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

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

Hedge Funds Weigh In On Summit Hotel Properties

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in Summit Hotel Properties by 3.9% during the first quarter. Vanguard Group Inc. now owns 15,777,812 shares of the real estate investment trust’s stock worth $157,148,000 after purchasing an additional 599,123 shares in the last quarter. State Street Corp increased its holdings in shares of Summit Hotel Properties by 0.6% in the second quarter. State Street Corp now owns 6,982,325 shares of the real estate investment trust’s stock valued at $50,762,000 after buying an additional 42,653 shares in the last quarter. H 2 Credit Manager LP increased its holdings in shares of Summit Hotel Properties by 1.7% in the fourth quarter. H 2 Credit Manager LP now owns 5,010,631 shares of the real estate investment trust’s stock valued at $33,671,000 after buying an additional 83,700 shares in the last quarter. Nuveen Asset Management LLC increased its holdings in shares of Summit Hotel Properties by 1.5% in the fourth quarter. Nuveen Asset Management LLC now owns 3,794,381 shares of the real estate investment trust’s stock valued at $25,498,000 after buying an additional 56,107 shares in the last quarter. Finally, Victory Capital Management Inc. increased its holdings in shares of Summit Hotel Properties by 3.5% in the fourth quarter. Victory Capital Management Inc. now owns 2,388,411 shares of the real estate investment trust’s stock valued at $16,050,000 after buying an additional 81,774 shares in the last quarter. 96.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Wolfe Research initiated coverage on Summit Hotel Properties in a research note on Wednesday, January 10th. They issued a “peer perform” rating on the stock.

Summit Hotel Properties Price Performance

INN stock traded down $0.08 during midday trading on Tuesday, reaching $6.34. The company had a trading volume of 552,227 shares, compared to its average volume of 767,872. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a 50 day moving average price of $6.45 and a 200 day moving average price of $6.35. Summit Hotel Properties has a fifty-two week low of $5.31 and a fifty-two week high of $7.26.

Summit Hotel Properties Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, February 29th. Shareholders of record on Thursday, February 15th were paid a $0.06 dividend. The ex-dividend date of this dividend was Wednesday, February 14th. This represents a $0.24 dividend on an annualized basis and a yield of 3.79%. Summit Hotel Properties’s payout ratio is currently -88.89%.

About Summit Hotel Properties

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.