Summit Hotel Properties, Inc. (NYSE:INN - Get Free Report) saw unusually-high trading volume on Thursday . Approximately 4,889,363 shares changed hands during trading, an increase of 384% from the previous session's volume of 1,010,120 shares.The stock last traded at $5.11 and had previously closed at $4.96.
Analyst Upgrades and Downgrades
INN has been the topic of a number of recent research reports. Wall Street Zen downgraded Summit Hotel Properties from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Bank of America raised shares of Summit Hotel Properties from an "underperform" rating to a "neutral" rating and set a $5.00 price objective on the stock in a research report on Wednesday, April 30th.
Get Our Latest Stock Report on INN
Summit Hotel Properties Price Performance
The stock has a 50 day moving average of $4.38 and a two-hundred day moving average of $5.53. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.91 and a current ratio of 0.91. The firm has a market capitalization of $588.59 million, a P/E ratio of 32.78, a P/E/G ratio of 1.28 and a beta of 1.63.
Summit Hotel Properties (NYSE:INN - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $0.22 earnings per share for the quarter, topping analysts' consensus estimates of $0.21 by $0.01. The business had revenue of $184.48 million during the quarter, compared to analysts' expectations of $184.93 million. Summit Hotel Properties had a net margin of 5.46% and a return on equity of 2.98%. Sell-side analysts predict that Summit Hotel Properties, Inc. will post 0.88 earnings per share for the current fiscal year.
Summit Hotel Properties Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Friday, May 16th were paid a $0.08 dividend. The ex-dividend date was Friday, May 16th. This represents a $0.32 annualized dividend and a dividend yield of 6.10%. Summit Hotel Properties's payout ratio is 200.00%.
Insider Activity at Summit Hotel Properties
In other news, Director Thomas W. Storey bought 16,270 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The shares were acquired at an average cost of $4.62 per share, with a total value of $75,167.40. Following the completion of the transaction, the director now directly owns 231,337 shares in the company, valued at $1,068,776.94. This represents a 7.57% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 3.83% of the company's stock.
Institutional Trading of Summit Hotel Properties
Hedge funds have recently modified their holdings of the company. Rhumbline Advisers raised its stake in shares of Summit Hotel Properties by 3.1% in the fourth quarter. Rhumbline Advisers now owns 343,264 shares of the real estate investment trust's stock valued at $2,351,000 after purchasing an additional 10,404 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Summit Hotel Properties by 3.0% in the 4th quarter. Principal Financial Group Inc. now owns 525,598 shares of the real estate investment trust's stock valued at $3,600,000 after buying an additional 15,137 shares during the period. New York State Common Retirement Fund increased its holdings in Summit Hotel Properties by 10.2% in the 4th quarter. New York State Common Retirement Fund now owns 35,258 shares of the real estate investment trust's stock valued at $242,000 after buying an additional 3,274 shares during the period. Ieq Capital LLC acquired a new position in shares of Summit Hotel Properties in the 4th quarter valued at $87,000. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Summit Hotel Properties by 12.4% during the 4th quarter. Bank of New York Mellon Corp now owns 895,048 shares of the real estate investment trust's stock worth $6,131,000 after acquiring an additional 98,548 shares during the period. Institutional investors own 96.47% of the company's stock.
About Summit Hotel Properties
(
Get Free Report)
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.
Featured Articles
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Summit Hotel Properties, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Summit Hotel Properties wasn't on the list.
While Summit Hotel Properties currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Wondering what the next stocks will be that hit it big, with solid fundamentals? Enter your email address to see which stocks MarketBeat analysts could become the next blockbuster growth stocks.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
