Summit Hotel Properties (NYSE:INN) Stock Crosses Above 200 Day Moving Average of $6.35

Shares of Summit Hotel Properties, Inc. (NYSE:INN) crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $6.35 and traded as high as $6.54. Summit Hotel Properties shares last traded at $6.42, with a volume of 628,957 shares changing hands.

Analysts Set New Price Targets

Separately, Wolfe Research assumed coverage on shares of Summit Hotel Properties in a research report on Wednesday, January 10th. They issued a “peer perform” rating for the company.

Summit Hotel Properties Stock Performance

The firm has a fifty day simple moving average of $6.45 and a 200 day simple moving average of $6.35. The company has a market cap of $690.73 million, a price-to-earnings ratio of -23.78 and a beta of 1.94. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.80 and a quick ratio of 0.80.

Summit Hotel Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 29th. Stockholders of record on Thursday, February 15th were paid a $0.06 dividend. The ex-dividend date of this dividend was Wednesday, February 14th. This represents a $0.24 annualized dividend and a dividend yield of 3.74%. Summit Hotel Properties’s payout ratio is -88.89%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of INN. PNC Financial Services Group Inc. lifted its holdings in shares of Summit Hotel Properties by 2.6% during the first quarter. PNC Financial Services Group Inc. now owns 47,984 shares of the real estate investment trust’s stock valued at $478,000 after acquiring an additional 1,212 shares during the period. Illinois Municipal Retirement Fund lifted its holdings in shares of Summit Hotel Properties by 2.5% during the fourth quarter. Illinois Municipal Retirement Fund now owns 65,277 shares of the real estate investment trust’s stock valued at $439,000 after acquiring an additional 1,601 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of Summit Hotel Properties by 2.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 59,949 shares of the real estate investment trust’s stock valued at $420,000 after acquiring an additional 1,609 shares during the period. Teachers Retirement System of The State of Kentucky lifted its holdings in shares of Summit Hotel Properties by 5.7% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 34,685 shares of the real estate investment trust’s stock valued at $226,000 after acquiring an additional 1,877 shares during the period. Finally, Ensign Peak Advisors Inc lifted its holdings in shares of Summit Hotel Properties by 2.2% during the first quarter. Ensign Peak Advisors Inc now owns 89,800 shares of the real estate investment trust’s stock valued at $629,000 after acquiring an additional 1,950 shares during the period. 96.47% of the stock is owned by institutional investors.

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.