Summit Hotel Properties (NYSE:INN) Stock Price Down 3.9% – Should You Sell?

Summit Hotel Properties, Inc. (NYSE:INN) shares dropped 3.9% during trading on Thursday . The company traded as low as $4.97 and last traded at $5.0150. Approximately 248,694 shares changed hands during trading, a decline of 77% from the average daily volume of 1,101,956 shares. The stock had previously closed at $5.22.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on INN shares. Zacks Research raised shares of Summit Hotel Properties from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 21st. Weiss Ratings reiterated a “sell (d)” rating on shares of Summit Hotel Properties in a research note on Tuesday. Bank of America reissued an “underperform” rating and issued a $4.50 target price (down from $5.75) on shares of Summit Hotel Properties in a research report on Tuesday, November 4th. Summit Redstone set a $4.50 price target on Summit Hotel Properties in a research report on Tuesday, November 4th. Finally, Wall Street Zen downgraded Summit Hotel Properties from a “hold” rating to a “sell” rating in a research note on Saturday, October 18th. Two analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average price target of $4.50.

Summit Hotel Properties Price Performance

The stock has a market capitalization of $543.46 million, a PE ratio of -31.22 and a beta of 1.30. The firm’s 50 day simple moving average is $5.36 and its 200 day simple moving average is $5.23. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.65 and a quick ratio of 0.65.

Summit Hotel Properties (NYSE:INN) last issued its quarterly earnings results on Tuesday, November 4th. The real estate investment trust reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.02. The company had revenue of $177.12 million for the quarter, compared to analysts’ expectations of $179.03 million. Summit Hotel Properties had a return on equity of 0.02% and a net margin of 0.04%. As a group, equities analysts forecast that Summit Hotel Properties, Inc. will post 0.88 EPS for the current fiscal year.

Summit Hotel Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 28th. Shareholders of record on Friday, November 14th were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 6.4%. The ex-dividend date was Friday, November 14th. Summit Hotel Properties’s dividend payout ratio (DPR) is currently -200.00%.

Institutional Trading of Summit Hotel Properties

Several institutional investors have recently added to or reduced their stakes in INN. Signaturefd LLC raised its holdings in Summit Hotel Properties by 36.4% in the 2nd quarter. Signaturefd LLC now owns 8,656 shares of the real estate investment trust’s stock worth $44,000 after purchasing an additional 2,309 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Summit Hotel Properties by 4.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 62,254 shares of the real estate investment trust’s stock worth $337,000 after acquiring an additional 2,528 shares in the last quarter. Farther Finance Advisors LLC raised its stake in Summit Hotel Properties by 10.2% during the 2nd quarter. Farther Finance Advisors LLC now owns 28,195 shares of the real estate investment trust’s stock worth $144,000 after acquiring an additional 2,613 shares during the period. Jane Street Group LLC boosted its position in shares of Summit Hotel Properties by 1.7% in the first quarter. Jane Street Group LLC now owns 165,679 shares of the real estate investment trust’s stock worth $896,000 after purchasing an additional 2,793 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Summit Hotel Properties by 1.8% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 161,182 shares of the real estate investment trust’s stock worth $872,000 after purchasing an additional 2,815 shares in the last quarter. 96.47% of the stock is currently owned by hedge funds and other 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.