Summit Hotel Properties, Inc. (NYSE:INN) Sees Significant Increase in Short Interest

Summit Hotel Properties, Inc. (NYSE:INN) was the recipient of a significant growth in short interest in 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. Approximately 3.1% of the shares of the company are sold short. Based on an average daily trading volume, of 695,500 shares, the short-interest ratio is currently 4.8 days.

Institutional Investors Weigh In On Summit Hotel Properties

Several large investors have recently added to or reduced their stakes in INN. Indaba Capital Management L.P. acquired a new stake in Summit Hotel Properties in the third quarter worth $4,248,000. H 2 Credit Manager LP increased its holdings in shares of Summit Hotel Properties by 43.0% during the third quarter. H 2 Credit Manager LP now owns 7,167,331 shares of the real estate investment trust’s stock valued at $49,168,000 after purchasing an additional 2,156,700 shares during the period. Jennison Associates LLC increased its holdings in shares of Summit Hotel Properties by 21.6% during the fourth 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 period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Summit Hotel Properties by 430.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 711,491 shares of the real estate investment trust’s stock valued at $4,881,000 after purchasing an additional 577,300 shares during the period. Finally, Segall Bryant & Hamill LLC acquired a new position in shares of Summit Hotel Properties during the third quarter valued at $3,123,000. 96.47% of the stock is owned by institutional investors and hedge funds.

Summit Hotel Properties Price Performance

Shares of NYSE INN opened at $5.64 on Wednesday. Summit Hotel Properties has a 1-year low of $5.50 and a 1-year high of $7.22. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.78 and a quick ratio of 0.78. The business’s fifty day moving average price is $6.48 and its two-hundred day moving average price is $6.56. The firm has a market capitalization of $619.06 million, a PE ratio of 563.90, a P/E/G ratio of 1.54 and a beta of 2.04.

Summit Hotel Properties Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 14th were given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 5.67%. The ex-dividend date was Friday, February 14th. Summit Hotel Properties’s dividend payout ratio is presently 177.78%.

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.