Summit Hotel Properties (NYSE:INN) Sets New 1-Year Low – Here’s What Happened

Summit Hotel Properties, Inc. (NYSE:INN) shares hit a new 52-week low on Thursday . The stock traded as low as $5.42 and last traded at $5.42, with a volume of 160671 shares trading hands. The stock had previously closed at $5.59.

Summit Hotel Properties Stock Down 2.1 %

The company’s fifty day simple moving average is $6.36 and its 200-day simple moving average is $6.52. The firm has a market capitalization of $601.06 million, a PE ratio of 546.50, a price-to-earnings-growth ratio of 1.54 and a beta of 2.04. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.78 and a quick ratio of 0.78.

Summit Hotel Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 14th were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 5.84%. The ex-dividend date 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 have recently modified their holdings of the stock. Alyeska Investment Group L.P. grew its position in Summit Hotel Properties by 0.3% during the 4th quarter. Alyeska Investment Group L.P. now owns 598,819 shares of the real estate investment trust’s stock worth $4,102,000 after purchasing an additional 1,721 shares during the last quarter. Van ECK Associates Corp boosted its position in Summit Hotel Properties by 10.2% in the fourth quarter. Van ECK Associates Corp now owns 19,879 shares of the real estate investment trust’s stock valued at $136,000 after buying an additional 1,842 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Summit Hotel Properties by 3.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,726 shares of the real estate investment trust’s stock valued at $409,000 after acquiring an additional 2,083 shares during the period. Daiwa Securities Group Inc. boosted its holdings in shares of Summit Hotel Properties by 6.3% in the 3rd quarter. Daiwa Securities Group Inc. now owns 35,785 shares of the real estate investment trust’s stock valued at $245,000 after acquiring an additional 2,125 shares during the last quarter. Finally, New York State Common Retirement Fund boosted its holdings in Summit Hotel Properties by 10.2% in the fourth quarter. New York State Common Retirement Fund now owns 35,258 shares of the real estate investment trust’s stock valued at $242,000 after purchasing an additional 3,274 shares during the last quarter. Institutional investors and hedge funds own 96.47% of the company’s stock.

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.