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

Summit Hotel Properties, Inc. (NYSE:INN) was the target of a large decline in short interest in 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. Currently, 6.1% of the company’s shares are short sold. Based on an average trading volume of 780,700 shares, the short-interest ratio is presently 8.1 days.

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On Summit Hotel Properties

Institutional investors have recently bought and sold shares of the company. Quadrant Capital Group LLC grew its position in shares of Summit Hotel Properties by 103.1% during the fourth quarter. Quadrant Capital Group LLC now owns 4,835 shares of the real estate investment trust’s stock worth $32,000 after buying an additional 2,454 shares in the last quarter. Money Concepts Capital Corp acquired a new position in shares of Summit Hotel Properties during the fourth quarter worth about $40,000. First PREMIER Bank acquired a new position in shares of Summit Hotel Properties during the fourth quarter worth about $42,000. Allspring Global Investments Holdings LLC grew its position in shares of Summit Hotel Properties by 298.3% during 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 buying an additional 6,277 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its position in shares of Summit Hotel Properties by 56.4% during 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 buying an additional 2,728 shares in the last quarter. 96.47% of the stock is owned by institutional investors and hedge funds.

Summit Hotel Properties Trading Down 1.2 %

Shares of NYSE:INN traded down $0.08 during midday trading on Wednesday, reaching $6.34. 552,232 shares of the company’s stock were exchanged, compared to its average volume of 683,791. The firm’s 50 day simple moving average is $6.45 and its two-hundred day simple moving average is $6.35. 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 has a fifty-two week low of $5.31 and a fifty-two week high of $7.26.

Summit Hotel Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, February 29th. Shareholders of record on Thursday, February 15th were given a $0.06 dividend. 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 is currently -88.89%.

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.