Close Position in Summit Hotel Properties
It is time to close the open 30 Day Dividends position in Summit Hotel Properties Inc (NYSE:INN).
The company reported good earnings today, and the share price is up a couple of percent. The original trade thesis for INN was that the company should announce a large dividend increase due to the profit growth the company has experienced. The profits have grown, but the dividend has not. The market correction for REITs, and lodging REITs in particular left us stuck in the position, but now the share price has recovered so the position can be closed with a small profit of about 5%. The trade has been open for 249 days.
Recommendation: Close out the open position in INN today, November 3. I will use the daily closing price to calculate the return.