Short Interest in Summit Hotel Properties, Inc. (NYSE:INN) Decreases By 6.2%

Summit Hotel Properties, Inc. (NYSE:INN) was the target of a large drop in short interest in March. As of March 31st, there was short interest totalling 6,320,000 shares, a drop of 6.2% from the March 15th total of 6,740,000 shares. Approximately 6.1% of the shares of the stock are short sold. Based on an average trading volume of 780,700 shares, the days-to-cover ratio is presently 8.1 days.

Summit Hotel Properties Price Performance

INN opened at $6.17 on Thursday. The stock has a fifty day moving average of $6.44 and a 200-day moving average of $6.35. The firm has a market capitalization of $663.29 million, a P/E ratio of -22.83 and a beta of 1.94. Summit Hotel Properties has a 12-month low of $5.31 and a 12-month high of $7.26. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.06.

Summit Hotel Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 29th. Stockholders of record on Thursday, February 15th were issued a $0.06 dividend. The ex-dividend date was Wednesday, February 14th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 3.89%. Summit Hotel Properties’s payout ratio is currently -88.89%.

Analyst Upgrades and Downgrades

Separately, Wolfe Research initiated coverage on Summit Hotel Properties in a research note on Wednesday, January 10th. They set a “peer perform” rating for the company.

Institutional Trading of Summit Hotel Properties

Hedge funds have recently modified their holdings of the business. Quadrant Capital Group LLC lifted its holdings in shares of 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 in the last quarter. Money Concepts Capital Corp purchased a new stake in shares of Summit Hotel Properties in the fourth quarter valued at $40,000. First PREMIER Bank purchased a new stake in shares of Summit Hotel Properties in the fourth quarter valued at $42,000. Tower Research Capital LLC TRC raised its holdings in shares of Summit Hotel Properties by 56.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 7,561 shares of the real estate investment trust’s stock worth $51,000 after acquiring an additional 2,728 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of Summit Hotel Properties by 298.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 8,381 shares of the real estate investment trust’s stock worth $49,000 after acquiring an additional 6,277 shares in the last quarter. Hedge funds and other institutional investors 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.