Summit Hotel Properties, Inc. (NYSE:INN) Short Interest Up 32.7% in August

Summit Hotel Properties, Inc. (NYSE:INN) was the recipient of a significant growth in short interest in the month of August. As of August 31st, there was short interest totalling 5,150,000 shares, a growth of 32.7% from the August 15th total of 3,880,000 shares. Based on an average daily volume of 799,800 shares, the short-interest ratio is presently 6.4 days. Approximately 4.9% of the shares of the stock are sold short.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Fidelis Capital Partners LLC purchased a new position in Summit Hotel Properties in the 1st quarter valued at about $30,000. Quadrant Capital Group LLC boosted its holdings in 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 valued at $32,000 after purchasing an additional 2,454 shares during the last quarter. MQS Management LLC acquired a new stake in Summit Hotel Properties during the 2nd quarter valued at approximately $75,000. EntryPoint Capital LLC purchased a new stake in Summit Hotel Properties during the 1st quarter worth approximately $79,000. Finally, Choreo LLC acquired a new position in shares of Summit Hotel Properties in the 2nd quarter valued at approximately $86,000. Institutional investors and hedge funds own 96.47% of the company’s stock.

Summit Hotel Properties Price Performance

INN stock traded down $0.03 during midday trading on Monday, hitting $6.42. 484,766 shares of the stock were exchanged, compared to its average volume of 735,283. The stock’s 50-day moving average price is $6.32 and its 200-day moving average price is $6.22. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a market cap of $694.59 million, a price-to-earnings ratio of -26.79 and a beta of 2.04. Summit Hotel Properties has a fifty-two week low of $5.31 and a fifty-two week high of $6.98.

Summit Hotel Properties (NYSE:INN) last released its quarterly earnings results on Monday, July 29th. The real estate investment trust reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.02). The company had revenue of $193.90 million for the quarter, compared to analysts’ expectations of $191.05 million. Summit Hotel Properties had a return on equity of 1.76% and a net margin of 3.23%. During the same period in the previous year, the business posted $0.27 EPS. Research analysts predict that Summit Hotel Properties will post 0.89 earnings per share for the current year.

Summit Hotel Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, August 16th. This represents a $0.32 dividend on an annualized basis and a yield of 4.98%. Summit Hotel Properties’s dividend payout ratio (DPR) is -133.33%.

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.