Summit Hotel Properties (NYSE:INN) Hits New 1-Year High – Still a Buy?

Shares of Summit Hotel Properties, Inc. (NYSE:INN) hit a new 52-week high during trading on Friday . The stock traded as high as $7.10 and last traded at $7.09, with a volume of 318479 shares trading hands. The stock had previously closed at $6.91.

Summit Hotel Properties Stock Performance

The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.99. The firm has a market capitalization of $772.49 million, a P/E ratio of -29.75 and a beta of 2.04. The business’s 50 day simple moving average is $6.59 and its two-hundred day simple moving average is $6.27.

Summit Hotel Properties (NYSE:INN) last posted its quarterly earnings results on Monday, July 29th. The real estate investment trust reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). Summit Hotel Properties had a net margin of 3.23% and a return on equity of 1.76%. The firm had revenue of $193.90 million for the quarter, compared to analysts’ expectations of $191.05 million. During the same quarter in the previous year, the company earned $0.27 EPS. Sell-side analysts anticipate that Summit Hotel Properties, Inc. will post 0.89 EPS for the current fiscal year.

Summit Hotel Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.48%. The ex-dividend date of this dividend was Friday, August 16th. Summit Hotel Properties’s payout ratio is -133.33%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of INN. H 2 Credit Manager LP increased its holdings in Summit Hotel Properties by 1.7% in the 4th quarter. H 2 Credit Manager LP now owns 5,010,631 shares of the real estate investment trust’s stock worth $33,671,000 after buying an additional 83,700 shares in the last quarter. Quadrature Capital Ltd purchased a new stake in shares of Summit Hotel Properties during the 4th quarter valued at about $93,000. Fidelis Capital Partners LLC bought a new stake in shares of Summit Hotel Properties in the first quarter worth approximately $30,000. Daiwa Securities Group Inc. raised its holdings in shares of Summit Hotel Properties by 8.9% during the first quarter. Daiwa Securities Group Inc. now owns 34,996 shares of the real estate investment trust’s stock valued at $228,000 after purchasing an additional 2,874 shares during the last quarter. Finally, Jennison Associates LLC raised its holdings in shares of Summit Hotel Properties by 7.6% during the first quarter. Jennison Associates LLC now owns 5,357,138 shares of the real estate investment trust’s stock valued at $34,875,000 after purchasing an additional 379,223 shares during the last quarter. 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.