Summit Hotel Properties (NYSE:INN) Hits New 1-Year Low – Should You Sell?

Summit Hotel Properties, Inc. (NYSE:INN)’s stock price reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $5.56 and last traded at $5.59, with a volume of 448869 shares. The stock had previously closed at $5.79.

Summit Hotel Properties Trading Down 4.9 %

The business has a fifty day moving average of $6.57 and a 200-day moving average of $6.59. The stock has a market capitalization of $604.35 million, a price-to-earnings ratio of 550.50, 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 company also recently announced a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 14th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 5.81%. The ex-dividend date was Friday, February 14th. Summit Hotel Properties’s payout ratio is currently 177.78%.

Hedge Funds Weigh In On Summit Hotel Properties

Hedge funds and other institutional investors have recently modified their holdings of the stock. Alyeska Investment Group L.P. boosted 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 acquiring an additional 1,721 shares during the period. Van ECK Associates Corp boosted its position in Summit Hotel Properties by 10.2% during the 4th quarter. Van ECK Associates Corp now owns 19,879 shares of the real estate investment trust’s stock worth $136,000 after acquiring an additional 1,842 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position 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 worth $409,000 after acquiring an additional 2,083 shares during the period. Daiwa Securities Group Inc. boosted its position in Summit Hotel Properties by 6.3% during the 3rd quarter. Daiwa Securities Group Inc. now owns 35,785 shares of the real estate investment trust’s stock worth $245,000 after acquiring an additional 2,125 shares during the period. Finally, New York State Common Retirement Fund boosted its position in Summit Hotel Properties by 10.2% during the 4th quarter. New York State Common Retirement Fund now owns 35,258 shares of the real estate investment trust’s stock worth $242,000 after acquiring an additional 3,274 shares during the period. Institutional investors and hedge funds own 96.47% of the company’s stock.

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.