Summit Hotel Properties (NYSE:INN) Reaches New 12-Month High at $6.98

Summit Hotel Properties, Inc. (NYSE:INN) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $6.98 and last traded at $6.97, with a volume of 1073550 shares traded. The stock had previously closed at $6.55.

Summit Hotel Properties Stock Up 6.4 %

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 company has a market capitalization of $754.10 million, a price-to-earnings ratio of -27.25 and a beta of 2.04. The firm’s 50-day simple moving average is $6.37 and its 200-day simple moving average is $6.22.

Summit Hotel Properties (NYSE:INN) last released its quarterly earnings data on Monday, July 29th. The real estate investment trust reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). The business had revenue of $193.90 million for the quarter, compared to the consensus estimate 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 earnings per share. Sell-side analysts forecast that Summit Hotel Properties, Inc. will post 0.89 earnings per share for the current year.

Summit Hotel Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.59%. The ex-dividend date of this dividend was Friday, August 16th. Summit Hotel Properties’s payout ratio is -133.33%.

Hedge Funds Weigh In On Summit Hotel Properties

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Jennison Associates LLC lifted its holdings in Summit Hotel Properties by 7.6% during the 1st quarter. Jennison Associates LLC now owns 5,357,138 shares of the real estate investment trust’s stock valued at $34,875,000 after purchasing an additional 379,223 shares during the last quarter. US Bancorp DE lifted its holdings in Summit Hotel Properties by 46.2% during the 1st quarter. US Bancorp DE now owns 148,424 shares of the real estate investment trust’s stock valued at $966,000 after purchasing an additional 46,895 shares during the last quarter. CANADA LIFE ASSURANCE Co lifted its holdings in Summit Hotel Properties by 1.5% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 236,446 shares of the real estate investment trust’s stock valued at $1,537,000 after purchasing an additional 3,540 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Summit Hotel Properties by 7.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,491,396 shares of the real estate investment trust’s stock worth $10,022,000 after acquiring an additional 99,732 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of Summit Hotel Properties by 8.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 65,781 shares of the real estate investment trust’s stock worth $429,000 after acquiring an additional 5,036 shares during the last quarter. 96.47% of the stock is owned by institutional investors.

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.