Short Interest in Summit Hotel Properties Inc (NYSE:INN) Rises By 20.8%

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Summit Hotel Properties Inc (NYSE:INN) was the recipient of a large increase in short interest in November. As of November 29th, there was short interest totalling 14,820,000 shares, an increase of 20.8% from the November 14th total of 12,270,000 shares. Approximately 14.4% of the shares of the stock are sold short. Based on an average daily volume of 887,800 shares, the days-to-cover ratio is presently 16.7 days.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Metropolitan Life Insurance Co NY boosted its holdings in shares of Summit Hotel Properties by 2.6% during the 3rd quarter. Metropolitan Life Insurance Co NY now owns 39,250 shares of the real estate investment trust’s stock valued at $455,000 after acquiring an additional 992 shares in the last quarter. First Citizens Bank & Trust Co. boosted its holdings in shares of Summit Hotel Properties by 8.1% during the 3rd quarter. First Citizens Bank & Trust Co. now owns 15,284 shares of the real estate investment trust’s stock valued at $177,000 after acquiring an additional 1,146 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Summit Hotel Properties by 4.2% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 29,325 shares of the real estate investment trust’s stock valued at $336,000 after acquiring an additional 1,178 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its holdings in shares of Summit Hotel Properties by 1.8% during the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 66,400 shares of the real estate investment trust’s stock valued at $762,000 after acquiring an additional 1,200 shares in the last quarter. Finally, Arizona State Retirement System boosted its holdings in shares of Summit Hotel Properties by 0.8% during the 2nd quarter. Arizona State Retirement System now owns 163,003 shares of the real estate investment trust’s stock valued at $1,870,000 after acquiring an additional 1,361 shares in the last quarter.

Shares of INN stock traded down $0.10 during trading hours on Friday, reaching $11.95. The company’s stock had a trading volume of 622,764 shares, compared to its average volume of 638,301. The firm’s 50 day simple moving average is $12.09 and its 200-day simple moving average is $11.65. The company has a market capitalization of $1.26 billion, a price-to-earnings ratio of 8.85 and a beta of 1.18. Summit Hotel Properties has a fifty-two week low of $9.29 and a fifty-two week high of $12.63. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.70.

Summit Hotel Properties (NYSE:INN) last issued its earnings results on Tuesday, November 5th. The real estate investment trust reported $0.07 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.31 by ($0.24). The business had revenue of $133.69 million during the quarter, compared to analyst estimates of $133.52 million. Summit Hotel Properties had a net margin of 14.44% and a return on equity of 6.64%. The company’s revenue for the quarter was down 6.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.35 EPS. Sell-side analysts predict that Summit Hotel Properties will post 1.2 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 6.03%. The ex-dividend date was Thursday, November 14th. Summit Hotel Properties’s dividend payout ratio is presently 53.33%.

A number of equities research analysts have weighed in on INN shares. Zacks Investment Research downgraded Summit Hotel Properties from a “buy” rating to a “hold” rating in a report on Friday, November 1st. TheStreet downgraded Summit Hotel Properties from a “b-” rating to a “c+” rating in a report on Wednesday, November 6th. Finally, ValuEngine downgraded Summit Hotel Properties from a “hold” rating to a “sell” rating in a report on Friday, November 1st. Two analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. Summit Hotel Properties has a consensus rating of “Hold” and a consensus target price of $13.25.

Summit Hotel Properties Company Profile

Summit Hotel Properties, Inc is a publicly-traded real estate investment trust focused on owning premium-branded hotels with efficient operating models primarily in the upscale segment of the lodging industry. As of April 18, 2019, the Company's portfolio consisted of 69 hotels with a total of 10,714 guestrooms located in 24 states.

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