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

Summit Hotel Properties, Inc. (NYSE:INN)’s share price reached a new 52-week low during mid-day trading on Friday . The stock traded as low as $5.42 and last traded at $5.47, with a volume of 262095 shares traded. The stock had previously closed at $5.67.

Summit Hotel Properties Stock Down 1.9 %

The firm’s fifty day simple moving average is $6.43 and its two-hundred day simple moving average is $6.54. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.01. The company has a market capitalization of $610.94 million, a price-to-earnings ratio of 556.50, a price-to-earnings-growth ratio of 1.54 and a beta of 2.04.

Summit Hotel Properties Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 14th were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.75%. The ex-dividend date was Friday, February 14th. Summit Hotel Properties’s dividend payout ratio is presently 177.78%.

Institutional Trading of Summit Hotel Properties

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wolverine Asset Management LLC grew its position in Summit Hotel Properties by 123.2% in the 4th quarter. Wolverine Asset Management LLC now owns 6,400 shares of the real estate investment trust’s stock valued at $44,000 after acquiring an additional 34,000 shares in the last quarter. Loomis Sayles & Co. L P boosted its stake in shares of Summit Hotel Properties by 3,505.8% in the third quarter. Loomis Sayles & Co. L P now owns 7,464 shares of the real estate investment trust’s stock valued at $51,000 after purchasing an additional 7,257 shares during the period. Sunbelt Securities Inc. purchased a new position in shares of Summit Hotel Properties in the third quarter valued at approximately $57,000. KBC Group NV increased its stake in Summit Hotel Properties by 76.5% during the 3rd quarter. KBC Group NV now owns 9,177 shares of the real estate investment trust’s stock worth $63,000 after buying an additional 3,979 shares during the period. Finally, Wealth Enhancement Advisory Services LLC purchased a new stake in Summit Hotel Properties during the 4th quarter worth approximately $77,000. Hedge funds and other institutional investors own 96.47% of the company’s stock.

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.