Summit Hotel Properties (NYSE:INN) Reaches New 52-Week High Following Dividend Announcement

Summit Hotel Properties, Inc. (NYSE:INN) shares reached a new 52-week high during mid-day trading on Wednesday after the company announced a dividend. The stock traded as high as $7.17 and last traded at $7.1440, with a volume of 665,231 shares trading hands. The stock had previously closed at $7.08.

The newly announced dividend which will be paid on Monday, November 30th. Shareholders of record on Monday, November 16th will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend is Monday, November 16th. Summit Hotel Properties’s dividend payout ratio is currently -139.13%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on INN. Zacks Research lowered shares of Summit Hotel Properties from a “strong-buy” rating to a “hold” rating in a report on Monday, August 24th. Weiss Ratings downgraded Summit Hotel Properties from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, October 8th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $5.40.

Summit Hotel Properties Price Performance

The stock has a fifty day moving average of $6.07 and a 200-day moving average of $5.54. The firm has a market capitalization of $768.45 million, a P/E ratio of -30.98 and a beta of 1.29. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 1.15.

Summit Hotel Properties (NYSE:INN) last released its quarterly earnings results on Wednesday, August 5th. The real estate investment trust reported $0.04 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.05. The business had revenue of $199.02 million for the quarter, compared to analysts’ expectations of $198.41 million. Summit Hotel Properties had a negative net margin of 0.99% and a negative return on equity of 0.60%. Summit Hotel Properties has set its FY 2026 guidance at 0.790-0.850 EPS. Equities analysts predict that Summit Hotel Properties, Inc. will post 0.77 EPS for the current fiscal year.

Institutional Trading of Summit Hotel Properties

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Asset Management One Co. Ltd. grew its holdings in Summit Hotel Properties by 7.7% during the 3rd quarter. Asset Management One Co. Ltd. now owns 159,884 shares of the real estate investment trust’s stock worth $955,000 after acquiring an additional 11,423 shares during the period. Signaturefd LLC raised its position in shares of Summit Hotel Properties by 49.6% during the 3rd quarter. Signaturefd LLC now owns 11,468 shares of the real estate investment trust’s stock valued at $68,000 after acquiring an additional 3,804 shares during the last quarter. Sequoia Financial Advisors LLC acquired a new position in shares of Summit Hotel Properties in the 2nd quarter valued at $112,000. WINTON GROUP Ltd acquired a new position in shares of Summit Hotel Properties in the 2nd quarter valued at $432,000. Finally, Engineers Gate Manager LP bought a new position in shares of Summit Hotel Properties in the 2nd quarter worth $317,000. 96.47% of the stock is currently owned by institutional investors and hedge funds.

About Summit Hotel Properties

Summit Hotel Properties, Inc is a real estate investment trust (REIT) focused on owning and investing in premium-branded, select-service hotels in the United States. Its properties generally operate under nationally recognized hotel brands and serve business and leisure travelers.

The company’s portfolio has included hotels affiliated with major hospitality brands such as Marriott, Hilton, Hyatt and InterContinental Hotels Group. Summit emphasizes select-service properties, which typically offer essential lodging amenities while operating with a more streamlined cost structure than full-service hotels.

Summit Hotel Properties was founded in 2003 and became a publicly traded company in 2011.