Summit Hotel Properties (NYSE:INN) Stock Crosses Above 200 Day Moving Average – Here’s What Happened

Shares of Summit Hotel Properties, Inc. (NYSE:INN) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $6.46 and traded as high as $6.66. Summit Hotel Properties shares last traded at $6.64, with a volume of 742,369 shares trading hands.

Summit Hotel Properties Stock Up 1.7 %

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 stock has a market capitalization of $719.90 million, a P/E ratio of 664.00 and a beta of 2.03. The company’s 50-day moving average price is $6.60 and its 200 day moving average price is $6.46.

Summit Hotel Properties (NYSE:INN) last announced its quarterly earnings results on Monday, November 4th. The real estate investment trust reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.22). The company had revenue of $176.81 million during the quarter, compared to the consensus estimate of $176.24 million. Summit Hotel Properties had a net margin of 3.41% and a return on equity of 1.87%. During the same quarter in the prior year, the firm posted $0.22 earnings per share. As a group, equities analysts expect that Summit Hotel Properties, Inc. will post 0.89 earnings per share for the current year.

Summit Hotel Properties Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were issued a $0.08 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.82%. Summit Hotel Properties’s dividend payout ratio (DPR) is presently 3,200.00%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of INN. Victory Capital Management Inc. increased its stake in Summit Hotel Properties by 1.1% during the 2nd quarter. Victory Capital Management Inc. now owns 2,415,216 shares of the real estate investment trust’s stock valued at $14,467,000 after purchasing an additional 26,342 shares in the last quarter. Choreo LLC acquired a new position in Summit Hotel Properties during the 2nd quarter valued at approximately $86,000. Texas Permanent School Fund Corp increased its stake in Summit Hotel Properties by 23.9% during the 2nd quarter. Texas Permanent School Fund Corp now owns 115,854 shares of the real estate investment trust’s stock valued at $694,000 after purchasing an additional 22,354 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Summit Hotel Properties by 5.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,611,956 shares of the real estate investment trust’s stock valued at $9,655,000 after purchasing an additional 80,577 shares in the last quarter. Finally, Hsbc Holdings PLC increased its stake in Summit Hotel Properties by 10.3% during the 2nd quarter. Hsbc Holdings PLC now owns 136,315 shares of the real estate investment trust’s stock valued at $812,000 after purchasing an additional 12,760 shares in the last quarter. Institutional investors 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.