Summit Hotel Properties Inc (NYSE:INN) Short Interest Up 8.9% in August

Summit Hotel Properties Inc (NYSE:INN) saw a significant increase in short interest in the month of August. As of August 31st, there was short interest totalling 11,094,800 shares, an increase of 8.9% from the July 31st total of 10,184,400 shares. Based on an average daily volume of 613,900 shares, the short-interest ratio is presently 18.1 days. Currently, 10.8% of the shares of the company are short sold.

In other news, COO Craig J. Aniszewski sold 40,000 shares of the stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $11.60, for a total transaction of $464,000.00. Following the transaction, the chief operating officer now owns 397,913 shares in the company, valued at $4,615,790.80. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.32% of the stock is currently owned by company insiders.

Several hedge funds have recently modified their holdings of the business. Mason Street Advisors LLC boosted its holdings in shares of Summit Hotel Properties by 3.4% in the 1st quarter. Mason Street Advisors LLC now owns 33,652 shares of the real estate investment trust’s stock valued at $384,000 after purchasing an additional 1,118 shares in the last quarter. CWM Advisors LLC boosted its holdings in shares of Summit Hotel Properties by 8.5% in the 2nd quarter. CWM Advisors LLC now owns 14,840 shares of the real estate investment trust’s stock valued at $170,000 after purchasing an additional 1,160 shares in the last quarter. Crossmark Global Holdings Inc. boosted its holdings in shares of Summit Hotel Properties by 7.9% in the 2nd quarter. Crossmark Global Holdings Inc. now owns 15,970 shares of the real estate investment trust’s stock valued at $183,000 after purchasing an additional 1,170 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Summit Hotel Properties by 4.2% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 29,325 shares of the real estate investment trust’s stock valued at $336,000 after purchasing an additional 1,178 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. boosted its holdings in shares of Summit Hotel Properties by 1.8% in the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 66,400 shares of the real estate investment trust’s stock valued at $762,000 after purchasing an additional 1,200 shares in the last quarter.



A number of equities analysts have recently weighed in on the company. Capital One Financial began coverage on Summit Hotel Properties in a research note on Tuesday, June 25th. They set an “equal weight” rating and a $13.00 target price on the stock. Zacks Investment Research lowered Summit Hotel Properties from a “buy” rating to a “hold” rating in a research note on Wednesday, August 28th. Finally, ValuEngine upgraded Summit Hotel Properties from a “sell” rating to a “hold” rating in a research note on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. Summit Hotel Properties has an average rating of “Hold” and a consensus price target of $13.40.

Summit Hotel Properties stock traded up $0.06 during mid-day trading on Monday, reaching $12.01. 14,093 shares of the company were exchanged, compared to its average volume of 682,839. The company has a fifty day simple moving average of $11.29 and a 200-day simple moving average of $11.55. Summit Hotel Properties has a 12 month low of $9.29 and a 12 month high of $13.61. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.24 and a quick ratio of 1.24. The firm has a market cap of $1.26 billion, a PE ratio of 8.90 and a beta of 1.19.

Summit Hotel Properties (NYSE:INN) last posted its quarterly earnings data on Wednesday, July 31st. The real estate investment trust reported $0.43 EPS for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.09. Summit Hotel Properties had a return on equity of 8.82% and a net margin of 18.95%. The firm had revenue of $142.93 million for the quarter, compared to analyst estimates of $141.05 million. During the same quarter last year, the company earned $0.40 EPS. The company’s revenue was down 6.1% on a year-over-year basis. Sell-side analysts anticipate that Summit Hotel Properties will post 1.2 earnings per share for the current year.

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 $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 6.00%. The ex-dividend date was Thursday, August 15th. Summit Hotel Properties’s dividend payout ratio is presently 53.33%.

About Summit Hotel Properties

Summit Hotel Properties, Inc is a publicly-traded real estate investment trust focused on owning premium-branded hotels with efficient operating models primarily in the upscale segment of the lodging industry. As of April 18, 2019, the Company's portfolio consisted of 69 hotels with a total of 10,714 guestrooms located in 24 states.

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