Summit Hotel Properties (NYSE:INN) Sees Strong Trading Volume - Still a Buy?

Summit Hotel Properties, Inc. (NYSE:INN - Get Free Report) saw strong trading volume on Wednesday . 3,316,724 shares traded hands during trading, an increase of 232% from the previous session's volume of 999,649 shares.The stock last traded at $4.77 and had previously closed at $4.70.

Analyst Ratings Changes

A number of analysts recently commented on the company. Bank of America upgraded Summit Hotel Properties from an "underperform" rating to a "neutral" rating and set a $5.00 price objective for the company in a research report on Wednesday, April 30th. Wall Street Zen cut Summit Hotel Properties from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd.

Summit Hotel Properties Stock Performance

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 has a 50-day moving average of $4.24 and a 200 day moving average of $5.63. The company has a market cap of $512.85 million, a PE ratio of 457.00, a PEG ratio of 1.54 and a beta of 1.63.

Summit Hotel Properties (NYSE:INN - Get Free Report) last issued its quarterly earnings results 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 business had revenue of $184.48 million during the quarter, compared to analysts' expectations of $184.93 million. Summit Hotel Properties had a return on equity of 1.87% and a net margin of 3.41%. Equities research analysts anticipate that Summit Hotel Properties, Inc. will post 0.88 EPS for the current fiscal year.

Summit Hotel Properties Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Friday, May 16th were given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 7.00%. The ex-dividend date was Friday, May 16th. Summit Hotel Properties's payout ratio is 200.00%.

Insiders Place Their Bets

In related news, Director Thomas W. Storey purchased 16,270 shares of Summit Hotel Properties stock in a transaction on Tuesday, May 13th. The stock was acquired at an average price of $4.62 per share, for a total transaction 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 position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 3.83% of the company's stock.

Institutional Trading of Summit Hotel Properties

Institutional investors have recently made changes to their positions in the business. Victory Capital Management Inc. grew its position in shares of Summit Hotel Properties by 5.8% during the fourth quarter. Victory Capital Management Inc. now owns 2,577,615 shares of the real estate investment trust's stock worth $17,657,000 after purchasing an additional 141,010 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of Summit Hotel Properties by 3.0% during the fourth quarter. Principal Financial Group Inc. now owns 525,598 shares of the real estate investment trust's stock worth $3,600,000 after purchasing an additional 15,137 shares in the last quarter. Northern Trust Corp grew its position in shares of Summit Hotel Properties by 23.3% during the fourth quarter. Northern Trust Corp now owns 1,469,573 shares of the real estate investment trust's stock worth $10,067,000 after purchasing an additional 277,996 shares in the last quarter. Amundi grew its position in shares of Summit Hotel Properties by 22.4% during the fourth quarter. Amundi now owns 105,562 shares of the real estate investment trust's stock worth $689,000 after purchasing an additional 19,317 shares in the last quarter. Finally, Two Sigma Investments LP grew its position in shares of Summit Hotel Properties by 28.3% during the fourth quarter. Two Sigma Investments LP now owns 371,666 shares of the real estate investment trust's stock worth $2,546,000 after purchasing an additional 81,917 shares in the last quarter. Hedge funds and other institutional investors own 96.47% of the company's 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.