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

Summit Hotel Properties, Inc. (NYSE:INN) shares reached a new 52-week low 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 Price Performance

The stock has a 50 day moving average price of $6.57 and a two-hundred day moving average price of $6.59. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market capitalization of $604.35 million, a PE ratio of 550.50, a P/E/G ratio of 1.54 and a beta of 2.04.

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 $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.81%. The ex-dividend date of this dividend was Friday, February 14th. Summit Hotel Properties’s payout ratio is 177.78%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. H 2 Credit Manager LP raised its stake in shares of Summit Hotel Properties by 24.3% in the 4th quarter. H 2 Credit Manager LP now owns 8,909,500 shares of the real estate investment trust’s stock valued at $61,030,000 after acquiring an additional 1,742,169 shares in the last quarter. Jennison Associates LLC raised its stake in shares of Summit Hotel Properties by 21.6% in the 4th quarter. Jennison Associates LLC now owns 6,704,189 shares of the real estate investment trust’s stock valued at $45,924,000 after acquiring an additional 1,191,506 shares in the last quarter. Indaba Capital Management L.P. bought a new position in shares of Summit Hotel Properties in the 3rd quarter valued at approximately $4,248,000. Geode Capital Management LLC raised its stake in shares of Summit Hotel Properties by 2.1% in the 3rd quarter. Geode Capital Management LLC now owns 2,788,634 shares of the real estate investment trust’s stock valued at $19,134,000 after acquiring an additional 56,027 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in shares of Summit Hotel Properties by 5.8% in the 4th quarter. Victory Capital Management Inc. now owns 2,577,615 shares of the real estate investment trust’s stock valued at $17,657,000 after acquiring an additional 141,010 shares in the last quarter. 96.47% of the stock is owned by institutional investors.

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.