Short Interest in Summit Hotel Properties, Inc. (NYSE:INN) Decreases By 6.2%

Summit Hotel Properties, Inc. (NYSE:INN) saw a significant decline in short interest during the month of March. As of March 31st, there was short interest totalling 6,320,000 shares, a decline of 6.2% from the March 15th total of 6,740,000 shares. Based on an average trading volume of 780,700 shares, the short-interest ratio is presently 8.1 days. Approximately 6.1% of the shares of the stock are short sold.

Summit Hotel Properties Stock Performance

NYSE:INN opened at $6.17 on Thursday. Summit Hotel Properties has a 1 year low of $5.31 and a 1 year high of $7.26. The firm has a 50 day moving average of $6.44 and a 200-day moving average of $6.35. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.06. The stock has a market capitalization of $663.29 million, a P/E ratio of -22.83 and a beta of 1.94.

Summit Hotel Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, February 29th. Stockholders 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 3.89%. The ex-dividend date of this dividend was Wednesday, February 14th. Summit Hotel Properties’s dividend payout ratio (DPR) is currently -88.89%.

Analysts Set New Price Targets

Separately, Wolfe Research assumed coverage on shares of Summit Hotel Properties in a research note on Wednesday, January 10th. They issued a “peer perform” rating for the company.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of INN. Balyasny Asset Management L.P. raised its position in Summit Hotel Properties by 1,015.2% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,975,815 shares of the real estate investment trust’s stock worth $13,277,000 after purchasing an additional 1,798,648 shares during the last quarter. Millennium Management LLC raised its position in Summit Hotel Properties by 2,287.4% in the 4th quarter. Millennium Management LLC now owns 1,031,464 shares of the real estate investment trust’s stock worth $7,447,000 after purchasing an additional 988,259 shares during the last quarter. Nuveen Asset Management LLC raised its position in Summit Hotel Properties by 30.2% in the 2nd quarter. Nuveen Asset Management LLC now owns 3,739,924 shares of the real estate investment trust’s stock worth $24,347,000 after purchasing an additional 867,679 shares during the last quarter. Norges Bank bought a new position in Summit Hotel Properties in the 4th quarter worth approximately $5,420,000. Finally, State Street Corp raised its position in Summit Hotel Properties by 12.1% in the 1st quarter. State Street Corp now owns 6,939,672 shares of the real estate investment trust’s stock worth $69,119,000 after purchasing an additional 747,685 shares during the last quarter. Institutional investors 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.