Summit Hotel Properties (NYSE:INN) Hits New 12-Month Low – What’s Next?

Shares of Summit Hotel Properties, Inc. (NYSE:INN) hit a new 52-week low during trading on Thursday . The company traded as low as $4.86 and last traded at $4.88, with a volume of 129109 shares traded. The stock had previously closed at $5.47.

Summit Hotel Properties Price Performance

The stock has a market capitalization of $502.25 million, a P/E ratio of 459.40, a PEG ratio of 1.54 and a beta of 2.04. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.01. The company has a fifty day simple moving average of $6.24 and a two-hundred day simple moving average of $6.49.

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 dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 6.99%. Summit Hotel Properties’s dividend payout ratio (DPR) is presently 177.78%.

Hedge Funds Weigh In On Summit Hotel Properties

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Alyeska Investment Group L.P. grew its holdings in shares of Summit Hotel Properties by 0.3% in the 4th quarter. Alyeska Investment Group L.P. now owns 598,819 shares of the real estate investment trust’s stock valued at $4,102,000 after buying an additional 1,721 shares during the period. Van ECK Associates Corp raised its holdings 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 buying an additional 1,842 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Summit Hotel Properties by 3.6% in the fourth 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 buying an additional 2,083 shares during the period. New York State Common Retirement Fund boosted its holdings in shares of 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 buying an additional 3,274 shares during the period. Finally, Point72 Asset Management L.P. increased its position in shares of Summit Hotel Properties by 12.2% during the third quarter. Point72 Asset Management L.P. now owns 32,157 shares of the real estate investment trust’s stock worth $221,000 after acquiring an additional 3,502 shares in the last quarter. Institutional investors 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.