Shares of Summit Hotel Properties, Inc. (NYSE:INN - Get Free Report) saw strong trading volume on Thursday . 4,889,363 shares changed hands during mid-day 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 Ratings Changes
A number of equities research analysts have weighed in on INN shares. Wall Street Zen lowered shares of Summit Hotel Properties from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Bank of America upgraded shares of Summit Hotel Properties from an "underperform" rating to a "neutral" rating and set a $5.00 price target on the stock in a report on Wednesday, April 30th.
View Our Latest Stock Report on INN
Summit Hotel Properties Price Performance
The stock has a market cap of $582.98 million, a P/E ratio of 32.47, a price-to-earnings-growth ratio of 1.31 and a beta of 1.63. The business has a 50-day simple moving average of $4.43 and a 200 day simple moving average of $5.49. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 1.08.
Summit Hotel Properties (NYSE:INN - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $0.22 EPS for the quarter, topping analysts' consensus estimates of $0.21 by $0.01. The company had revenue of $184.48 million for the quarter, compared to analyst estimates of $184.93 million. Summit Hotel Properties had a return on equity of 2.98% and a net margin of 5.46%. On average, analysts forecast that Summit Hotel Properties, Inc. will post 0.88 earnings per share for the current year.
Summit Hotel Properties Announces Dividend
The company 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. This represents a $0.32 dividend on an annualized basis and a dividend yield of 6.16%. The ex-dividend date was Friday, May 16th. Summit Hotel Properties's dividend payout ratio is currently 200.00%.
Insider Transactions at Summit Hotel Properties
In other Summit Hotel Properties news, Director Thomas W. Storey acquired 16,270 shares of the company's stock in a transaction dated Tuesday, May 13th. The shares were bought at an average cost of $4.62 per share, with a total value of $75,167.40. Following the purchase, the director now directly owns 231,337 shares of the company's stock, valued at $1,068,776.94. This trade represents a 7.57% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.37% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Summit Hotel Properties
Several large investors have recently added to or reduced their stakes in INN. GAMMA Investing LLC lifted its stake in Summit Hotel Properties by 453.0% in the first quarter. GAMMA Investing LLC now owns 8,218 shares of the real estate investment trust's stock valued at $44,000 after buying an additional 6,732 shares during the period. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Summit Hotel Properties in the 4th quarter valued at $77,000. Teacher Retirement System of Texas acquired a new position in shares of Summit Hotel Properties during the 1st quarter valued at $86,000. Ieq Capital LLC acquired a new position in shares of Summit Hotel Properties during the 4th quarter valued at $87,000. Finally, Strs Ohio bought a new position in Summit Hotel Properties during the first quarter worth $102,000. Institutional investors and hedge funds 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.
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