Shares of Summit Hotel Properties, Inc. (NYSE:INN - Get Free Report) saw an uptick in trading volume on Wednesday . 3,316,724 shares traded hands during mid-day 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.
Wall Street Analysts Forecast Growth
Several research firms have recently issued reports on INN. Wall Street Zen cut Summit Hotel Properties from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Bank of America raised Summit Hotel Properties from an "underperform" rating to a "neutral" rating and set a $5.00 price target for the company in a research note on Wednesday, April 30th.
Get Our Latest Analysis on Summit Hotel Properties
Summit Hotel Properties Price Performance
The company has a 50 day moving average of $4.21 and a two-hundred day moving average of $5.66. The firm has a market cap of $531.93 million, a P/E ratio of 474.00, a PEG ratio of 1.54 and a beta of 1.63. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.01.
Summit Hotel Properties (NYSE:INN - Get Free Report) last announced its earnings results on Wednesday, April 30th. The real estate investment trust reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.01. Summit Hotel Properties had a return on equity of 1.87% and a net margin of 3.41%. The business had revenue of $184.48 million during the quarter, compared to analysts' expectations of $184.93 million. Sell-side analysts expect that Summit Hotel Properties, Inc. will post 0.88 EPS for the current year.
Summit Hotel Properties Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 16th were paid a dividend of $0.08 per share. The ex-dividend date was Friday, May 16th. This represents a $0.32 annualized dividend and a yield of 6.75%. Summit Hotel Properties's dividend payout ratio is currently 200.00%.
Insider Activity at Summit Hotel Properties
In related news, Director Thomas W. Storey bought 16,270 shares of Summit Hotel Properties stock in a transaction dated Tuesday, May 13th. The stock was acquired at an average cost of $4.62 per share, with a total value of $75,167.40. Following the completion of the acquisition, the director now directly owns 231,337 shares in the company, valued at approximately $1,068,776.94. This trade represents a 7.57% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 3.83% of the company's stock.
Institutional Investors Weigh In On Summit Hotel Properties
Hedge funds have recently modified their holdings of the stock. Wolverine Asset Management LLC lifted its holdings in shares of Summit Hotel Properties by 123.2% during the fourth quarter. Wolverine Asset Management LLC now owns 6,400 shares of the real estate investment trust's stock valued at $44,000 after purchasing an additional 34,000 shares during the last quarter. GAMMA Investing LLC lifted its stake in Summit Hotel Properties by 453.0% in the 1st quarter. GAMMA Investing LLC now owns 8,218 shares of the real estate investment trust's stock worth $44,000 after acquiring an additional 6,732 shares in the last quarter. Wealth Enhancement Advisory Services LLC purchased a new stake in Summit Hotel Properties in the 4th quarter worth about $77,000. Ieq Capital LLC purchased a new stake in Summit Hotel Properties in the 4th quarter worth about $87,000. Finally, Entropy Technologies LP purchased a new stake in Summit Hotel Properties in the 4th quarter worth about $88,000. 96.47% of the stock is owned by hedge funds and other institutional investors.
Summit Hotel Properties Company Profile
(
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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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