Summit Hotel Properties (NYSE:INN) Hits New 52-Week High – Here’s Why

Summit Hotel Properties, Inc. (NYSE:INN)’s share price hit a new 52-week high on Friday . The stock traded as high as $7.10 and last traded at $7.09, with a volume of 318479 shares. The stock had previously closed at $6.91.

Summit Hotel Properties Trading Up 3.9 %

The firm has a market capitalization of $776.82 million, a price-to-earnings ratio of -29.38 and a beta of 2.04. The company has a fifty day moving average price of $6.57 and a two-hundred day moving average price of $6.26. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.99.

Summit Hotel Properties (NYSE:INN) last issued its 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 analyst estimates 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 quarter in the prior year, the firm earned $0.27 earnings per share. As a group, research analysts forecast that Summit Hotel Properties, Inc. will post 0.89 earnings per share for the current fiscal year.

Summit Hotel Properties Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 4.46%. The ex-dividend date was Friday, August 16th. Summit Hotel Properties’s dividend payout ratio (DPR) is -133.33%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Point72 Asset Management L.P. raised its stake in shares of Summit Hotel Properties by 60.1% in the second quarter. Point72 Asset Management L.P. now owns 28,655 shares of the real estate investment trust’s stock valued at $172,000 after acquiring an additional 10,755 shares in the last quarter. Algert Global LLC raised its stake in shares of Summit Hotel Properties by 26.2% in the second quarter. Algert Global LLC now owns 134,095 shares of the real estate investment trust’s stock valued at $803,000 after acquiring an additional 27,831 shares in the last quarter. Lighthouse Investment Partners LLC acquired a new stake in shares of Summit Hotel Properties in the second quarter valued at $2,845,000. The Manufacturers Life Insurance Company raised its stake in shares of Summit Hotel Properties by 12.3% in the second quarter. The Manufacturers Life Insurance Company now owns 51,676 shares of the real estate investment trust’s stock valued at $310,000 after acquiring an additional 5,650 shares in the last quarter. Finally, AQR Capital Management LLC raised its stake in shares of Summit Hotel Properties by 233.1% in the second quarter. AQR Capital Management LLC now owns 296,639 shares of the real estate investment trust’s stock valued at $1,777,000 after acquiring an additional 207,586 shares in the last quarter. 96.47% of the stock is currently owned by institutional investors and hedge funds.

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.