 and a 200 day moving average price of $6.35. The stock has a market capitalization of $690.73 million, a price-to-earnings ratio of -23.78 and a beta of 1.94. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.06.

Summit Hotel Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 29th. Investors of record on Thursday, February 15th were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 3.74%. The ex-dividend date was Wednesday, February 14th. Summit Hotel Properties’s dividend payout ratio is currently -88.89%.

Hedge Funds Weigh In On Summit Hotel Properties

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Quadrant Capital Group LLC lifted its stake in shares of Summit Hotel Properties by 103.1% in the fourth quarter. Quadrant Capital Group LLC now owns 4,835 shares of the real estate investment trust’s stock worth $32,000 after acquiring an additional 2,454 shares during the period. Money Concepts Capital Corp bought a new stake in Summit Hotel Properties in the fourth quarter worth approximately $40,000. First PREMIER Bank bought a new stake in Summit Hotel Properties in the fourth quarter worth approximately $42,000. Tower Research Capital LLC TRC increased its holdings in Summit Hotel Properties by 56.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 7,561 shares of the real estate investment trust’s stock worth $51,000 after purchasing an additional 2,728 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in Summit Hotel Properties by 298.3% in 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. 96.47% of the stock is 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.