Summit Hotel Properties (NYSE:INN) Sets New 52-Week Low – Here’s Why

Shares of Summit Hotel Properties, Inc. (NYSE:INN) hit a new 52-week low during trading on Friday . The company traded as low as $5.42 and last traded at $5.47, with a volume of 262095 shares trading hands. The stock had previously closed at $5.67.

Summit Hotel Properties Stock Down 2.0 %

The stock has a 50 day moving average price of $6.45 and a 200 day moving average price of $6.55. The stock has a market capitalization of $609.84 million, a price-to-earnings ratio of 554.50, a price-to-earnings-growth ratio of 1.54 and a beta of 2.04. 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 Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 14th were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.76%. The ex-dividend date of this dividend was Friday, February 14th. Summit Hotel Properties’s dividend payout ratio is currently 177.78%.

Hedge Funds Weigh In On Summit Hotel Properties

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Wolverine Asset Management LLC lifted its stake in shares of Summit Hotel Properties by 123.2% in the fourth quarter. Wolverine Asset Management LLC now owns 6,400 shares of the real estate investment trust’s stock worth $44,000 after acquiring an additional 34,000 shares during the period. Loomis Sayles & Co. L P lifted its stake in shares of Summit Hotel Properties by 3,505.8% in the third quarter. Loomis Sayles & Co. L P now owns 7,464 shares of the real estate investment trust’s stock worth $51,000 after acquiring an additional 7,257 shares during the period. Sunbelt Securities Inc. acquired a new position in shares of Summit Hotel Properties in the third quarter worth approximately $57,000. KBC Group NV lifted its stake in shares of Summit Hotel Properties by 76.5% in the third quarter. KBC Group NV now owns 9,177 shares of the real estate investment trust’s stock worth $63,000 after acquiring an additional 3,979 shares during the period. Finally, Wealth Enhancement Advisory Services LLC bought a new stake in Summit Hotel Properties in the fourth quarter worth approximately $77,000. 96.47% of the stock is owned by institutional investors and hedge funds.

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.