Summit Hotel Properties, Inc. (NYSE:INN) Short Interest Up 24.0% in February

Summit Hotel Properties, Inc. (NYSE:INN) saw a significant growth in short interest during the month of February. As of February 28th, there was short interest totalling 3,310,000 shares, a growth of 24.0% from the February 13th total of 2,670,000 shares. Currently, 3.1% of the company’s shares are short sold. Based on an average daily trading volume, of 695,500 shares, the short-interest ratio is presently 4.8 days.

Summit Hotel Properties Stock Performance

NYSE INN opened at $5.79 on Tuesday. The stock’s fifty day moving average is $6.50 and its two-hundred day moving average is $6.57. The firm has a market capitalization of $635.09 million, a P/E ratio of 578.50, a price-to-earnings-growth ratio of 1.54 and a beta of 2.04. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.78 and a current ratio of 0.78. Summit Hotel Properties has a fifty-two week low of $5.50 and a fifty-two week high of $7.22.

Summit Hotel Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 14th were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 5.53%. The ex-dividend date was Friday, February 14th. Summit Hotel Properties’s dividend payout ratio (DPR) is currently 177.78%.

Hedge Funds Weigh In On Summit Hotel Properties

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. H 2 Credit Manager LP boosted its stake in Summit Hotel Properties by 24.3% during the fourth quarter. H 2 Credit Manager LP now owns 8,909,500 shares of the real estate investment trust’s stock worth $61,030,000 after buying an additional 1,742,169 shares during the last quarter. Jennison Associates LLC lifted its stake in shares of Summit Hotel Properties by 21.6% in the 4th quarter. Jennison Associates LLC now owns 6,704,189 shares of the real estate investment trust’s stock valued at $45,924,000 after purchasing an additional 1,191,506 shares during the last quarter. Indaba Capital Management L.P. acquired a new position in shares of Summit Hotel Properties in the 3rd quarter valued at $4,248,000. Geode Capital Management LLC lifted its stake in shares of Summit Hotel Properties by 2.1% in the 3rd quarter. Geode Capital Management LLC now owns 2,788,634 shares of the real estate investment trust’s stock valued at $19,134,000 after purchasing an additional 56,027 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its stake in shares of Summit Hotel Properties by 5.8% in the 4th quarter. Victory Capital Management Inc. now owns 2,577,615 shares of the real estate investment trust’s stock valued at $17,657,000 after purchasing an additional 141,010 shares during the last quarter. Institutional investors and hedge funds own 96.47% of the company’s 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.