In trading on Thursday, Summit Hotel Properties Inc’s 5.875% Series F Cumulative Preferred Stock (INN.PRF) yielded over 9%, with shares trading as low as $16.25. This yield significantly exceeds the average of 8.09% in the Real Estate preferred stock category, according to Preferred Stock Channel.
As of the last close, INN.PRF was trading at a 33.88% discount to its liquidation preference amount, compared to the average discount of 14.48% within the Real Estate category. On the same day, INN.PRF rose approximately 2.3%, while the company’s common shares (Symbol: INN) increased by about 1.2%.
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