Summit Hotel Properties (NYSE:INN) Shares Pass Above 200 Day Moving Average of $6.35

Summit Hotel Properties, Inc. (NYSE:INN) shares passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $6.35 and traded as high as $6.54. Summit Hotel Properties shares last traded at $6.42, with a volume of 628,957 shares traded.

Analyst Ratings Changes

Separately, Wolfe Research assumed coverage on shares of Summit Hotel Properties in a report on Wednesday, January 10th. They issued a “peer perform” rating on the stock.

Summit Hotel Properties Stock Down 2.8 %

The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.06. The stock’s 50-day simple moving average is $6.44 and its 200-day simple moving average is $6.35. The firm has a market capitalization of $663.29 million, a P/E ratio of -22.83 and a beta of 1.94.

Summit Hotel Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 29th. Shareholders of record on Thursday, February 15th were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 3.89%. The ex-dividend date was Wednesday, February 14th. Summit Hotel Properties’s payout ratio is -88.89%.

Institutional Investors Weigh In On Summit Hotel Properties

A number of institutional investors have recently added to or reduced their stakes in the company. Quadrant Capital Group LLC grew its position in shares of Summit Hotel Properties by 103.1% during the 4th quarter. Quadrant Capital Group LLC now owns 4,835 shares of the real estate investment trust’s stock valued at $32,000 after acquiring an additional 2,454 shares during the period. Money Concepts Capital Corp bought a new position in shares of Summit Hotel Properties during the 4th quarter valued at approximately $40,000. First PREMIER Bank bought a new position in shares of Summit Hotel Properties during the 4th quarter valued at approximately $42,000. Allspring Global Investments Holdings LLC grew its position in shares of Summit Hotel Properties by 298.3% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 8,381 shares of the real estate investment trust’s stock valued at $49,000 after acquiring an additional 6,277 shares during the period. Finally, Tower Research Capital LLC TRC grew its position in shares of Summit Hotel Properties by 56.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 7,561 shares of the real estate investment trust’s stock valued at $51,000 after acquiring an additional 2,728 shares during the period. 96.47% of the stock is owned by institutional investors.

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.