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

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

Summit Hotel Properties Price Performance

INN stock traded down $0.08 during trading on Wednesday, hitting $6.34. 552,232 shares of the stock traded hands, compared to its average volume of 683,791. Summit Hotel Properties has a 1 year low of $5.31 and a 1 year high of $7.26. The firm’s 50 day moving average is $6.45 and its two-hundred day moving average is $6.35. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.80 and a current ratio of 0.80.

Summit Hotel Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 29th. Investors of record on Thursday, February 15th were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 3.79%. The ex-dividend date of this dividend was Wednesday, February 14th. Summit Hotel Properties’s dividend payout ratio (DPR) is -88.89%.

Institutional Trading of Summit Hotel Properties

Several institutional investors have recently bought and sold shares of the company. Quadrant Capital Group LLC boosted its holdings in shares of 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 acquiring an additional 2,454 shares during the last quarter. Money Concepts Capital Corp purchased a new stake in shares of Summit Hotel Properties during the 4th quarter valued at about $40,000. First PREMIER Bank purchased a new stake in shares of Summit Hotel Properties during the 4th quarter valued at about $42,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of Summit Hotel Properties by 298.3% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 8,381 shares of the real estate investment trust’s stock valued at $49,000 after acquiring an additional 6,277 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its holdings in shares of Summit Hotel Properties by 56.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 7,561 shares of the real estate investment trust’s stock valued at $51,000 after acquiring an additional 2,728 shares during the last quarter. 96.47% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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