Short Interest in Summit Hotel Properties Inc (NYSE:INN) Grows By 8.9%

Summit Hotel Properties Inc (NYSE:INN) saw a significant increase in short interest during the month of August. As of August 31st, there was short interest totalling 11,094,800 shares, an increase of 8.9% from the July 31st total of 10,184,400 shares. Currently, 10.8% of the shares of the company are short sold. Based on an average daily volume of 613,900 shares, the days-to-cover ratio is presently 18.1 days.

Summit Hotel Properties stock traded up $0.02 during trading on Monday, reaching $11.97. 396,500 shares of the company’s stock were exchanged, compared to its average volume of 682,839. The company’s 50-day moving average is $11.29 and its two-hundred day moving average is $11.55. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.24 and a current ratio of 1.24. Summit Hotel Properties has a 52-week low of $9.29 and a 52-week high of $13.61. The firm has a market cap of $1.26 billion, a price-to-earnings ratio of 8.87 and a beta of 1.19.

Summit Hotel Properties (NYSE:INN) last issued its quarterly earnings data on Wednesday, July 31st. The real estate investment trust reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.09. Summit Hotel Properties had a net margin of 18.95% and a return on equity of 8.82%. The firm had revenue of $142.93 million for the quarter, compared to analyst estimates of $141.05 million. During the same quarter in the previous year, the business posted $0.40 EPS. The firm’s revenue was down 6.1% compared to the same quarter last year. Analysts anticipate that Summit Hotel Properties will post 1.2 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were paid a $0.18 dividend. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 6.02%. Summit Hotel Properties’s dividend payout ratio (DPR) is presently 53.33%.

A number of equities research analysts have recently issued reports on INN shares. Capital One Financial assumed coverage on shares of Summit Hotel Properties in a research report on Tuesday, June 25th. They set an “equal weight” rating and a $13.00 price target for the company. Zacks Investment Research cut shares of Summit Hotel Properties from a “buy” rating to a “hold” rating in a research note on Wednesday, August 28th. Finally, ValuEngine raised shares of Summit Hotel Properties from a “sell” rating to a “hold” rating in a research note on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. Summit Hotel Properties currently has a consensus rating of “Hold” and an average target price of $13.40.

In related news, COO Craig J. Aniszewski sold 40,000 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $11.60, for a total transaction of $464,000.00. Following the transaction, the chief operating officer now owns 397,913 shares of the company’s stock, valued at $4,615,790.80. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 2.32% of the company’s stock.

Several institutional investors have recently modified their holdings of INN. Private Capital Group LLC raised its stake in shares of Summit Hotel Properties by 82.7% in the 2nd quarter. Private Capital Group LLC now owns 3,263 shares of the real estate investment trust’s stock valued at $47,000 after purchasing an additional 1,477 shares in the last quarter. Tower Research Capital LLC TRC bought a new stake in shares of Summit Hotel Properties during the 2nd quarter valued at about $69,000. Coldstream Capital Management Inc. bought a new stake in shares of Summit Hotel Properties during the 2nd quarter valued at about $123,000. SG Americas Securities LLC grew its position in shares of Summit Hotel Properties by 33.3% during the 1st quarter. SG Americas Securities LLC now owns 14,216 shares of the real estate investment trust’s stock valued at $162,000 after buying an additional 3,554 shares during the last quarter. Finally, CWM Advisors LLC grew its position in shares of Summit Hotel Properties by 8.5% during the 2nd quarter. CWM Advisors LLC now owns 14,840 shares of the real estate investment trust’s stock valued at $170,000 after buying an additional 1,160 shares during the last quarter.

Summit Hotel Properties Company Profile

Summit Hotel Properties, Inc is a publicly-traded real estate investment trust focused on owning premium-branded hotels with efficient operating models primarily in the upscale segment of the lodging industry. As of April 18, 2019, the Company's portfolio consisted of 69 hotels with a total of 10,714 guestrooms located in 24 states.

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