Summit Hotel Properties, Inc. (NYSE:INN) Sees Large Drop in Short Interest

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in INN. Balyasny Asset Management L.P. lifted its position in Summit Hotel Properties by 1,015.2% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,975,815 shares of the real estate investment trust's stock worth $13,277,000 after buying an additional 1,798,648 shares in the last quarter. Millennium Management LLC lifted its position in Summit Hotel Properties by 2,287.4% during the 4th quarter. Millennium Management LLC now owns 1,031,464 shares of the real estate investment trust's stock worth $7,447,000 after buying an additional 988,259 shares in the last quarter. Nuveen Asset Management LLC lifted its position in Summit Hotel Properties by 30.2% during the 2nd quarter. Nuveen Asset Management LLC now owns 3,739,924 shares of the real estate investment trust's stock worth $24,347,000 after buying an additional 867,679 shares in the last quarter. Norges Bank acquired a new position in Summit Hotel Properties during the 4th quarter worth about $5,420,000. Finally, State Street Corp lifted its position in Summit Hotel Properties by 12.1% during the 1st quarter. State Street Corp now owns 6,939,672 shares of the real estate investment trust's stock worth $69,119,000 after buying an additional 747,685 shares in the last quarter. Institutional investors and hedge funds own 96.47% of the company's stock.

Summit Hotel Properties Price Performance

Shares of INN traded down $0.08 during trading hours on Tuesday, hitting $6.34. The stock had a trading volume of 552,227 shares, compared to its average volume of 767,872. The company's fifty day moving average is $6.45 and its two-hundred day moving average is $6.35. 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 has a 52 week low of $5.31 and a 52 week high of $7.26. The stock has a market capitalization of $681.58 million, a price-to-earnings ratio of -23.46 and a beta of 1.94.

Summit Hotel Properties Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, February 29th. Investors of record on Thursday, February 15th were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Wednesday, February 14th. This represents a $0.24 annualized dividend and a yield of 3.79%. Summit Hotel Properties's dividend payout ratio (DPR) is -88.89%.

Wall Street Analyst Weigh In

Separately, Wolfe Research assumed coverage on shares of Summit Hotel Properties in a report on Wednesday, January 10th. They issued a "peer perform" rating on the stock.

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.