Zacks Investment Research upgraded shares of Summit Hotel Properties (NYSE:INN) from a sell rating to a hold rating in a research note released on Wednesday morning.
According to Zacks, “Summit Hotel Properties, Inc. is a publicly traded real estate investment trust focused primarily on owning premium-branded, select-service hotels in the upscale and upper midscale segments of the lodging industry. “
Other equities research analysts have also issued reports about the company. Bank of America lowered Summit Hotel Properties from a buy rating to an underperform rating and reduced their price objective for the stock from $19.00 to $14.00 in a research note on Monday, August 14th. KeyCorp upgraded Summit Hotel Properties from a sector weight rating to an overweight rating and set a $17.00 price target for the company in a research note on Tuesday, September 26th. Robert W. Baird reissued a buy rating and set a $17.00 price objective on shares of Summit Hotel Properties in a report on Friday, September 8th. BidaskClub downgraded shares of Summit Hotel Properties from a hold rating to a sell rating in a report on Friday, August 11th. Finally, Cantor Fitzgerald reissued a buy rating and set a $17.00 price objective on shares of Summit Hotel Properties in a report on Monday, November 20th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of Buy and an average price target of $17.50.
Summit Hotel Properties (NYSE:INN) traded down $0.13 during mid-day trading on Wednesday, reaching $15.00. The company had a trading volume of 505,400 shares, compared to its average volume of 872,164. The company has a market cap of $1,560.00, a PE ratio of 11.38 and a beta of 1.18. Summit Hotel Properties has a fifty-two week low of $14.23 and a fifty-two week high of $19.39. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.61 and a quick ratio of 1.61.
Summit Hotel Properties (NYSE:INN) last released its quarterly earnings results on Monday, October 30th. The real estate investment trust reported $0.17 earnings per share for the quarter, meeting the consensus estimate of $0.17. The firm had revenue of $136.60 million for the quarter, compared to analysts’ expectations of $135.69 million. Summit Hotel Properties had a return on equity of 8.96% and a net margin of 20.21%. The company’s revenue was up 15.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.37 EPS. analysts predict that Summit Hotel Properties will post 1.25 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 30th. Shareholders of record on Thursday, November 16th were issued a $0.17 dividend. The ex-dividend date was Wednesday, November 15th. This represents a $0.68 dividend on an annualized basis and a yield of 4.53%. Summit Hotel Properties’s payout ratio is 82.93%.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP grew its stake in Summit Hotel Properties by 10.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,374,090 shares of the real estate investment trust’s stock valued at $25,627,000 after acquiring an additional 127,226 shares in the last quarter. New York State Common Retirement Fund boosted its stake in Summit Hotel Properties by 17.0% during the 2nd quarter. New York State Common Retirement Fund now owns 109,400 shares of the real estate investment trust’s stock worth $2,040,000 after purchasing an additional 15,899 shares during the period. Macquarie Group Ltd. lifted its stake in shares of Summit Hotel Properties by 2.4% in the 2nd quarter. Macquarie Group Ltd. now owns 2,944,594 shares of the real estate investment trust’s stock worth $54,917,000 after acquiring an additional 69,729 shares during the period. Prudential Financial Inc. lifted its stake in shares of Summit Hotel Properties by 48.5% in the third quarter. Prudential Financial Inc. now owns 973,365 shares of the real estate investment trust’s stock valued at $15,564,000 after purchasing an additional 317,971 shares during the period. Finally, IndexIQ Advisors LLC lifted its stake in shares of Summit Hotel Properties by 54.4% in the second quarter. IndexIQ Advisors LLC now owns 153,946 shares of the real estate investment trust’s stock valued at $2,871,000 after purchasing an additional 54,243 shares during the period. 95.71% of the stock is owned by institutional investors.
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About Summit Hotel Properties
Summit Hotel Properties, Inc is a real estate investment trust (REIT). The Company is focused primarily on owning premium-branded, select-service hotels in the Upscale segment of the United States lodging industry. The Company’s portfolio consists of 79 hotels with a total of 11,590 guestrooms located in 24 states.
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